Record number of Americans behind on auto loans

[flenna]

It's a sign that while unemplyment is low, a fair number of those jobs are probably shitty-low wage positions or "gig" jobs.

Another factor that is that today anyone with any income level can get financed for just about any vehicle.

[Rifleman_04]

I love this article from Mr. Money Mustache on trucks:
https://www.mrmoneymustache.com/2015...say-about-you/

Mr. Money Mustache clearly hates America.

And the only people I see that drive mini vans for work vehicles are communists from Eastern Europe.

[glocktogo]

I got so annoyed at the incompetent finance company that bought the note on my truck, I paid it off 4.5 years early.

[chuckman]

I remember the lots outside of Lejeune and Pendleton: "Low, low 21% financing!". A lot of the people who default are the same type of clientele: low-wage.

We pay cash for vehicles. Do I want the Land Rover? Hell, yeah. But I'm buying the 2010 Honda Odyssey. No debt.

[Dr. Bullseye]

Where is Bernie on this? We need free pickup trucks. If student loans can be free, why not auto loans? FREE STUFF NOW!

[TomMcC]

You know that in Bernie world the gov't could just mandate a $100 minimum wage and presto chango in the magic kingdom of socialism everyone's money problems are solved.

[ABNAK]

I was truck shopping awhile back and it was a total mindfvck what sticker was/is on new stuff. Like gtfo kinda pricing.

Granted I was looking at 3/4 ton diesels but even 1/2 ton gas jobs winds up being damn near a mortgage payment. It’s lunacy. And then pricing on a new Tahoe??? Fffffffff

I decided nah fam I’m going to run my accord until it dies.

I blame government, I blame cafe standards, etc

No shit there. I just payed my GMC Sierra off in May. Essentially the same truck with the same options is ~ $8K more than 4 years ago. That's right around 4% per year increase in price, which exceeds inflation.

I don't do loans longer than 4 years so these $600-700 monthly payments are ridiculous for 5 or 6 years. Of course I always have an equity trade involved, so I'm not buying at full price.

[ThirdWatcher]

... We pay cash for vehicles. Do I want the Land Rover? Hell, yeah. But I'm buying the 2010 Honda Odyssey. No debt.

That is the smart way to go.

[Dienekes]

I guess when I get passed by one of those overpriced toys it just brings it home how absolutely out of synch I am. And I just don't give a damn.

Now, the nice S&W Model 19-3 I recently picked up is a whole different deal.

[ThirdWatcher]

You can always get your money out of that S&W, not so much for the vast majority of vehicles on the road.