Americans falling behind on auto loan payments at record pace

[pizzadude]

https://www.foxbusiness.com/economy/americans-falling-behind-auto-loan-payments-record-pace

In September, the percentage of auto borrowers who were at least 60 days late on their bills rose to 6.11%, according to a Fitch Ratings report obtained by FOX Business. That marks the highest default level in nearly three decades and is a notable increase from the previous record of 5.93% in January.

[NoMoreE46]

For this quarter, the best selling vehicle (for eons the F150,) has an average monthly payment of $986. 

https://fordauthority.com/2023/09/average-ford-f-150-monthly-payment-near-1000-in-q2-2023/amp/

[JoeRockhead]

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@NoMoreE46 wrote:

For this quarter, the best selling vehicle (for eons the F150,) has an average monthly payment of $986. 

https://fordauthority.com/2023/09/average-ford-f-150-monthly-payment-near-1000-in-q2-2023/amp/

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It really is incredible at what people are shelling out for vehicle payments these days. What's more of a head scratcher for me is I saw a new Harley CVO with a sticker price of $55k. 

Maybe people feel like they've arrived in some sort of way because they can get approved for what equates to a mini mortgage for such things... Yet the fact that they're going to have that payment for years just escapes them somehow. Reminds me of the old saying "just because you can, doesn't mean you should"  

[Rogue46]

This really doesn't surprise me I saw a post awhile back from a member fresh out of bankruptcy that the first thing they did was take out a $90k loan for a car at double digit interest rates.. 

[CreditCuriosity]

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@Rogue46 wrote:

This really doesn't surprise me I saw a post awhile back from a member fresh out of bankruptcy that the first thing they did was take out a $90k loan for a car at double digit interest rates.. 

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History reapeats itself and likely will be another BK in the future for said person.  I agree and shake my head when I see this type of behavior.  Esp. people on this forum that are what on their 3rd bk and the likes.   Gotta learn from your past

[SouthJamaica]

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@CreditCuriosity wrote:

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@Rogue46 wrote:

This really doesn't surprise me I saw a post awhile back from a member fresh out of bankruptcy that the first thing they did was take out a $90k loan for a car at double digit interest rates.. 

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History reapeats itself and likely will be another BK in the future for said person.  I agree and shake my head when I see this type of behavior.  Esp. people on this forum that are what on their 3rd bk and the likes.   Gotta learn from your past

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I don't really think the bulk of this comes from people with no money buying luxury cars and taking out $90k car loans; I think the bulk of it comes from increased car prices and wildly increased interest rates, as the article points out.

[CreditCuriosity]

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@SouthJamaica wrote:

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@CreditCuriosity wrote:

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@Rogue46 wrote:

This really doesn't surprise me I saw a post awhile back from a member fresh out of bankruptcy that the first thing they did was take out a $90k loan for a car at double digit interest rates.. 

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History reapeats itself and likely will be another BK in the future for said person.  I agree and shake my head when I see this type of behavior.  Esp. people on this forum that are what on their 3rd bk and the likes.   Gotta learn from your past

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I don't really think the bulk of this comes from people with no money buying luxury cars and taking out $90k car loans; I think the bulk of it comes from increased car prices and wildly increased interest rates, as the article points out.

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I was more less talking about threads I read on this forum vs article of people making poor financial choices after a BK is all.  Shoudl learn from your past and don't go overboard. is 90k overboard for a car/truck imho yes for most.

[Jnbmom]

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@CreditCuriosity wrote:

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@SouthJamaica wrote:

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@CreditCuriosity wrote:

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@Rogue46 wrote:

This really doesn't surprise me I saw a post awhile back from a member fresh out of bankruptcy that the first thing they did was take out a $90k loan for a car at double digit interest rates.. 

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History reapeats itself and likely will be another BK in the future for said person.  I agree and shake my head when I see this type of behavior.  Esp. people on this forum that are what on their 3rd bk and the likes.   Gotta learn from your past

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I don't really think the bulk of this comes from people with no money buying luxury cars and taking out $90k car loans; I think the bulk of it comes from increased car prices and wildly increased interest rates, as the article points out.

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I was more less talking about threads I read on this forum vs article of people making poor financial choices after a BK is all.  Shoudl learn for your past and don't go overboard. is 90k overboard for a car/truck imho yes for most.

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I agree most times I just step out of threads and don't say anything . I don't know how many threads I see with I just filed BK I need a new car or totally avoid the auto approval thread , so many buy more then they can afford . This realty doesn't surprise me at all .

[citymunky]

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@NoMoreE46 wrote:

For this quarter, the best selling vehicle (for eons the F150,) has an average monthly payment of $986. 

https://fordauthority.com/2023/09/average-ford-f-150-monthly-payment-near-1000-in-q2-2023/amp/

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That's crazy.