Thank you Joe Biden.
"Underwater Car Loans Signal US Consumers Slammed by High Rates"
<https://archive.is/aH3LO#selection-4557.0-4557.64>
"ts a tough time to be a car owner in the US.
Prices for new vehicles are high. Interest rate hikes have made loans
more expensive. And many car owners now owe more on their loans than
their vehicle is worth. This situation commonly called being
underwater or having negative equity occurs when the price of a car >falls faster than the owner can pay down the loan for it.
Read more: The Repo Man Is Back as Americans Fall Behind on Car Payments
In November, people with negative equity were underwater by an average of >$6,054, the most since April 2020 and well above pre-pandemic averages, >according to automotive information firm Edmunds.com Inc. Its a
precarious spot for many Americans, coming after a twin surge in car
buying and interest rates has strained finances and fueled an uptick in >automobile repossessions.
We're in this situation where combined with the cost of the vehicles
being so high and the interest rates being so historically high, you have
a lot of people who are in bad car loans, said Joseph Yoon, consumer >insights analyst for Edmunds.
Troubling Sign
New cars lose value as soon as theyre driven off lot, so being
underwater is not uncommon. Still, the recent surge in negative equity is
a troubling sign in a US economy that has mostly proved resilient in the
face of inflation-taming rate hikes. Repossessions have ticked higher,
with car owners falling behind on their payments at the highest rate in
three decades. And as the Federal Reserve ponders when to start cutting >rates, stress in the car market is a window into the financial struggles
of everyday Americans who are having a hard time making ends meet.
The last time the average negative equity was this high $6,078 in April >2020 Americans were rushing to trade in their vehicles after the Fed
cut rates in response to the start of the pandemic. At the time, car
owners with high payments recognized they could either refinance or
switch out their car for another at a lower rate, even if that meant
rolling over some negative equity. In 2019, the average negative equity >hovered around $5,300.
Several factors combined to create the current situation. The average
rate for a loan on a new car is 7.4% and 11.6% for a used vehicle. Plus,
in recent years, dealerships and lenders have started offering six- and >seven-year loan terms, as well as lower down payments, which make it
harder for owners to build equity in their vehicle.
Read more: How Wall Street Makes Millions Selling Car Loans Customers
Cant Repay
Then theres the strange dynamics in the used car market. During the >pandemic, the value of used vehicles soared, thanks to supply chain
issues and increased demand as Americans spent stimulus checks. But since
a peak in early 2022, used-car values have fallen more than 20%,
according to the Manheim Used Vehicle Value Index. That has left many >Americans with a rapidly depreciating asset on their hands.
Its a big challenge for owners looking to trade in their vehicle for a
new one, since they would still be on the hook for the remainder of the
loan balance. Plus, your insurance provider will typically only pay out
the current market value of the car if you get in an accident and the car
is totaled. If that amount isnt enough to pay back the loan, youll have
to come up with the rest yourself.
Car Owners Are Underwater by Most Since 2020
Negative equity is rising as Americans grapple with higher interest rates >Average negative equity
NoBody wrote:
On Mon, 18 Dec 2023 00:07:56 -0000 (UTC), Paul Ragna
<tpragna@gmail.com> wrote:
Thank you Joe Biden.
"Underwater Car Loans Signal US Consumers Slammed by High Rates"
<https://archive.is/aH3LO#selection-4557.0-4557.64>
"ts a tough time to be a car owner in the US.
Prices for new vehicles are high. Interest rate hikes have made
loans more expensive. And many car owners now owe more on their
loans than their vehicle is worth. This situation commonly called
being underwater or having negative equity occurs when the
price of a car falls faster than the owner can pay down the loan
for it. Read more: The Repo Man Is Back as Americans Fall Behind
on Car Payments In November, people with negative equity were
underwater by an average of $6,054, the most since April 2020 and
well above pre-pandemic averages, according to automotive
information firm Edmunds.com Inc. Its a precarious spot for many
Americans, coming after a twin surge in car buying and interest
rates has strained finances and fueled an uptick in automobile
repossessions. We're in this situation where combined with the
cost of the vehicles being so high and the interest rates being so
historically high, you have a lot of people who are in bad car
loans, said Joseph Yoon, consumer insights analyst for Edmunds.
Troubling Sign
New cars lose value as soon as theyre driven off lot, so being
underwater is not uncommon. Still, the recent surge in negative
equity is a troubling sign in a US economy that has mostly proved
resilient in the face of inflation-taming rate hikes. Repossessions
have ticked higher, with car owners falling behind on their
payments at the highest rate in three decades. And as the Federal
Reserve ponders when to start cutting rates, stress in the car
market is a window into the financial struggles of everyday
Americans who are having a hard time making ends meet. The last
time the average negative equity was this high $6,078 in April
2020 Americans were rushing to trade in their vehicles after the
Fed cut rates in response to the start of the pandemic. At the
time, car owners with high payments recognized they could either
refinance or switch out their car for another at a lower rate, even
if that meant rolling over some negative equity. In 2019, the
average negative equity hovered around $5,300. Several factors
combined to create the current situation. The average rate for a
loan on a new car is 7.4% and 11.6% for a used vehicle. Plus, in
recent years, dealerships and lenders have started offering six-
and seven-year loan terms, as well as lower down payments, which
make it harder for owners to build equity in their vehicle. Read
more: How Wall Street Makes Millions Selling Car Loans Customers
Cant Repay Then theres the strange dynamics in the used car
market. During the pandemic, the value of used vehicles soared,
thanks to supply chain issues and increased demand as Americans
spent stimulus checks. But since a peak in early 2022, used-car
values have fallen more than 20%, according to the Manheim Used
Vehicle Value Index. That has left many Americans with a rapidly
depreciating asset on their hands. Its a big challenge for owners
looking to trade in their vehicle for a new one, since they would
still be on the hook for the remainder of the loan balance. Plus,
your insurance provider will typically only pay out the current
market value of the car if you get in an accident and the car is
totaled. If that amount isnt enough to pay back the loan, youll
have to come up with the rest yourself. Car Owners Are Underwater
by Most Since 2020 Negative equity is rising as Americans grapple
with higher interest rates Average negative equity
And yet the libs here keep telling us how great the economy is.
US new vehicle sales to rise in
November on strong demand
November 22, 2023
https://www.reuters.com/business/autos-transportation/us-new-vehicle-sal >es-rise-november-strong-demand-report-2023-11-22/
On Thu, 21 Dec 2023 16:04:57 +0000, "Lee" <cleetis@gmail.com> wrote:
NoBody wrote:
On Mon, 18 Dec 2023 00:07:56 -0000 (UTC), Paul Ragna
<tpragna@gmail.com> wrote:
Thank you Joe Biden.
"Underwater Car Loans Signal US Consumers Slammed by High Rates"
<https://archive.is/aH3LO#selection-4557.0-4557.64>
"ts a tough time to be a car owner in the US.
Prices for new vehicles are high. Interest rate hikes have made
loans more expensive. And many car owners now owe more on their
loans than their vehicle is worth. This situation commonly called
being underwater or having negative equity occurs when the
price of a car falls faster than the owner can pay down the loan
for it. Read more: The Repo Man Is Back as Americans Fall Behind
on Car Payments In November, people with negative equity were
underwater by an average of $6,054, the most since April 2020 and
well above pre-pandemic averages, according to automotive
information firm Edmunds.com Inc. Its a precarious spot for many
Americans, coming after a twin surge in car buying and interest
rates has strained finances and fueled an uptick in automobile
repossessions. We're in this situation where combined with the
cost of the vehicles being so high and the interest rates being so
historically high, you have a lot of people who are in bad car
loans, said Joseph Yoon, consumer insights analyst for Edmunds.
Troubling Sign
New cars lose value as soon as theyre driven off lot, so being
underwater is not uncommon. Still, the recent surge in negative
equity is a troubling sign in a US economy that has mostly proved
resilient in the face of inflation-taming rate hikes. Repossessions
have ticked higher, with car owners falling behind on their
payments at the highest rate in three decades. And as the Federal
Reserve ponders when to start cutting rates, stress in the car
market is a window into the financial struggles of everyday
Americans who are having a hard time making ends meet. The last
time the average negative equity was this high $6,078 in April
2020 Americans were rushing to trade in their vehicles after the
Fed cut rates in response to the start of the pandemic. At the
time, car owners with high payments recognized they could either
refinance or switch out their car for another at a lower rate, even
if that meant rolling over some negative equity. In 2019, the
average negative equity hovered around $5,300. Several factors
combined to create the current situation. The average rate for a
loan on a new car is 7.4% and 11.6% for a used vehicle. Plus, in
recent years, dealerships and lenders have started offering six-
and seven-year loan terms, as well as lower down payments, which
make it harder for owners to build equity in their vehicle. Read
more: How Wall Street Makes Millions Selling Car Loans Customers
Cant Repay Then theres the strange dynamics in the used car
market. During the pandemic, the value of used vehicles soared,
thanks to supply chain issues and increased demand as Americans
spent stimulus checks. But since a peak in early 2022, used-car
values have fallen more than 20%, according to the Manheim Used
Vehicle Value Index. That has left many Americans with a rapidly
depreciating asset on their hands. Its a big challenge for owners
looking to trade in their vehicle for a new one, since they would
still be on the hook for the remainder of the loan balance. Plus,
your insurance provider will typically only pay out the current
market value of the car if you get in an accident and the car is
totaled. If that amount isnt enough to pay back the loan, youll
have to come up with the rest yourself. Car Owners Are Underwater
by Most Since 2020 Negative equity is rising as Americans grapple
with higher interest rates Average negative equity
And yet the libs here keep telling us how great the economy is.
US new vehicle sales to rise in
November on strong demand
November 22, 2023
https://www.reuters.com/business/autos-transportation/us-new-vehicle-sal >>es-rise-november-strong-demand-report-2023-11-22/
Oddly you don't see how these go hand in hand. People are buying
things they *can't afford* and the purchases and saddling them with
debt they can't pay. Result: massive reposessions as stated in the
above. Yeah, you oddly think this is all a great thing.
Logic has never been your strong suit.
Thank you Joe Biden.
"‘Underwater’ Car Loans Signal US Consumers Slammed by High Rates"
<https://archive.is/aH3LO#selection-4557.0-4557.64>
"t’s a tough time to be a car owner in the US.
On 12/17/2023 4:07 PM, Paul Ragna wrote:
Thank you Joe Biden.
"‘Underwater’ Car Loans Signal US Consumers Slammed by High Rates"
<https://archive.is/aH3LO#selection-4557.0-4557.64>
"t’s a tough time to be a car owner in the US.
Really?! Then why have new car sales been up year-over-year *every* month this
year? Yeah, at the beginning of the year, new car sales were down compared to the same month in 2021, but starting in June, new car sales have surpassed the
volume for the same month in both 2021 and 2022.
Why do right-wingnuts *always* lie about good economic news if a Democrat is in
office? Some leftists lie about good economic news if a Republiscum/QAnon is in
office, but it's never as egregious as when the right-wingnuts do it.
Extremists are bad, but right-wingnut extremists are *always* worse than leftist
extremists.
the pandemic
On Fri, 22 Dec 2023 16:32:25 -0000 (UTC), pothead <pothead@snakebite.com> wrote:
On 2023-12-22, NoBody <NoBody@nowhere.com> wrote:
On Thu, 21 Dec 2023 16:04:57 +0000, "Lee" <cleetis@gmail.com> wrote:
NoBody wrote:
On Mon, 18 Dec 2023 00:07:56 -0000 (UTC), Paul Ragna
<tpragna@gmail.com> wrote:
Thank you Joe Biden.
"?Underwater? Car Loans Signal US Consumers Slammed by High Rates" >>>>> >
<https://archive.is/aH3LO#selection-4557.0-4557.64>
"t?s a tough time to be a car owner in the US.
Prices for new vehicles are high. Interest rate hikes have made
loans more expensive. And many car owners now owe more on their
loans than their vehicle is worth. This situation ? commonly called >>>>> > being ?underwater? or having ?negative equity? ? occurs when the
price of a car falls faster than the owner can pay down the loan
for it. Read more: The Repo Man Is Back as Americans Fall Behind
on Car Payments In November, people with negative equity were
underwater by an average of $6,054, the most since April 2020 and
well above pre-pandemic averages, according to automotive
information firm Edmunds.com Inc. It?s a precarious spot for many
Americans, coming after a twin surge in car buying and interest
rates has strained finances and fueled an uptick in automobile
repossessions. ?We're in this situation where combined with the
cost of the vehicles being so high and the interest rates being so >>>>> > historically high, you have a lot of people who are in bad car
loans,? said Joseph Yoon, consumer insights analyst for Edmunds.
Troubling Sign
New cars lose value as soon as they?re driven off lot, so being
underwater is not uncommon. Still, the recent surge in negative
equity is a troubling sign in a US economy that has mostly proved
resilient in the face of inflation-taming rate hikes. Repossessions >>>>> > have ticked higher, with car owners falling behind on their
payments at the highest rate in three decades. And as the Federal
Reserve ponders when to start cutting rates, stress in the car
market is a window into the financial struggles of everyday
Americans who are having a hard time making ends meet. The last
time the average negative equity was this high ? $6,078 in April
2020 ? Americans were rushing to trade in their vehicles after the >>>>> > Fed cut rates in response to the start of the pandemic. At the
time, car owners with high payments recognized they could either
refinance or switch out their car for another at a lower rate, even >>>>> > if that meant rolling over some negative equity. In 2019, the
average negative equity hovered around $5,300. Several factors
combined to create the current situation. The average rate for a
loan on a new car is 7.4% and 11.6% for a used vehicle. Plus, in
recent years, dealerships and lenders have started offering six-
and seven-year loan terms, as well as lower down payments, which
make it harder for owners to build equity in their vehicle. Read
more: How Wall Street Makes Millions Selling Car Loans Customers
Can?t Repay Then there?s the strange dynamics in the used car
market. During the pandemic, the value of used vehicles soared,
thanks to supply chain issues and increased demand as Americans
spent stimulus checks. But since a peak in early 2022, used-car
values have fallen more than 20%, according to the Manheim Used
Vehicle Value Index. That has left many Americans with a rapidly
depreciating asset on their hands. It?s a big challenge for owners >>>>> > looking to trade in their vehicle for a new one, since they would
still be on the hook for the remainder of the loan balance. Plus,
your insurance provider will typically only pay out the current
market value of the car if you get in an accident and the car is
totaled. If that amount isn?t enough to pay back the loan, you?ll
have to come up with the rest yourself. Car Owners Are Underwater >>>>> > by Most Since 2020 Negative equity is rising as Americans grapple
with higher interest rates Average negative equity
And yet the libs here keep telling us how great the economy is.
US new vehicle sales to rise in
November on strong demand
November 22, 2023
https://www.reuters.com/business/autos-transportation/us-new-vehicle-sal >>>>es-rise-november-strong-demand-report-2023-11-22/
Oddly you don't see how these go hand in hand. People are buying
things they *can't afford* and the purchases and saddling them with
debt they can't pay. Result: massive reposessions as stated in the
above. Yeah, you oddly think this is all a great thing.
Logic has never been your strong suit.
People are maxing out credit cards, borrowing from their retirement fund and so forth just to
survive.
Is that why Christmas sales yoy are beating inflation?
Swill
the pandemic
Thank you Donald Trump.
On Thu, 21 Dec 2023 16:04:57 +0000, "Lee" <cleetis@gmail.com> wrote:
NoBody wrote:
On Mon, 18 Dec 2023 00:07:56 -0000 (UTC), Paul Ragna
<tpragna@gmail.com> wrote:
Thank you Joe Biden.
"‘Underwater’ Car Loans Signal US Consumers Slammed by High Rates" >>>>
<https://archive.is/aH3LO#selection-4557.0-4557.64>
"t’s a tough time to be a car owner in the US.
Prices for new vehicles are high. Interest rate hikes have made
loans more expensive. And many car owners now owe more on their
loans than their vehicle is worth. This situation — commonly called
being “underwater” or having “negative equity” — occurs when the >>>> price of a car falls faster than the owner can pay down the loan
for it. Read more: The Repo Man Is Back as Americans Fall Behind
on Car Payments In November, people with negative equity were
underwater by an average of $6,054, the most since April 2020 and
well above pre-pandemic averages, according to automotive
information firm Edmunds.com Inc. It’s a precarious spot for many
Americans, coming after a twin surge in car buying and interest
rates has strained finances and fueled an uptick in automobile
repossessions. “We're in this situation where combined with the
cost of the vehicles being so high and the interest rates being so
historically high, you have a lot of people who are in bad car
loans,” said Joseph Yoon, consumer insights analyst for Edmunds.
Troubling Sign
New cars lose value as soon as they’re driven off lot, so being
underwater is not uncommon. Still, the recent surge in negative
equity is a troubling sign in a US economy that has mostly proved
resilient in the face of inflation-taming rate hikes. Repossessions
have ticked higher, with car owners falling behind on their
payments at the highest rate in three decades. And as the Federal
Reserve ponders when to start cutting rates, stress in the car
market is a window into the financial struggles of everyday
Americans who are having a hard time making ends meet. The last
time the average negative equity was this high — $6,078 in April
2020 — Americans were rushing to trade in their vehicles after the
Fed cut rates in response to the start of the pandemic. At the
time, car owners with high payments recognized they could either
refinance or switch out their car for another at a lower rate, even
if that meant rolling over some negative equity. In 2019, the
average negative equity hovered around $5,300. Several factors
combined to create the current situation. The average rate for a
loan on a new car is 7.4% and 11.6% for a used vehicle. Plus, in
recent years, dealerships and lenders have started offering six-
and seven-year loan terms, as well as lower down payments, which
make it harder for owners to build equity in their vehicle. Read
more: How Wall Street Makes Millions Selling Car Loans Customers
Can’t Repay Then there’s the strange dynamics in the used car
market. During the pandemic, the value of used vehicles soared,
thanks to supply chain issues and increased demand as Americans
spent stimulus checks. But since a peak in early 2022, used-car
values have fallen more than 20%, according to the Manheim Used
Vehicle Value Index. That has left many Americans with a rapidly
depreciating asset on their hands. It’s a big challenge for owners
looking to trade in their vehicle for a new one, since they would
still be on the hook for the remainder of the loan balance. Plus,
your insurance provider will typically only pay out the current
market value of the car if you get in an accident and the car is
totaled. If that amount isn’t enough to pay back the loan, you’ll
have to come up with the rest yourself. Car Owners Are Underwater
by Most Since 2020 Negative equity is rising as Americans grapple
with higher interest rates Average negative equity
And yet the libs here keep telling us how great the economy is.
US new vehicle sales to rise in
November on strong demand
November 22, 2023
https://www.reuters.com/business/autos-transportation/us-new-vehicle-sal
es-rise-november-strong-demand-report-2023-11-22/
Oddly you don't see how these go hand in hand. People are buying
things they *can't afford* and
NoBody wrote:
On Thu, 21 Dec 2023 16:04:57 +0000, "Lee" <cleetis@gmail.com> wrote:
NoBody wrote:Rates" >> >
On Mon, 18 Dec 2023 00:07:56 -0000 (UTC), Paul Ragna
<tpragna@gmail.com> wrote:
Thank you Joe Biden.
"Underwater Car Loans Signal US Consumers Slammed by High
called >> > being underwater or having negative equity occurs<https://archive.is/aH3LO#selection-4557.0-4557.64>
"ts a tough time to be a car owner in the US.
Prices for new vehicles are high. Interest rate hikes have made
loans more expensive. And many car owners now owe more on their
loans than their vehicle is worth. This situation commonly
when the >> > price of a car falls faster than the owner can pay down
the loan >> > for it. Read more: The Repo Man Is Back as Americans
Fall Behind >> > on Car Payments In November, people with negative
equity were >> > underwater by an average of $6,054, the most since
April 2020 and >> > well above pre-pandemic averages, according to
automotive >> > information firm Edmunds.com Inc. Its a precarious
spot for many >> > Americans, coming after a twin surge in car buying
and interest >> > rates has strained finances and fueled an uptick in
automobile >> > repossessions. We're in this situation where
combined with the >> > cost of the vehicles being so high and the
interest rates being so >> > historically high, you have a lot of
people who are in bad car >> > loans, said Joseph Yoon, consumer
insights analyst for Edmunds. >> > Troubling Sign
Repossessions >> > have ticked higher, with car owners falling behindNew cars lose value as soon as theyre driven off lot, so being
underwater is not uncommon. Still, the recent surge in negative
equity is a troubling sign in a US economy that has mostly proved
resilient in the face of inflation-taming rate hikes.
on their >> > payments at the highest rate in three decades. And as
the Federal >> > Reserve ponders when to start cutting rates, stress
in the car >> > market is a window into the financial struggles of
everyday >> > Americans who are having a hard time making ends meet.
The last >> > time the average negative equity was this high $6,078
in April >> > 2020 Americans were rushing to trade in their
vehicles after the >> > Fed cut rates in response to the start of the
pandemic. At the >> > time, car owners with high payments recognized
they could either >> > refinance or switch out their car for another
at a lower rate, even >> > if that meant rolling over some negative
equity. In 2019, the >> > average negative equity hovered around
$5,300. Several factors >> > combined to create the current
situation. The average rate for a >> > loan on a new car is 7.4% and
11.6% for a used vehicle. Plus, in >> > recent years, dealerships and
lenders have started offering six- >> > and seven-year loan terms, as
well as lower down payments, which >> > make it harder for owners to
build equity in their vehicle. Read >> > more: How Wall Street Makes
Millions Selling Car Loans Customers >> > Cant Repay Then theres
the strange dynamics in the used car >> > market. During the
pandemic, the value of used vehicles soared, >> > thanks to supply
chain issues and increased demand as Americans >> > spent stimulus
checks. But since a peak in early 2022, used-car >> > values have
fallen more than 20%, according to the Manheim Used >> > Vehicle
Value Index. That has left many Americans with a rapidly >> >
depreciating asset on their hands. Its a big challenge for owners
would >> > still be on the hook for the remainder of the loanlooking to trade in their vehicle for a new one, since they
balance. Plus, >> > your insurance provider will typically only pay
out the current >> > market value of the car if you get in an
accident and the car is >> > totaled. If that amount isnt enough to
pay back the loan, youll >> > have to come up with the rest
yourself. Car Owners Are Underwater >> > by Most Since 2020 Negative
equity is rising as Americans grapple >> > with higher interest rates
Average negative equity >> >> And yet the libs here keep telling us
how great the economy is.
US new vehicle sales to rise in
November on strong demand
November 22, 2023
https://www.reuters.com/business/autos-transportation/us-new-vehicle
-sal es-rise-november-strong-demand-report-2023-11-22/
Oddly you don't see how these go hand in hand. People are buying
things they *can't afford* and the purchases and saddling them with
debt they can't pay.
So if people are buying things
it proves the economy is tanking.
If people AREN'T buying things it
proves the economy is tanking.
Just checking.
On Sun, 24 Dec 2023 17:54:45 +0000, "Lee" <cleetis@gmail.com> wrote:
NoBody wrote:
On Thu, 21 Dec 2023 16:04:57 +0000, "Lee" <cleetis@gmail.com> wrote:
NoBody wrote:Rates" >> >
On Mon, 18 Dec 2023 00:07:56 -0000 (UTC), Paul Ragna
<tpragna@gmail.com> wrote:
Thank you Joe Biden.
"Underwater Car Loans Signal US Consumers Slammed by High
called >> > being underwater or having negative equity occurs<https://archive.is/aH3LO#selection-4557.0-4557.64>
"ts a tough time to be a car owner in the US.
Prices for new vehicles are high. Interest rate hikes have made
loans more expensive. And many car owners now owe more on their
loans than their vehicle is worth. This situation commonly
when the >> > price of a car falls faster than the owner can pay down
the loan >> > for it. Read more: The Repo Man Is Back as Americans
Fall Behind >> > on Car Payments In November, people with negative
equity were >> > underwater by an average of $6,054, the most since
April 2020 and >> > well above pre-pandemic averages, according to
automotive >> > information firm Edmunds.com Inc. Its a precarious
spot for many >> > Americans, coming after a twin surge in car buying
and interest >> > rates has strained finances and fueled an uptick in
automobile >> > repossessions. We're in this situation where
combined with the >> > cost of the vehicles being so high and the
interest rates being so >> > historically high, you have a lot of
people who are in bad car >> > loans, said Joseph Yoon, consumer
insights analyst for Edmunds. >> > Troubling Sign
Repossessions >> > have ticked higher, with car owners falling behindNew cars lose value as soon as theyre driven off lot, so being
underwater is not uncommon. Still, the recent surge in negative
equity is a troubling sign in a US economy that has mostly proved
resilient in the face of inflation-taming rate hikes.
on their >> > payments at the highest rate in three decades. And as
the Federal >> > Reserve ponders when to start cutting rates, stress
in the car >> > market is a window into the financial struggles of
everyday >> > Americans who are having a hard time making ends meet.
The last >> > time the average negative equity was this high $6,078
in April >> > 2020 Americans were rushing to trade in their
vehicles after the >> > Fed cut rates in response to the start of the
pandemic. At the >> > time, car owners with high payments recognized
they could either >> > refinance or switch out their car for another
at a lower rate, even >> > if that meant rolling over some negative
equity. In 2019, the >> > average negative equity hovered around
$5,300. Several factors >> > combined to create the current
situation. The average rate for a >> > loan on a new car is 7.4% and
11.6% for a used vehicle. Plus, in >> > recent years, dealerships and
lenders have started offering six- >> > and seven-year loan terms, as
well as lower down payments, which >> > make it harder for owners to
build equity in their vehicle. Read >> > more: How Wall Street Makes
Millions Selling Car Loans Customers >> > Cant Repay Then theres
the strange dynamics in the used car >> > market. During the
pandemic, the value of used vehicles soared, >> > thanks to supply
chain issues and increased demand as Americans >> > spent stimulus
checks. But since a peak in early 2022, used-car >> > values have
fallen more than 20%, according to the Manheim Used >> > Vehicle
Value Index. That has left many Americans with a rapidly >> >
depreciating asset on their hands. Its a big challenge for owners
would >> > still be on the hook for the remainder of the loanlooking to trade in their vehicle for a new one, since they
balance. Plus, >> > your insurance provider will typically only pay
out the current >> > market value of the car if you get in an
accident and the car is >> > totaled. If that amount isnt enough to
pay back the loan, youll >> > have to come up with the rest
yourself. Car Owners Are Underwater >> > by Most Since 2020 Negative
equity is rising as Americans grapple >> > with higher interest rates
Average negative equity >> >> And yet the libs here keep telling us
how great the economy is.
US new vehicle sales to rise in
November on strong demand
November 22, 2023
https://www.reuters.com/business/autos-transportation/us-new-vehicle
-sal es-rise-november-strong-demand-report-2023-11-22/
Oddly you don't see how these go hand in hand. People are buying
things they *can't afford* and the purchases and saddling them with
debt they can't pay.
So if people are buying things
it proves the economy is tanking.
If people AREN'T buying things it
proves the economy is tanking.
Just checking.
ROTFLMAO!
*applause*
The amusing bit isn't rightist stupidity, it's their expectation that everybody *else* is
too stupid to spot their lies and contortions.
Swill
On Sun, 24 Dec 2023 17:54:45 +0000, "Lee" <cleetis@gmail.com> wrote:
NoBody wrote:
On Thu, 21 Dec 2023 16:04:57 +0000, "Lee" <cleetis@gmail.com> wrote:
NoBody wrote:Rates" >> >
On Mon, 18 Dec 2023 00:07:56 -0000 (UTC), Paul Ragna
<tpragna@gmail.com> wrote:
Thank you Joe Biden.
"Underwater Car Loans Signal US Consumers Slammed by High
called >> > being underwater or having negative equity occurs<https://archive.is/aH3LO#selection-4557.0-4557.64>
"ts a tough time to be a car owner in the US.
Prices for new vehicles are high. Interest rate hikes have made
loans more expensive. And many car owners now owe more on their
loans than their vehicle is worth. This situation commonly
when the >> > price of a car falls faster than the owner can pay down
the loan >> > for it. Read more: The Repo Man Is Back as Americans
Fall Behind >> > on Car Payments In November, people with negative
equity were >> > underwater by an average of $6,054, the most since
April 2020 and >> > well above pre-pandemic averages, according to
automotive >> > information firm Edmunds.com Inc. Its a precarious
spot for many >> > Americans, coming after a twin surge in car buying
and interest >> > rates has strained finances and fueled an uptick in
automobile >> > repossessions. We're in this situation where
combined with the >> > cost of the vehicles being so high and the
interest rates being so >> > historically high, you have a lot of
people who are in bad car >> > loans, said Joseph Yoon, consumer
insights analyst for Edmunds. >> > Troubling Sign
Repossessions >> > have ticked higher, with car owners falling behindNew cars lose value as soon as theyre driven off lot, so being
underwater is not uncommon. Still, the recent surge in negative
equity is a troubling sign in a US economy that has mostly proved
resilient in the face of inflation-taming rate hikes.
on their >> > payments at the highest rate in three decades. And as
the Federal >> > Reserve ponders when to start cutting rates, stress
in the car >> > market is a window into the financial struggles of
everyday >> > Americans who are having a hard time making ends meet.
The last >> > time the average negative equity was this high $6,078
in April >> > 2020 Americans were rushing to trade in their
vehicles after the >> > Fed cut rates in response to the start of the
pandemic. At the >> > time, car owners with high payments recognized
they could either >> > refinance or switch out their car for another
at a lower rate, even >> > if that meant rolling over some negative
equity. In 2019, the >> > average negative equity hovered around
$5,300. Several factors >> > combined to create the current
situation. The average rate for a >> > loan on a new car is 7.4% and
11.6% for a used vehicle. Plus, in >> > recent years, dealerships and
lenders have started offering six- >> > and seven-year loan terms, as
well as lower down payments, which >> > make it harder for owners to
build equity in their vehicle. Read >> > more: How Wall Street Makes
Millions Selling Car Loans Customers >> > Cant Repay Then theres
the strange dynamics in the used car >> > market. During the
pandemic, the value of used vehicles soared, >> > thanks to supply
chain issues and increased demand as Americans >> > spent stimulus
checks. But since a peak in early 2022, used-car >> > values have
fallen more than 20%, according to the Manheim Used >> > Vehicle
Value Index. That has left many Americans with a rapidly >> >
depreciating asset on their hands. Its a big challenge for owners
would >> > still be on the hook for the remainder of the loanlooking to trade in their vehicle for a new one, since they
balance. Plus, >> > your insurance provider will typically only pay
out the current >> > market value of the car if you get in an
accident and the car is >> > totaled. If that amount isnt enough to
pay back the loan, youll >> > have to come up with the rest
yourself. Car Owners Are Underwater >> > by Most Since 2020 Negative
equity is rising as Americans grapple >> > with higher interest rates
Average negative equity >> >> And yet the libs here keep telling us
how great the economy is.
US new vehicle sales to rise in
November on strong demand
November 22, 2023
https://www.reuters.com/business/autos-transportation/us-new-vehicle
-sal es-rise-november-strong-demand-report-2023-11-22/
Oddly you don't see how these go hand in hand. People are buying
things they *can't afford* and the purchases and saddling them with
debt they can't pay.
So if people are buying things
it proves the economy is tanking.
If people AREN'T buying things it
proves the economy is tanking.
Just checking.
Reading comprehension issues I see. People who spend money they don't
have creates a false impression that the economy is good cause, as it
turns out, they can't pay it back.
Duh...
On Sun, 24 Dec 2023 23:23:21 -0500, Governor Swill
<governor.swill@gmail.com> wrote:
On Sun, 24 Dec 2023 17:54:45 +0000, "Lee" <cleetis@gmail.com> wrote:
NoBody wrote:
On Thu, 21 Dec 2023 16:04:57 +0000, "Lee" <cleetis@gmail.com> wrote:
NoBody wrote:Rates" >> >
On Mon, 18 Dec 2023 00:07:56 -0000 (UTC), Paul Ragna
<tpragna@gmail.com> wrote:
Thank you Joe Biden.
"Underwater Car Loans Signal US Consumers Slammed by High
called >> > being underwater or having negative equity occurs<https://archive.is/aH3LO#selection-4557.0-4557.64>
"ts a tough time to be a car owner in the US.
Prices for new vehicles are high. Interest rate hikes have made
loans more expensive. And many car owners now owe more on their
loans than their vehicle is worth. This situation commonly
when the >> > price of a car falls faster than the owner can pay down
the loan >> > for it. Read more: The Repo Man Is Back as Americans
Fall Behind >> > on Car Payments In November, people with negative
equity were >> > underwater by an average of $6,054, the most since
April 2020 and >> > well above pre-pandemic averages, according to
automotive >> > information firm Edmunds.com Inc. Its a precarious
spot for many >> > Americans, coming after a twin surge in car buying
and interest >> > rates has strained finances and fueled an uptick in
automobile >> > repossessions. We're in this situation where
combined with the >> > cost of the vehicles being so high and the
interest rates being so >> > historically high, you have a lot of
people who are in bad car >> > loans, said Joseph Yoon, consumer
insights analyst for Edmunds. >> > Troubling Sign
Repossessions >> > have ticked higher, with car owners falling behindNew cars lose value as soon as theyre driven off lot, so being
underwater is not uncommon. Still, the recent surge in negative
equity is a troubling sign in a US economy that has mostly proved >>>> >> > resilient in the face of inflation-taming rate hikes.
on their >> > payments at the highest rate in three decades. And as
the Federal >> > Reserve ponders when to start cutting rates, stress
in the car >> > market is a window into the financial struggles of
everyday >> > Americans who are having a hard time making ends meet.
The last >> > time the average negative equity was this high $6,078
in April >> > 2020 Americans were rushing to trade in their
vehicles after the >> > Fed cut rates in response to the start of the
pandemic. At the >> > time, car owners with high payments recognized
they could either >> > refinance or switch out their car for another
at a lower rate, even >> > if that meant rolling over some negative
equity. In 2019, the >> > average negative equity hovered around
$5,300. Several factors >> > combined to create the current
situation. The average rate for a >> > loan on a new car is 7.4% and
11.6% for a used vehicle. Plus, in >> > recent years, dealerships and
lenders have started offering six- >> > and seven-year loan terms, as
well as lower down payments, which >> > make it harder for owners to
build equity in their vehicle. Read >> > more: How Wall Street Makes
Millions Selling Car Loans Customers >> > Cant Repay Then theres
the strange dynamics in the used car >> > market. During the
pandemic, the value of used vehicles soared, >> > thanks to supply
chain issues and increased demand as Americans >> > spent stimulus
checks. But since a peak in early 2022, used-car >> > values have
fallen more than 20%, according to the Manheim Used >> > Vehicle
Value Index. That has left many Americans with a rapidly >> >
depreciating asset on their hands. Its a big challenge for owners
would >> > still be on the hook for the remainder of the loanlooking to trade in their vehicle for a new one, since they
balance. Plus, >> > your insurance provider will typically only pay
out the current >> > market value of the car if you get in an
accident and the car is >> > totaled. If that amount isnt enough to
pay back the loan, youll >> > have to come up with the rest
yourself. Car Owners Are Underwater >> > by Most Since 2020 Negative
equity is rising as Americans grapple >> > with higher interest rates
Average negative equity >> >> And yet the libs here keep telling us
how great the economy is.
US new vehicle sales to rise in
November on strong demand
November 22, 2023
https://www.reuters.com/business/autos-transportation/us-new-vehicle >>>> > -sal es-rise-november-strong-demand-report-2023-11-22/
Oddly you don't see how these go hand in hand. People are buying
things they *can't afford* and the purchases and saddling them with
debt they can't pay.
So if people are buying things
it proves the economy is tanking.
If people AREN'T buying things it
proves the economy is tanking.
Just checking.
ROTFLMAO!
Perhaps if you read what was actually posted instead of Lying Lee's >interesting interpertation you wouldn't find it so amusing.
*applause*
Will you cheer when these folks get their cars repossessed because
they can't make the payments (which is happening right now)?
"A recent study by Fitch Ratings found that more subprime borrowers
were 60 days or more behind on their car payments than at any other
time on record. After a couple of down years, vehicle repossessions
are up by 20.4%, according to Cox Automotive."
https://finance.yahoo.com/news/car-repossessions-rise-danger-losing-183312724.html
Oh yeah the economy is wonderful....
The amusing bit isn't rightist stupidity, it's their expectation that everybody *else* is
too stupid to spot their lies and contortions.
If spending money you don't have, only to have it taken when you don't
pay for it is a sign of a good economy I would hate to see your
definition of a bad one.
THINK before you respond (for once).
Swill
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