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re: 40% of Cars financed since 2022 are underwater
Posted on 11/18/24 at 12:43 pm to John Barron
Posted on 11/18/24 at 12:43 pm to John Barron
I knew a guy who couldn't make payments on a Ford truck. Drove it off a spahr pier on the MS River in Algiers. Collected insurance on it.
1
Posted on 11/18/24 at 12:44 pm to ChestRockwell
quote:
I knew a guy who couldn't make payments on a Ford truck. Drove it off a spahr pier on the MS River in Algiers. Collected insurance on it.
How exactly does that work?
Posted on 11/18/24 at 12:44 pm to John Barron
100% of King Ranch owners purchased in 2022 are underwater.
Posted on 11/18/24 at 12:45 pm to wheelr
quote:
A guy I know was recently complaining about his financial troubles. When I mentioned he just bought two brand new cars he told me he could sell his generic SUV crossover for twice what he paid for it if he needed to.
:callingbullshit.meme: That was likely true a couple of years ago, but that ship has long sailed.
Posted on 11/18/24 at 12:45 pm to Barbados
As far as collecting or driving it off the pier?
Posted on 11/18/24 at 12:45 pm to John Barron
I am surprised it is only 40%. I always thought most cars that were financed were underwater the moment they left the lot, even with some decent down payments.
Posted on 11/18/24 at 12:45 pm to ChestRockwell
quote:
As far as collecting or driving it off the pier?
Collecting if he didnt own the car
Posted on 11/18/24 at 12:46 pm to John Barron
You do realize “underwater” is not the same as behind on payments. You and the X post trying to tie them together is reaching.
If someone owes more than their car is worth means nothing without context. If that same owner intends to keep their car 5 years they will have more value than debt on it most likely (unless extreme situation).
If someone owes more than their car is worth means nothing without context. If that same owner intends to keep their car 5 years they will have more value than debt on it most likely (unless extreme situation).
Posted on 11/18/24 at 12:47 pm to John Barron
When you charge way over sticker on top of high interest rates, shite happens.
Posted on 11/18/24 at 12:47 pm to John Barron
The Spy Who Loved Me
Posted on 11/18/24 at 12:48 pm to mule74
quote:
first child's birth next year
How old are you?
Posted on 11/18/24 at 12:48 pm to OU Guy
quote:
You do realize “underwater” is not the same as behind on payments. You and the X post trying to tie them together is reaching.
I already told you a chase banker told me it's worse than 2008. They are delaying REPOs of cars because it would crash the automobile market and hurt the banks even more
Posted on 11/18/24 at 12:49 pm to OU Guy
quote:
If someone owes more than their car is worth means nothing without context.
It's not good, especially at these rates.
quote:
If that same owner intends to keep their car 5 years they will have more value than debt on it most likely (unless extreme situation).
How common do you think this is when 40% of drivers are underwater ?
Posted on 11/18/24 at 12:51 pm to John Barron
quote:
I already told you a chase banker told me it's worse than 2008. They are delaying REPOs of cars because it would crash the automobile market and hurt the banks even more
Gove us some data then. How many are “behind” on payments and whats the numbers of months behind averages?
Posted on 11/18/24 at 12:51 pm to Barbados
Claimed it was stolen and the insurance gave him a check. I'm not sure how much he received, but he got something. Rolled up in a used truck a few weeks later. Literally drove it off a pier where many boats make crew changes. This was when the river was starting to get high in the spring, and one of the years they opened up the spillway. Truck is probably somewhere in the Gulf
Posted on 11/18/24 at 12:51 pm to John Barron
Dodged (applying DOGE principals) that bullet. Financed our family hauler for 4 years almost four years ago at 0%.
No debt on other two vehicles.
I really want something else (4x4 or AWD high-roof or pop-top can) but just can’t bring myself do it. Wouldn’t be prudent. At this juncture.
No debt on other two vehicles.
I really want something else (4x4 or AWD high-roof or pop-top can) but just can’t bring myself do it. Wouldn’t be prudent. At this juncture.
Posted on 11/18/24 at 12:52 pm to SlowFlowPro
What do you think the percentage is of owners underwater as soon as they leave the dealer lot? Probably 98% at least
Posted on 11/18/24 at 12:53 pm to ksayetiger
quote:
I knew it was high but 2/5?
The average new car price is nearly $50,000 now.
A basic full sized pickup is $45K. Most are closer to $55k or more. A Chevy Suburban can easily exceed $80,000 and even a little Camry can reach $40,000. Most Hodna Civics are over $25,000 now.
I'm surprised the underwater number isn't worse to be honest.
Posted on 11/18/24 at 12:54 pm to John Barron
To be fair a lot of new car loans are underwater within the first few months due to depreciation and low down payments. The real issue is delinquencies.
Posted on 11/18/24 at 12:55 pm to John Barron
quote:Almost every new car sold is "underwater" as soon as it is driven off from the dealership that sold it unless the buyer paid a significant down payment.
40% of Cars financed since 2022 are underwater
"Underwater" means the amount owed on the car loan is more than the car owner can sell the car for.
It doesn't mean the buyer is behind on payments and thus facing having his car repo-ed by the lender.
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