As More Americans Quit Paying Their Car Loans Wall Street Starts to Worry

Posted: April 30, 2017 in Uncategorized

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The car loan market is replicating the 2008 housing crash. As cars lose their value, their owners quit paying their bank loans. Car loans, home loans, student loans are all banking rackets. Good to see so many Americans waking up.

Comments
  1. After the car crash I was in, I went to the dealership and paid for my car in cash and I had to sign a form giving the dealership the authority to check to see if I was a member of a terrorist organization. I kid you not. This was in Minnesota. Unfortunately, the accident that I was involved in caused me to get PTSD when driving and I had to turn around and sell the car after owning for 3 short months and so with that being said, I am most happy to read this. Here we have another nail about to be driven into the economic coffin of the US; yet another iceberg this Titanic is bumping up against.

    Rents are skyrocketing and healthcare costs are ridiculous. What’s sad though is that poor people are being pushed further and further away from inner cities where there is no reliable public transit and must depend on a vehicle. I hate to think how many of these people are becoming delinquent on their loans because that would mean an inability to get to work.

    Here in Maryland, a car dealership is SO desperate for business, their commercial is asking anyone to come in and pay just $29 down and $59 a month. Sweet, eh? LOL!

  2. I was also really happy to read this, Shelby, though you’re right about poor families needing vehicles to get to work. Until I got rid of my car 7 years ago (after it quit going in reverse), I had no idea how much money I was spending to keep a car (for insurance, gas, licensing, annual inspection, etc.) to say nothing of the immense cost of buying one. The pressure to own a car is a real trap in a way – and I’m thrilled to see the millennial generation resisting it in such large numbers.

    • I am thrilled as well that many young people aren’t buying into the hype that they just cannot live without a vehicle. I manage very well as do many others and you are so right about the excessive cost of owning one. It seemed as though every time I started up the vehicle I once owned, half a tank of gas was consumed. And just as you say, add in the other expenses involved in owning cars and you’re bogged down with expenditures. It’s really just not worth it.

  3. Yep. I think most Americans would agree with that.

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