America's NEW Car Loan CRISIS

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[@JBLynch]

Now is definitely NOT the time to be buying a car. Average car cost $47K?! That's insane! Check your ego at the door - you need a vehicle to get back and forth to work, not to impress anyone. An auto finance rate of 7%+ is an insult to anyone with excellent credit. No thanks. Those new cars can sit on the lot and rot away for all I care.

[@salimrandall]

I’m with you. I don’t care how much it costs to keep my current cars running. I’ll drop new engines and trans if necessary I refuse to buy a new car.

[@angelquizhpe2473]

Yeah, Im glad I keep seeing this message because I want a new car, but man these prices are crazy

[@ScrollTD]

Auto rate of 7% should be normal, because if the FED didn’t keep rates artificially low. However, PRICES should insult you, these dealers are screwing their future for a gain in the short term.

[@eddymahon1503]

Jeez. I just bought a 24 Honda CRV. (2.625%) loan rate, $2500 down. My credit isn’t bad but nothing great. Gotta shop around

[@JBLynch]

@@eddymahon1503 Nice. That's not an unreasonable loan amount. I bought a new truck last year and went in at 1.9%. Was a Honda owner for many years and would usually go in around 0-0.9%

[@johndonovan7018]

imagine financing a 9 year old vehicle for 68 months at 12-15% (current) and paying max insurance on that for the term of the loan. YIKES

[@webguy943]

Thank god i paid off my car in full in 2019. No car payments no loans no debt. 😎😎😎

[@tjmichael8773]

I was fortunate to get a used 2017 Jetta at the start of pandemic with a 60 month 1.9 rate. I since paid it off early. I have no plans to get another car anytime soon.

[@JeremyKasperson]

Texas, Wyoming, and North Dakota had massive monthly payments averaging over $1k per month. The reason...so many men felt they had to own an overpriced pickup truck instead of a sedan, even if you never haul anything.

[@fishytank1land]

Street cred

[@webguy943]

Sheep

[@timmellow1353]

Gotta look cool in a $85K truck when going to Costco 🤔

[@timc2745]

Some of that can be diesel pickups about $100k personally financed but used for work, oilfields

[@mitchhedberg4415]

@@fishytank1land Nah, they are not impressing the other dads in the same trucks. The women laugh at them

[@loopba]

Making $53k/year, but we owe $43k on our Honda Pilot

[@VintageStereoCollector]

That’s why a lot of people in America has huge debts

[@FlatPlaneCranky]

Dealerships giggling all the way to the bank. Sad how ignorant buyers are, and how dealerships take advantage of that ignorance.

[@RockCh4lk]

We have some idiots running out of supply chain and we're still having supply chain issues. I call BS on "supply chain issues."

[@johndonovan7018]

it was always a scam. i never stopped shipping and receiving. 98% of everything i needed was available. the rest was on 3 week wait.

[@johnengland8619]

Manufactured inflation

[@cnn787-i9e]

$729/month PLUS insurance and you have $1,000 a month, not including maintenance, gas, and fees. LOL....who could afford that for the next 6 years? LOL LOL

[@johndonovan7018]

debt slaves

[@X00079X]

Save up and pay cash for a cheap reliable Toyota. Cheaper if you buy used.

[@johndonovan7018]

lol toyota zombies. yes buy a sludgeyota@@X00079X

[@Jason_Voorhees.]

And this is exactly why i decided im going to finance a 2008-2013 accord or acura TL for 8-12k Im a mechanic so i do all my own maintenance and repairs.. the price for a brand new car is just such a huge turn off. Id love a brand new car but im willing to settle in an older vehicele

[@mitchhedberg4415]

A TL that is 8k now might have been 2k before covid

[@Jason_Voorhees.]

@@mitchhedberg4415 i agree, ive owned 4 tls and prices have definitelyjumped

[@kak93]

Such a horrendous financial pit hole purchasing vehicles have become.

[@neiljuedes1661]

Extending the payoff on your vehicle just makes matters worse because the car will be having multiple issues by the time you get into the last years so you will not only be paying the monthly fee you will also more then likely be paying for repairs.Keep what you have and stick some money into it and make the dealers and manufacturers eat the vehicles they have.

[@JBLynch]

You'll also be upside down on your loan if you go beyond 60 months.

[@Houck54]

So basically what I am hearing is wait on getting a new vehicle to see if the market prices are gonna change with a flood of repossessed used vehicles.

[@briantezo9232]

I've seen cars with over 100k miles on it selling for 30k. Even used cars are a rip off

[@johnlee270]

No Mortgage, no credit debt, no car payment, I could purchase a vehicle 90k with no finance needed but still not interesting to buy a new car, I still driving an old Toyota Tacoma 2003 and a Honda civic 2016 no need for a new vehicle next 6 years!

[@poluticon]

I'm so happy I bought my car back in 2018 before all this mess started.

[@shanew3293]

People are not going to buy.. dealers are gonna bleed. Glad I got my car 4 years ago. Public has stopped buying

[@JFreeUNC]

Cash is king!

[@johndonovan7018]

i print it myself, like the fed.

[@jaykua6193]

Crazy to see that a new Honda civic or Toyota Corolla, both entry level cars, are upwards of $30k now.

[@jaykua6193]

I’m out here trying to purchase a 2019 model for $25k or less…

[@newworlddisorder7210]

I saw HondaCivic in local dealership priced at $42,000. Nevada.

[@jonathanmarquise422]

you can still get them way cheaper than that. base model corolla is $22k and the base civic is $24k. the real issue is that no one wants the base model.

[@jaykua6193]

@@jonathanmarquise422 yup, i'm looking for a hybrid at minimum.

[@jonathanmarquise422]

@@jaykua6193 I can't wait for the new civic to come out next year. I think there is some good value to be had in the base trims, it's just that they option the cars way up. my parents bought an accord in like 1990, and it was the LX trim. I want to say it was near $20k back then. the top trim was the EX though, and certain things, like leather were not available. now you can get a civic with heated leather seats. I'm in the market for something new, and there is some reasonable stuff for under $25k. prices will continue to drop, and car manufacturers are going to have to make more of the base trims. normal people can't afford a $35k economy car.

[@MrSupernova111]

Prices are finally coming down and deals can be found. I would do a lot of shopping comparison and make dealers work hard for your money. Never pay above MSRP no matter what.

[@johndonovan7018]

surcharges are still a thing. what deals? they are now up to 2k in dealer fees in some places... enjoy that 500$ off msrp "deal" tho. dont fall for it. or are you a car dealer?

[@martyi398]

@@johndonovan7018i recently purchased a car for a family member, it was a used good condition high mileage 1 owner Toyota sitting on the lot for 40 days, went to the dealer on the last sales day of the month made them an offer and declined all add-on’s and extended warranty, they accepted and the rest is history, I purchased the car close to the KBB wholesale value (they was getting ready to send it to auction)

[@TyroneSettles]

Imagine how those Telluride buyers feel having paid up to 5k above MSRP for the so called market adjustment. Suckers.

[@MrSupernova111]

@@johndonovan7018 . I bought an Acura this month. $3k off MSRP and no add-ons in New England. Do your research and hold your ground. If the dealer won't work with you then walk. I speak from experience.

[@MrSupernova111]

@@TyroneSettles . Anyone who paid over MSRP will deeply regret that decision. Especially, those who paid $15-$20k above MSRP and are underwater.

[@justingreen0329]

I'm sure California isn't far behind on that list of high balances.

[@MrStrutus]

My 2024 Corolla is $453

[@mitchhedberg4415]

For 1 payment? for life?

[@NordicSnowhammer]

Here's some perspective. Our mortgage and car payment on my 2020 Camry is less than a normal new car payment today. Sickening.

[@ladlahiien]

You live in a tent?

[@NordicSnowhammer]

@ladlahiien Ha! That's actually pretty funny since I love to backpack and prefer tents. Nah ..we got lucky on low interest rates for the house, and car. Plus we put a good down-payment on the camry.

[@mitchhedberg4415]

A new home mortgage is 3,300. on average. That is why so few homes are for sale, boomers are not leaving their low payments

[@VintageStereoCollector]

Debt Buying new car,High monthly payment.Ridiculous!!!

[@russellseilhamer4552]

I tried to make the point that the manufacturers were pushing customers into higher cost vehicles. The subcompact segment of the market has completely been eliminated. The Mitsubishi Mirage starts at an incredible 20k. There is no entry level into this market; no Toyota Echos, no Chevy Cavalier, no Kia Rio, no Honda Fit

[@paulhawkins5022]

At the way this economy is down so low, Ha ! Ha ! The country is in a free fall mode and if something is not done about it we will be on the verge of destruction but no one is watching and as long as the rich continues to making money things will remain the same. I believe that no country can survive without the population spending to keep it afloat unfortunately Taxes are necessary!

[@peterp3809]

Crazy.. got my '11 Sierra HD new for 0% back in 2011; Guess those days are over. Ill drive it till the wheels fall off. No way ill ever pay these nutty interest rates!

[@Hproawesome]

man I make only $20 an hour and lived in ca with my dad house so no need to pay rent but was able to get a used 2018 corolla xse at a toyota dealership only 58k mileage for $17k not including taxes and registration fees. I put $7k down and monthly payment for 60 month is $253 with 8.9%. Chase didnt give me a good deal.😂

[@toddprater14]

You live at home ,double that payment to 506 and get it done in 30 months…your interest charge for 60 months will be cut in half and a bit more …

[@JohnDeLorme-g7d]

I just bought a new 24 Honda HRV EXL with blind spot. Car payment is 342. Interest rate 5.9. I’m not delinquent. I paid 29,000. No mark ups. I had 8200 equity in my trade plus put 2K down. People are getting screwed! Don’t do it. Don’t overpay. I financed 20,500. 3 months later, my loan is 19200.

[@davidguarin358]

I have exactly the same numbers as you Only difference is a Kia Rio hatchback 🚗 $ 20.192 loan 💵 No trade in $ 900 down At $ 322 dollars 💵 a month And after 3 months I own $ 19. 060 Yes is not a luxury car 🚗 Just a simple small car 🚗 Good on gas ⛽️ Takes me from point A to B

[@freddieslaughter1107]

People need to pay off their car or truck before buying new or used.

[@TyroneSettles]

That's called discipline something impulse buyers don't have.

[@mitchhedberg4415]

Not these days, like 90% of trades are underwater

[@mikedavis5207]

Yeah these new car prices are a joke and people that buy a new car for the warranty or peace of mind are slow sorry not sorry you can buy a 09 lexus rx350 like I did for 5,500 and 178k and just do brakes and oil and it will last you 5+ years and bye the time it needscto be replaced you could save 10k or soo and buy something nice out right like a 2018 lexus rx350 because in 5to7 years you can most likely fine one of them that will be 8k or so and your set its mind blowing my last car was a 06 honda Ridgeline paid 800$ had the mechanic put in a trans for 3200 and it lasted me 3.5 years and unfortunately someone hit me and totaled it and I got 5k from the insurance and bought a 99 honda accord 1k 277k had that for a year and a half and then that one also unfortunately got totaled and the insurance paid me 1700 so I went and bought a 02 tahoe for 1200 and a lexus rx350 out right for 5500 don't get suckerd into a car payment good cars for cash are out there you just have to look

[@FredSherman-k7l]

Who can afford this. Maybe for a few months, then look out.

[@usauditresponse]

It's the banks and the auto industry as a whole not just dealerships.

[@Frank71]

Many dealerships get an monthy interest rate kickback from banks, when the loan originates from the dealership.

[@jvolstad]

Car loans. What is that?

[@johndonovan7018]

poor ppl tax

[@it1988a]

I was a credit analyst for a major car company. It comes down to two questions...can he pay (income) and will he pay (credit history).

[@timkis64]

its what happens when you buy a vehicle as a status symbol instead of transportation.people DONT need a 4 wheeled ipad to get from point A to point B. they just need to get there, RELIABLY.

[@ronjon5962]

“4 wheeled iPad” is tickling me!! But so true!

[@JojoMac-c3m]

I got a 2023 Acura RDX aspec advance pack. 0 down payment. Even car trade. 840$ a month on my new RDX. There’s still hope lady’s and gents you just need to know how to negotiate your deal!👍

[@jeffc1347]

How long is your loan for? If you're paying 72 months that's $60,500.

[@Frank71]

One fact not mentioned. Many dealerships add a few %age points to a loan they orginate. Another dealership trick, "autoloan credit score" (always lower then your regular credit). Your normal bank wont add a %age points for the dealership and don't use a "autoloan credit scores".

[@dnanarv]

I bought a 10 yr old car 7 years ago as a temporary beater for a year or two...... For 3000, cash......and once I started working and looking at the monthly payments for any vehicle I wanted..... Decided I'm sticking with my car. I'd rather be rich than look rich.

[@everymandriver]

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[@everymandriver]

The best way to find out which dealer is offering the lowest prices, quotes.everymandriver.com regardless of make and model, is search your zip code and comparison shop by visiting this free site: quotes.everymandriver.com

[@TyroneSettles]

Pretty soon you will be able to buy direct from the manufacturer. This will eliminate the crooked middlemen dealerships and people will pay invoice plus delivery and know exactly what the manufacturer is providing in terms of incentives.

[@overshoe6361]

Anyone buying a new or used vehicle right now, unless you absolutely have to, is insane.

[@ScubaNut22]

I saved for 10 years for my new Wrangler Rubicon and paid cash.

[@MrSupernova111]

Nice!

[@johndonovan7018]

10 years for a jeep? yikes.

[@redwhite_040]

saving and paying off is the best you can do.

[@johnbaber9660]

Loans must be limited

[@mathisnotforthefaintofheart]

Why do people have to get those SUV's and trucks? What's wrong with a ten year old Civic style car? I do not understand American's craze for cars if you don't have the means to afford it. It's a transportation appliance. If you can AFFORD a nice car, by all means, go for it, but otherwise, keep it simple. Nobody on the road cares what you drive anyway.

[@samanthalake5011]

My interest rate is 1.9%

[@anthonyfalco2462]

Can you talk about how they're trying to sell old 2021,22 cars for the same price they sold for back then. I found even cars woth 500 miles from 2-3 years ago which i would consider new they're trying to sell them for msrp which is the same as new cars today and they wont budge on price

[@terence4427]

It should be a crime to sell vehicles at these high ridiculous prices.

[@martyi398]

I was just reading in the financial news that personal debt for folks 50 and under is at an all time historical high in the US!

[@mitchhedberg4415]

People making "time payments" on everything now. What is old is new.

[@davidhorne2326]

Dealers are raking in the money! Cars at msrp and more and the buy/sell finance rate, just adds to that! Volume sales are a thing of the past,as the profit margin now, can cover the same as selling multiple vehicles.

[@bullittboost6046]

Wake me up when 1.9 for 84 months or 0 for 84 comes back. Until then I hit snooze on buying any kind of vehicle

[@memphisraines8118]

Lol. Yet... nothing changes....

[@Ragnar009]

LOL, I've never had a monthly payment even half that average. You have to be nuts to waste that amount of expendable cash on a car.

[@Starship007]

More new cars showing up at auctions. More cars not meeting reserves at auctions. So many repo’s especially toy cars like mustangs,Camaros, chargers, challengers. Really bad. No one is paying over msrp anymore for sure

[@kevinheneghan74]

I am happy I'm single person. I'm not married i don't have kid. I'm care about to buy a big suv with 4wd with tow packages a have lot room for everyone of cargo. Have led lights.

[@kas7344]

Some dealere like San Francisco Toyota are doing up to 3k off a truck ..you can use these as negotiating point whenever at a dealership

[@mattpipke5716]

So, I am planning to buy in March, I have been saving since last March. I am buying the DE5 or Acura Integra Type S. It is 52k for the car MSRP, I plan to put 20 to 25k down on it and not finance any accessories, I will pay cash for those. I am doing this so when I buy the car, I am only financing about half, making sure I don't ever get upside down on the loan, I don't have great credit so I will have to pay a higher rate, the only way to make that into something I can stomach was to put down 45% or more, which is what I committed to doing. Many say don't do that, put nothing down go for the longest terms and then invest that money into something else, etc.. But that isn't me, I am not that savvy and I want what I want. I saved up for this purpose, so I have no issues putting so much down, it is a car I plan to keep for a long time What if anything can I do to prevent poor terms or avoid any pitfalls in today's market?

[@everymandriver]

If you visit quotes.everymandriver.com you can see the BEST DEALS on new and used cars/trucks in your zip code! It’s a free search engine. Try it.

[@larrykaplan8]

Thank u Sleepy Joe

[@kennethderrickson8840]

Not calling any names,butwhen the wicked rule the people mourn.😩

[@USMC978]

I always laugh at ppl who buy brand new. That’s the stupidest move.

[@eddyeroyal6024]

I’m in Dallas, Tx so I choose not to purchase one.

[@bcar1ify]

4% at my credit union

[@Starship007]

We have been use to cheap money credit for 2 decades now tight money. People use credit to subsidize their actual cash. USA turning from supersizing to downsizing similar to other industrialized countries. Living below our means vs using credit to live above our means. Save up a couple 2-3 years before next car purchase for larger down and lower interest rate. If you can not buy a car in 3 years you’re probably over spending. Remember a car is a depreciating liability not asset. Buy used if you can . Also a buy back crisis. People overpaid last couple years secondary to all the free money paid to stay home. Now the same new vehicle in 2023 is a lot less than what you bought 2 years ago so people want out. People dragging cash out with home equity lines of credit and early dipping retirement savings to live same lifestyle but these are red flags 🚩 Also credit card debt historic at over 1 trillion dollars

[@Starship007]

More bankruptcies as having to service more past debt due to higher interest rates. Less money for future

[@Starship007]

These longer loans means car will be out of warranty when still making payment making maintenance tough

[@Starship007]

So many $75,000-$100,000 trucks/suvs overstocked at dealerships

[@Alexander-fz7sd]

Was planning on getting a car in February/march or should I wait??

[@mrcarlosasantos]

You should wait.. the dealerships know that's income tax time and raise their prices.

[@TyroneNelson]

I just had three dealerships call me today and wanted me to sell my 2018 Toyota Highlander I'm not giving it up I'm only paying 3% on the loan thanks to President Donald Trump.! 😅😊😂

[@harrybaulz666]

My 2008 tundra is payd for

[@SnowflakeMulti-tool]

Our tax dollars did this. We pay a city to make brand new luxury cars used cars. We paid for section 8 housing recipients to raise car prices on us. When the lowest income makers can drive a luxury car lease for $550-750 a month payments then duh, the dealerships think the middle class can handle a $1000 a month payment. The Housing and Car Crisis is centered at Adam Schiff's Glendale California. We are paying the poor to live better than the rest of hard working America. How does 60k a year keep them in a 600k mortgage? It can't, unless they fleece the tax payer. All the top repeat national leading car sales dealerships are in Los Angeles. Only Americans can collect section 8 and finding out whose these people are wil freak you out.

[@speedingAtI94]

Thanks Biden

[@andrewshenton6541]

Remember a vehicle is not an asset

[@everymandriver]

Ha! If you visit quotes.everymandriver.com you can see the BEST DEALS on new and used cars/trucks in your zip code! It’s a free search engine. Try it.

[@timmellow1353]

😆😆🤣

[@TheRealCatof]

Seems like Republican states are the issue. Vote Blue 2024 if you want affordable cars, and legal weed.

[@cryMOREjaja]

Lol 😂

[@Macdaddy-mx8ds]

I think you have been smoking too much of that legal weed.

[@TheRealCatof]

@@Macdaddy-mx8ds You should try it, it might make you less hateful.

[@nalomike6066]

red states?

[@Starship007]

More dealerships selling on line. Shop all over the USA and have car shipped

[@nikkapubess3349]

The highest states with delinquency are all Black states. Hawaii is the least delinquency state cause it's most Asians. Was a banker for years, Asians are the best at paying bills.