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Message
re: The used car market is on the brink of an auto loan collapse
Posted on 7/2/22 at 1:50 pm to BestBanker
Posted on 7/2/22 at 1:50 pm to BestBanker
quote:
Ohhh. They made loans to people who won't pay. Ohhhh.
Won’t in some but can’t in other instances due to inflation and economic situations
What’s going to happen with all the repoed vehicles..these aren’t potentially increasing assets akin to housing that provided investment opportunities
0
Posted on 7/2/22 at 1:55 pm to Wardniner01
quote:
Or you are worried about how you look and status symbol and pay 46000 for a used foreign car.
Great, sometimes someone can afford it and want a nice car to drive. If you prefer some old thing or a freakin Mitsubishi, have at it.
Posted on 7/2/22 at 1:58 pm to BigMob
It'll be interesting to see how the market for collector cars responds in kind.
Posted on 7/2/22 at 2:00 pm to Wardniner01
If you ever get in a wreck in those shite boxes you’re dead. I can understand driving something older but damn, some of us want to live if we get in a fender bender.
Posted on 7/2/22 at 2:17 pm to loogaroo
Used car prices are not changing anytime soon. Unless there is a substantial increase in new car production, which there will not be, used car prices will remain inflated. Used car market will always be inherently effected by rental car rates and availability. Have you seen rental car prices lately? Cheaper to rent a room than it is to rent a car in some cities.
Posted on 7/2/22 at 7:34 pm to FlexDawg
quote:
I was going to buy a used car, but then I decided to wait. This is why.
The market is shite. My car will be a legal adult in November, but just sitting tight until this distortion ends.
Posted on 7/2/22 at 7:40 pm to RobertFootball
quote:
If you ever get in a wreck in those shite boxes you’re dead. I can understand driving something older but damn, some of us want to live if we get in a fender bender.
How did we ever survive driving these?
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No airbags?!?!?! OMG!!!!!!!
Safety nazis are the worst.
Posted on 7/2/22 at 7:52 pm to WPBTiger
Anybody with a half a brain knew this which is why a lot of people stayed out of the market all together. The only way I'm buying in this market is if I find myself without a car, and in today's market, a lease may actually be a better option.
Posted on 7/2/22 at 8:32 pm to BuckyCheese
You have statistics that backup your claim that everyone survived wrecks driving in the 70s? Bet you’re loving that 13mpg right about now lol
Posted on 7/3/22 at 12:00 am to WPBTiger
I guess the US govt will get into the car finance business, IF and only if you buy an electric car. 
Posted on 7/3/22 at 5:53 am to LSUwag
quote:
I could use a new car now but I’ll be damned if I’m willing to get ripped off. I’ll just keep my reliable old Tacoma until the wheels fall off. I can outlast them in this financial climate.
I have paid off vehicle that bought early in the start of the pandemic for a steal.
Not looking forward to the day the wheels fall off, but I am enjoying no car payment to pay other debts.
My goal is to pay off my mortgage and then I may jump back on the new car bandwagon, but not if the price of the car exceeds the price of my home.
This post was edited on 7/3/22 at 7:32 am
Posted on 7/3/22 at 6:19 am to RAB
quote:
“Equity” = subprime lending. They will never learn.
They learned. Now they know the government will bail them out of every bad decision while they get paid all along the way.
Posted on 7/3/22 at 6:30 am to wareaglepete
quote:
Great, sometimes someone can afford it and want a nice car to drive. If you prefer some old thing or a freakin Mitsubishi, have at it.
I make well 100 grand a year, I can well afford. Actually I did make that, I bought a new house and retired at 40.
I will have at it, enjoy moving within the next year
Posted on 7/3/22 at 6:39 am to Wardniner01
New cars will not be too far behind. Selling Escalades 30K over MSRP. Regular vehicles 5-10K over MSRP. Once the shite hits the fan those loans will go bad.
Posted on 7/3/22 at 7:10 am to sawtooth
I know houses are different.
However, I watched someone buy my home for 120k more than it appraised for in late 2020 when I refinanced. They put down 5%.
Their note for a 435k home will be roughly (principal, interest, PMI, insurance, and taxes) $3,500 a month.
You think the auto market is going to correct? Buckle up.
I guess pun intended.
However, I watched someone buy my home for 120k more than it appraised for in late 2020 when I refinanced. They put down 5%.
Their note for a 435k home will be roughly (principal, interest, PMI, insurance, and taxes) $3,500 a month.
You think the auto market is going to correct? Buckle up.
I guess pun intended.
This post was edited on 7/3/22 at 7:28 am
Posted on 7/3/22 at 7:13 am to iron banks
quote:
New cars will not be too far behind. Selling Escalades 30K over MSRP. Regular vehicles 5-10K over MSRP. Once the shite hits the fan those loans will go bad.
Loans won’t go bad just because people are “upside down” if they did nearly all auto loans for 60 months or more would. Tons of people are upside down at times on cars and just keep paying til they are done.
Posted on 7/3/22 at 7:24 am to WPBTiger
Until there are cars a plenty the used market will stay high. This chip shortage is all part of the transition the government is trying to force with EVs, if there are no ICE cars to sell and only EVs then eventually that's all there will be. May take 20 years of lying about a chip shortage though to make that happen. I for one ain't buying no EV any time in the near future. I also think they are trying to force people to use public transportation and get less cars on the road so they have total control of the masses.
Posted on 7/3/22 at 7:29 am to burke985
quote:
Until there are cars a plenty the used market will stay high. This chip shortage is all part of the transition the government is trying to force with EVs, if there are no ICE cars to sell and only EVs then eventually that's all there will be. May take 20 years of lying about a chip shortage though to make that happen. I for one ain't buying no EV any time in the near future. I also think they are trying to force people to use public transportation and get less cars on the road so they have total control of the masses.
So is the chip shortage in other industries also part of this Grand plan?
Posted on 7/3/22 at 7:59 am to NineLineBind
quote:
We never learn, do we?
We certainly do not and never will. It is not in our nature. You should read this book. It states that man is predisposed to take more risk the further away we get from a catastrophic economic event, believing that the rules have changed.
As the underlying value of the item securing the debt becomes grossly out of order compared to the debt, we come closer to economic collapse as you can't just "back off" your investment, especially when everybody else is trying to as well.
Posted on 7/3/22 at 8:00 am to WPBTiger
Won't somebody think of the predatory lenders?
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