Auto loan debt hits crisis levels as Americans drown in car payments

Windows 91

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Just moved to AZ and everybody is driving a 50k+ truck or luxury car lmaoo.

I don't know how they do it man. I see so many dudes with new Raptors, Rams and Silverados with lifts and off-road kits. Women with big Denalis, Broncos, and Wagoneers. They probably paying $1500/month for some of those trucks and SUVs.
 

Shadow King

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Hometown of Cherokee at Law
nikkas signing them 39.99% APR 120 month contracts on a used charger to keep the payments down
Now this is a predatory loan. Walking in with a rack, a 500 credit score, and a 400/month budget and looking at a 30K car
I bought a used 2015 Jaguar xj for 20 grand cash a few years ago. No problems just an oil change every 10-15 thousands miles.

Every one thinks I’m loaded .
:gucci:
 

beenz

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I'm this day and age, no one should be getting knowingly ripped off by dealerships. There are easily available finance calculators, plus the dealership provides you a mandatory truth in lending document detailing the total of all payments plus you're interest rates.
 

beenz

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:dahell: car notes? Tf is that?
:mjlol: wait til they find out about phone payments
Speaking of phone service, I'm using visible, which is only $25 for unlimited everything plus a hot spot.

Recently they introduced plans where u can pay annually and they give you a discount. So my phone service only $300 a year, but if I pay for a year, they charge me like $280. That's a lick!!
 

Hater Eraser

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That California Lifestyle ...
I hate auto loans but I've been on all sides of this:

having a decent car on a "cheap" loan
having a more expensive car on a loan
buying an older car cash off craigslist

I will never go the craigslist/cash route again unless it's pure desperation. I don't want the stress of 100k+ miles or 15+ years in age.

I'd much rather get a car note I can afford with intent on paying off early and keeping miles low.

Gotta hit up those city tow auctions :wow:

lien_sales_9.jpg


 

desjardins

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between rent/mortgage and car payments the avg person is down bad right now
my credit score is over 800 and i still could only get 6.25% APR when i copped a car last spring
and reliability is not as simple as people trying make it in here, check all the recalls brands known for reliability like Honda have been having recently
 
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