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Started By
Message
re: Car dealers have so much backlog, some 2022s are "new"
Posted on 12/2/23 at 10:03 am to SlowFlowPro
Posted on 12/2/23 at 10:03 am to SlowFlowPro
quote:
Repos are exploding.
Foreclosure Starts Rose in October
quote:
Intercontinental Exchange, Inc’s—better known as ICE—has again released its monthly report highlighting mortgage performance for the month of October 2023, which overall found that foreclosure starts rose by 33,000 during the month to their highest level in 18 months.
Serious delinquencies, or mortgages 90+ days past due, fell to 447,000, hitting numbers last seen during the 2006 calendar year.
Loans that were 30-days late also saw numbers improve, the first of such improvements in five months. Despite the improvement in delinquencies, foreclosure starts rose to 33,000 in October, hitting their highest levels in 18 months—while the number of foreclosure sales (completions) remained relatively flat.
In addition, ICE found that active foreclosure inventory inched up 3K to 217K, but remains more than 25% below pre-pandemic levels. While foreclosure starts rose in October, near term risk remains muted, with serious delinquencies historically low and more than 70% of such loans protected from foreclosure by ongoing loss mitigation efforts.
quote:
Top 5 States by Non-Current Percentage
Mississippi: 7.91%
Louisiana: 7.46%
Alabama: 5.60%
Indiana: 5.11%
Arkansas: 5.03%
1
Posted on 12/2/23 at 10:03 am to VetteGuy
A shop to fix the electrical issue with my Infiniti. 
It’s paid for, 150k mi, and has served honorably until yesterday morning. It might be looking at a big chicken dinner.
I’m between Beau Chene and Riverwood.
It’s paid for, 150k mi, and has served honorably until yesterday morning. It might be looking at a big chicken dinner.
I’m between Beau Chene and Riverwood.
Posted on 12/2/23 at 10:13 am to BRgetthenet
Man, that may very will be a dealer issue.
I have a nephew that makes beau-coup $$$$ and has an Infiniti with like 200K on it. He refuses to sell it. He's the smart one in the family.
I have a nephew that makes beau-coup $$$$ and has an Infiniti with like 200K on it. He refuses to sell it. He's the smart one in the family.
Posted on 12/2/23 at 10:14 am to JohnnyKilroy
quote:
Let’s be honest here, you are rooting for things to be bad. Weirdo.
Yeah that’s it.
quote:
Man up and quit bitching and maybe you can make something of yourself. Or is that too hard?
I’m actually very blessed financially, which has made me empathetic of others in worse situations.
quote:
quote:I remember a couple months ago you were denying consumer debt being up.
It’s not, in real terms.
Compared to what?
The whole concept of “real” economic measurement is centered on comparability. Using the term without a benchmark is meaningless.
Posted on 12/2/23 at 10:14 am to el Gaucho
quote:
Really sad how many people around here would rather support the Chinese and drive a soyota over a real American Chevy or Jeep
How old are you? Toyota/Lexus make the most dependable vehicles on the planet…we don’t buy vehicles often, that’s why they get my money. Jeep/Stellantis products are wet garbage & have made zero reliability gains. If that changes, I’d consider one. Currently, Jeep is only for leasing in my book
Posted on 12/2/23 at 10:28 am to nicholastiger
It’s called reliability and American cars have failed that metric
—And super high hourly wages going to the UAW
—And super high hourly wages going to the UAW
Posted on 12/2/23 at 10:56 am to OceanMan
quote:
Compared to what? The whole concept of “real” economic measurement is centered on comparability. Using the term without a benchmark is meaningless.
Compared to pre covid, which is what the discussion you referenced in your op was centered on.
It’s also even further down in real terms vs the last time we had a major credit crunch in 08.
Posted on 12/2/23 at 11:06 am to SlowFlowPro
Seems you should be able to get quite a bit knocked off on a 2022
Used to be when inventory of outdated new models needed to be sold you get bargain to get it pretty much wholesale if you financed
Used to be when inventory of outdated new models needed to be sold you get bargain to get it pretty much wholesale if you financed
Posted on 12/2/23 at 11:18 am to SlowFlowPro
Would anyone pay more than 50% for a 2 year old "new" model? Sitting for 2 years is not good on a engine.
Posted on 12/2/23 at 11:34 am to CaptainsWafer
A 2015 4 Runner should last you until 2045 with minor maintenence.
If only everyone made vehicles like Toyota.
If only everyone made vehicles like Toyota.
Posted on 12/2/23 at 11:36 am to SlowFlowPro
There would be some big time give on those prices. Floor plan is eating their arse up on models 2 years old now.
Posted on 12/2/23 at 11:50 am to SlowFlowPro
Imagine paying 60k for a 22 grand Cherokee. Those cars are notoriously piece of shits.
Posted on 12/2/23 at 12:13 pm to JohnnyKilroy
quote:
Compared to pre covid, which is what the discussion you referenced in your op was centered on.
I thought the thread was about 2022 model cars sitting on car lots.
quote:
It’s also even further down in real terms vs the last time we had a major credit crunch in 08.
Before or after the “credit crunch”? As mentioned previously, benchmarks matter. The differences between now and the years surrounding 2008 are significant. Where would you say we are now, in relation to 2008?
Consumer and government Debt is rising. There is no way to explain it any other way, it’s a negative trend. Interest rates are rising, making it harder to service that growing debt figure. Delinquencies are increasing. Student loan debt is increasing after not having to be serviced for years.
It’s interesting that you say that I am rooting for things to be bad, when you are in straight up denial about what is happening in reality.
Posted on 12/2/23 at 12:29 pm to VetteGuy
quote:
Ford has some good incentives right now.
1.9 for 36.
Nissan and Stellantis buyers are less likely to qualify for those deals. Meaning their target audience can no longer afford the cars they want. So the cars will sit on dealers lots until the manufacturer puts a lot of cash on the hood.
This post was edited on 12/2/23 at 12:33 pm
Posted on 12/2/23 at 12:34 pm to stout
quote:
Top 5 States by Non-Current Percentage Mississippi: 7.91% Louisiana: 7.46% Alabama: 5.60% Indiana: 5.11% Arkansas: 5.03%
Good thing Mississippi exists, or Louisiana would be last in everything.
Posted on 12/2/23 at 12:46 pm to NoBoDawg
I can tell who's an OT newbie in this thread by taking what el gaucho says seriously
This post was edited on 12/2/23 at 12:47 pm
Posted on 12/2/23 at 1:00 pm to OceanMan
quote:
I thought the thread was about 2022 model cars sitting on car lots.
You're the one who brought the previous discussion up. Not me.
quote:
It’s interesting that you say that I am rooting for things to be bad, when you are in straight up denial about what is happening in reality.
Which reality are you referring to? In my reality things are relatively normal outside of prices being inflated about 10-12% on average higher than you'd expect. I do not know a single person who is out of work. Half the moms at my kids' daycare are pregnant again and my company has upped its headcount by roughly 15% this year.
Things aren't all roses, but I just have to laugh at the doomers who act like we are on the precipice of depression. Some of yall have been predicting doom for the past 3 years.
Also I like how the outstanding credit card debt thing is brought up as unimpeachable evidence of economic trouble. The previous benchmark that so many here pissed their pants over when we crossed it was set in Q4 2019. Feel free to pull up any of your posts from the middle of the Trump administration where you talk about impending economic collapse.
Posted on 12/2/23 at 1:06 pm to JohnnyKilroy
quote:
Things aren't all roses, but I just have to laugh at the doomers who act like we are on the precipice of depression. Some of yall have been predicting doom for the past 3 years.
Amen!
Posted on 12/2/23 at 1:54 pm to Bunk Moreland
quote:
Weird. There was no stock to buy anything two years ago.
that was on purpose and by design, to force you to buy an electric POS
Posted on 12/2/23 at 1:54 pm to fallguy_1978
quote:Congrats on the poor
top 20%
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