Mainecat Posted February 12, 2019 Share Posted February 12, 2019 A record 7 million Americans are 3 months behind on their car payments, a red flag for the economy Source: Washington Post By Heather Long February 12 at 11:26 AM A record seven million Americans are 90 days or more behind on their auto loan payments, the Federal Reserve Bank of New York reported Tuesday, even more than during the wake of the financial crisis era. Despite the strong economy, many Americans continue to struggle to pay their bills. People who are three months or more behind on their car payments often lose their vehicle, making it even more difficult to get to work, the doctor or other critical places. “The substantial and growing number of distressed borrowers suggests that not all Americans have benefited from the strong labor market,” economists at the New York Fed wrote in a blog post. There are over a million more “troubled borrowers” now than there were at the end of 2010, when unemployment hit 10 percent and delinquency rates on auto loans peaked. Unemployment today is 4 percent and many more Americans have jobs now, yet a significant number of people still can’t pay their car loan. -snip- Read more: https://www.washingtonpost.com/business/2019/02/12/record-million-americans-are-months-behind-their-car-payments-red-flag-economy/ Quote Link to comment Share on other sites More sharing options...
xtralettucetomatoe580 Posted February 12, 2019 Share Posted February 12, 2019 How much of that is a product of the govt shutdown I wonder? 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted February 12, 2019 Platinum Contributing Member Share Posted February 12, 2019 (edited) Its all Gingers fault. He shamed them out of buying the entry level units in favor of the loaded ones. Edited February 12, 2019 by steve from amherst 1 Quote Link to comment Share on other sites More sharing options...
JEFF Posted February 12, 2019 Share Posted February 12, 2019 How much of that is because people just have to have the latest and greatest car, truck, house, phone, motorcycle, boat, ect... and overextend themselves? 5 1 Quote Link to comment Share on other sites More sharing options...
Zambroski Posted February 12, 2019 Share Posted February 12, 2019 9 minutes ago, xtralettucetomatoe580 said: How much of that is a product of the govt shutdown I wonder? None. But you have to dig to find the dates of the report which, cleverly appealing to the masses of retards, WAPO doesn't list. Report was compiled 4th quarter of 2018. Also, this number has steadily continued to climb since FY13. But..... Quote Link to comment Share on other sites More sharing options...
Edmo Posted February 12, 2019 Share Posted February 12, 2019 Gotta be Trumps fault people can’t manage their money. I just can’t think of anyone else to blame. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted February 12, 2019 Platinum Contributing Member Share Posted February 12, 2019 9 minutes ago, xtralettucetomatoe580 said: How much of that is a product of the govt shutdown I wonder? Can't imagine much. They only missed one paycheck and there were 800,000 impacted. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted February 12, 2019 Platinum Contributing Member Share Posted February 12, 2019 (edited) 20 minutes ago, Mainecat said: A record 7 million Americans are 3 months behind on their car payments, a red flag for the economy Source: Washington Post By Heather Long February 12 at 11:26 AM A record seven million Americans are 90 days or more behind on their auto loan payments, the Federal Reserve Bank of New York reported Tuesday, even more than during the wake of the financial crisis era. Despite the strong economy, many Americans continue to struggle to pay their bills. People who are three months or more behind on their car payments often lose their vehicle, making it even more difficult to get to work, the doctor or other critical places. “The substantial and growing number of distressed borrowers suggests that not all Americans have benefited from the strong labor market,” economists at the New York Fed wrote in a blog post. There are over a million more “troubled borrowers” now than there were at the end of 2010, when unemployment hit 10 percent and delinquency rates on auto loans peaked. Unemployment today is 4 percent and many more Americans have jobs now, yet a significant number of people still can’t pay their car loan. -snip- Read more: https://www.washingtonpost.com/business/2019/02/12/record-million-americans-are-months-behind-their-car-payments-red-flag-economy/ The share of auto loan borrowers who were three months behind on their payments peaked at 5.3 percent in late 2010. The share is slightly lower now — 4.5 percent — because the total number of borrowers has risen so much in the past several years While defaults on auto loans are a red flag, they are unlikely to take down the entire financial system like mortgages did in the lead-up to the 2008-09 financial crisis. The total auto loan market is just over $1 trillion, far smaller than the $9 trillion home mortgage market. Rates can vary substantially depending on a borrower’s credit score and where they obtain a loan. A “prime” borrower with a credit score in the range of 661 to 780 can get an auto loan rate of about 4.5 to 6 percent, according to NerdWallet. In contrast, a subprime borrower is typically looking at rates between 14.5 and 20 percent. Fewer than 1 percent of auto loans issued by credit unions are 90 days or more late compared with 6.5 percent of loans issued by auto finance companies. Edited February 12, 2019 by Highmark Quote Link to comment Share on other sites More sharing options...
Anler Posted February 12, 2019 Share Posted February 12, 2019 8 minutes ago, Edmo said: Gotta be Trumps fault people can’t manage their money. I just can’t think of anyone else to blame. Definitely Trump Quote Link to comment Share on other sites More sharing options...
Woodtick Posted February 12, 2019 Share Posted February 12, 2019 Buy here/pay here. Title loans? Does MC have a break down of the loans? Quote Link to comment Share on other sites More sharing options...
01mxz800 Posted February 12, 2019 Share Posted February 12, 2019 54 minutes ago, Woodtick said: Buy here/pay here. Title loans? Does MC have a break down of the loans? Nope he's too busy having a break down here daily 2 Quote Link to comment Share on other sites More sharing options...
XC.Morrison Posted February 12, 2019 Share Posted February 12, 2019 1 hour ago, JEFF said: How much of that is because people just have to have the latest and greatest car, truck, house, phone, motorcycle, boat, ect... and overextend themselves? Quote Link to comment Share on other sites More sharing options...
racer254 Posted February 12, 2019 Share Posted February 12, 2019 1 hour ago, Highmark said: The share of auto loan borrowers who were three months behind on their payments peaked at 5.3 percent in late 2010. The share is slightly lower now — 4.5 percent — because the total number of borrowers has risen so much in the past several years While defaults on auto loans are a red flag, they are unlikely to take down the entire financial system like mortgages did in the lead-up to the 2008-09 financial crisis. The total auto loan market is just over $1 trillion, far smaller than the $9 trillion home mortgage market. Rates can vary substantially depending on a borrower’s credit score and where they obtain a loan. A “prime” borrower with a credit score in the range of 661 to 780 can get an auto loan rate of about 4.5 to 6 percent, according to NerdWallet. In contrast, a subprime borrower is typically looking at rates between 14.5 and 20 percent. Fewer than 1 percent of auto loans issued by credit unions are 90 days or more late compared with 6.5 percent of loans issued by auto finance companies. Proves exactly the type of partisan shit coming out of the media. 1 Quote Link to comment Share on other sites More sharing options...
Big Crappie Posted February 12, 2019 Share Posted February 12, 2019 If they are late on their payments because they aren't making enough money how in the fuck did they get the loans in the first place? 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted February 12, 2019 Platinum Contributing Member Share Posted February 12, 2019 1 hour ago, racer254 said: Proves exactly the type of partisan shit coming out of the media. Funny , yesterday talking about tax returns NBC just said people are getting less. NPR took the time to explain that they got more in their check all yr long. Quote Link to comment Share on other sites More sharing options...
ActionfigureJoe Posted February 12, 2019 Share Posted February 12, 2019 The real issue is corporate loans. This is small potatoes. Quote Link to comment Share on other sites More sharing options...
Snoslinger Posted February 13, 2019 Share Posted February 13, 2019 5 hours ago, racer254 said: Proves exactly the type of partisan shit coming out of the media. That was copied from the link you dumb fuck Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted February 13, 2019 Share Posted February 13, 2019 7 hours ago, xtralettucetomatoe580 said: How much of that is a product of the govt shutdown I wonder? zero Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted February 13, 2019 Share Posted February 13, 2019 7 hours ago, JEFF said: How much of that is because people just have to have the latest and greatest car, truck, house, phone, motorcycle, boat, ect... and overextend themselves? most if it . Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted February 13, 2019 Share Posted February 13, 2019 How many of those 7 million drive minivans? Quote Link to comment Share on other sites More sharing options...
racinfarmer Posted February 13, 2019 Share Posted February 13, 2019 Only debt left is the house. Feelz pretty good aboot that. Quote Link to comment Share on other sites More sharing options...
XCR1250 Posted February 13, 2019 Share Posted February 13, 2019 8 hours ago, Highmark said: The share of auto loan borrowers who were three months behind on their payments peaked at 5.3 percent in late 2010. The share is slightly lower now — 4.5 percent — because the total number of borrowers has risen so much in the past several years While defaults on auto loans are a red flag, they are unlikely to take down the entire financial system like mortgages did in the lead-up to the 2008-09 financial crisis. The total auto loan market is just over $1 trillion, far smaller than the $9 trillion home mortgage market. Rates can vary substantially depending on a borrower’s credit score and where they obtain a loan. A “prime” borrower with a credit score in the range of 661 to 780 can get an auto loan rate of about 4.5 to 6 percent, according to NerdWallet. In contrast, a subprime borrower is typically looking at rates between 14.5 and 20 percent. Fewer than 1 percent of auto loans issued by credit unions are 90 days or more late compared with 6.5 percent of loans issued by auto finance companies. OWNED!! Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted February 13, 2019 Platinum Contributing Member Share Posted February 13, 2019 3 hours ago, ArcticCrusher said: How many of those 7 million drive minivans? Only the faggots 1 Quote Link to comment Share on other sites More sharing options...
Snoslinger Posted February 13, 2019 Share Posted February 13, 2019 9 hours ago, XCR1250 said: OWNED!! another nimwit. Skidmark copied and pasted that from the same article MC posted. Maybe you should read things before claiming “owned” or accusing the author of manipulating readers like racer did? Quote Link to comment Share on other sites More sharing options...
jtssrx Posted February 13, 2019 Share Posted February 13, 2019 18 hours ago, Mainecat said: A record 7 million Americans are 3 months behind on their car payments, a red flag for the economy Source: Washington Post By Heather Long February 12 at 11:26 AM A record seven million Americans are 90 days or more behind on their auto loan payments, the Federal Reserve Bank of New York reported Tuesday, even more than during the wake of the financial crisis era. Despite the strong economy, many Americans continue to struggle to pay their bills. People who are three months or more behind on their car payments often lose their vehicle, making it even more difficult to get to work, the doctor or other critical places. “The substantial and growing number of distressed borrowers suggests that not all Americans have benefited from the strong labor market,” economists at the New York Fed wrote in a blog post. There are over a million more “troubled borrowers” now than there were at the end of 2010, when unemployment hit 10 percent and delinquency rates on auto loans peaked. Unemployment today is 4 percent and many more Americans have jobs now, yet a significant number of people still can’t pay their car loan. -snip- Read more: https://www.washingtonpost.com/business/2019/02/12/record-million-americans-are-months-behind-their-car-payments-red-flag-economy/ For eight years you posted nothing negative about the economy when Obama was president. You live a miserable existence Quote Link to comment Share on other sites More sharing options...
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