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The JPMorgan Chase CEO says "someone is going to get hurt" as financing for autos has flourished in the U.S.
At more than $30,000, the average auto loan for a new car is also at an all-time high, according to Experian. Also, at more than $500, the average monthly auto loan payment is at a record.
For threads like how are so many people driving new luxury cars and spanking brand new cars. Well, simple. Signs everywhere at car dealerships says "Bad Credit, OK!" "Show your paycheck and we approve"
If it's true that we may see an economic slowdown within 24 months then it's very likely a lot of people will lose their job and then these luxury cars will be flooding the used car market.
Luxury cars? I'm willing to bet that Toyota, Ford, Chevy and Dodge sell a hell of a lot more pickup trucks and SUV's that cost more than a BMW 3 series or Benz C-class. The entire market is at risk. I'm not sure what people do to afford a new pickup truck these days.
We simply sit tight and wait. When all those loans default, we go buy FANCY cars cash. For fraction of cost.
If they can't afford the payment what makes you think they're doing the upkeep? When the dot bomb thing happened I saw many a Jag rolling around on bald tires.
Luxury cars? I'm willing to bet that Toyota, Ford, Chevy and Dodge sell a hell of a lot more pickup trucks and SUV's that cost more than a BMW 3 series or Benz C-class. The entire market is at risk. I'm not sure what people do to afford a new pickup truck these days.
It is true...pickup trucks are the top selling autos in the US...by a landslide.
My 2015 Challenger was $39k with $0 down... The payment is $630 a month @ 4% and being the single person with no overhead that I am... I can afford it.
I'm fully aware that I could have gotten a 2.4L Kia for $20k... but cars aren't any different than anything else. You get what you pay for.
My 2015 Challenger was $39k with $0 down... The payment is $630 a month @ 4% and being the single person with no overhead that I am... I can afford it.
I'm fully aware that I could have gotten a 2.4L Kia for $20k... but cars aren't any different than anything else. You get what you pay for.
The Vehicle Financing Boom is nothing more than a repeat of the Real Estate Boom decades ago.
Allowing anyone to purchase anything, especially a vehicle that rapidly depreciates in value, with little or no money "invested" up front is downright dangerous.
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