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A record 7 million Americans are 3 months behind on their car payments, a red flag for the economy


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6 hours ago, DAVE said:

Some used car dealers do rent to own...its like 50% interest....no credit check.

:lol:

i've considered funding a buy here pay here lot.  require a down equal to almost what you paid for the POS and then get them to pay you for a couple years FTW.  They don;t pay repo it and sell it to some other sucker

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1 minute ago, Angry ginger said:

i've considered funding a buy here pay here lot.  require a down equal to almost what you paid for the POS and then get them to pay you for a couple years FTW.  They don;t pay repo it and sell it to some other sucker

Might as well....take advantage of peoples mistakes.

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23 minutes ago, motonoggin said:

The effects of 2008 lasted a lot longer than 2008 dummy.

Just stop.  This has nothing to do with the recession in 2008.

 

The New York Fed said that there were over a million more “troubled borrowers” at the end of 2018 than there were in 2010, when unemployment hit 10 percent and the auto loan delinquency rate peaked. Today, unemployment is 4 percent and job openings are at an all-time high, yet a significant number of people cannot pay their car loan.

Most of the people who are behind on their bills have low credit scores and are under age 30, suggesting young people are having a difficult time paying for their cars and their student loans at the same time.

Edited by teamgreen02
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Just now, teamgreen02 said:

Just stop.  This has nothing to do with the recession in 2008.

Yes, it does, unfortunately. The ripple effects from 08 are still being felt. Wages remain  stagnant. And there's already another bubble in place waiting to burst.

 

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10 hours ago, Angry ginger said:

i've considered funding a buy here pay here lot.  require a down equal to almost what you paid for the POS and then get them to pay you for a couple years FTW.  They don;t pay repo it and sell it to some other sucker

Ill go in on it with ya. Its like legal theft.

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11 hours ago, motonoggin said:

Yes, it does, unfortunately. The ripple effects from 08 are still being felt. Wages remain  stagnant. And there's already another bubble in place waiting to burst.

 

There are more troubled borrowers now than in 2010, that's when the affects of the recession in 2008 were really felt.  So you are telling me that 11 years later the problem was worse than it was in 2010 when unemployment hit 10%?

Not to mention most of the troubled borrowers have low credit scores and are under 30.  I'm 31 and I was still in college in 2008.  Graduated during the worse possible time in 2009.  

BTW, your memes still suck.

Quote

The New York Fed said that there were over a million more “troubled borrowers” at the end of 2018 than there were in 2010, when unemployment hit 10 percent and the auto loan delinquency rate peaked. Today, unemployment is 4 percent and job openings are at an all-time high, yet a significant number of people cannot pay their car loan.

Most of the people who are behind on their bills have low credit scores and are under age 30, suggesting young people are having a difficult time paying for their cars and their student loans at the same time.

 

  • Haha 1
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2 hours ago, teamgreen02 said:

There are more troubled borrowers now than in 2010, that's when the affects of the recession in 2008 were really felt.  So you are telling me that 11 years later the problem was worse than it was in 2010 when unemployment hit 10%?

Not to mention most of the troubled borrowers have low credit scores and are under 30.  I'm 31 and I was still in college in 2008.  Graduated during the worse possible time in 2009.  

BTW, your memes still suck.

 

Of course it's worse. None of the problems created by the 08 crash have been solved, and we're blowing up another bubble on top of it. 

It doesn't surprise me at all that people under 30 are having an inordinate amount of trouble. They're on the front lines of stagnant wages and rising costs of living. 

But I know how it is, it's fun to look down on those who have less than you because that's what makes you feel better about yourself. It's also a very convenient way to avoid acknowledgement of the structural problems of capitalism. 

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3 minutes ago, motonoggin said:

Of course it's worse. None of the problems created by the 08 crash have been solved, and we're blowing up another bubble on top of it. 

It doesn't surprise me at all that people under 30 are having an inordinate amount of trouble. They're on the front lines of stagnant wages and rising costs of living. 

But I know how it is, it's fun to look down on those who have less than you because that's what makes you feel better about yourself. It's also a very convenient way to avoid acknowledgement of the structural problems of capitalism. 

They are fucking stupid and live beyond their means!

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5 minutes ago, racer254 said:

BTW, just remember, politicians constantly want to raise gas taxes further burdening the people who can't even afford their cars.  LOL

Our new dem shit for brains Gov. in Michigan wants to raise the gas tax at the pump to .47 - .56 cents per gallon. With every predictable hog at the tax trough for those monies , plus another hike in drivers license and license plate fees.

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8 minutes ago, hwytohell said:

Our new dem shit for brains Gov. in Michigan wants to raise the gas tax at the pump to .47 - .56 cents per gallon. With every predictable hog at the tax trough for those monies , plus another hike in drivers license and license plate fees.

Yet not one media outlet reports on the fact that those fees more than cover the DOT budget.  The problem lies with the simple fact that they are allowed to rob the transportation fund for other budget shortfalls.  It's a crock.

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I wouldn't have a problem with a 5 cent increase in the federal fuel tax. If and only if it went into a dedicated hwys and bridge fund that could never be spent for anything else. But if I know these assclowns they would do it , then steal some of the existing tax. So fuck that I guess.

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  • Trying to pay the bills, lol

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