7m Americans 90 days late on car payments...

[Angry50]

I don't understand some of these leases. One of my partners has 3 active leases: his car, his wife's and one for their kids. Thinks it's a great deal - doesn't matter how dented they get, he just gets a new one every few years.

I don't like the idea of leasing - I much prefer to either own or at least have equity in the car. What do you do if you're leasing, only have the one car and you lose your job? I guess it means you have to have that much more in savings.

if someone is trading in there car every 3 years and making minimum payment.. going to be better leasing.

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[Zooks527]

And he pays for it at lease end as well.

Oh, I know he does. I'm also sure he hasn't a clue that he does, though, as it all just gets rolled into one big monthly payment from his perspective.

 

[Cardude99]

It's probably a good indicator that we're going down to another 2008 type situation.

This country really makes people want to compete with others. I won't pretend it hasn't happened to me. Luckily I'm able to pay my bills but damn.

While I agree there is a car loan bubble, it's not exactly gonna risk bankrupting the country like the housing bubble

 

[BrettT]

There are about 330 million total people in the US, not adults. Figure 75% are adults, so the number of adults is, say, 250 million, therefore 3%, but, yeah.

Just looked it up, there are approx 210 million between the ages of 20-65. Not everyone is going to have a car loan. Probably less than half. So you are probably closer to 7%+ of car loans can't make the payments.

 

[Angry50]

Just looked it up, there are approx 210 million between the ages of 20-65. Not everyone is going to have a car loan. Probably less than half. So you are probably closer to 7%+ of car loans can't make the payments.

what about 1 person behind on more than 1 car loan?

 

[Anthony 05 GT]

I'm 52. and have never once been late on any payment that could affect my credit. When I do get a car loan sometimes the salesman congratulates me on my credit. I always say ''I shouldn't get recognition for paying my bills on time because it's basic responsibility.'' The last guy told me ''You'd be surprised at who comes through this door looking for a loan.''

 

[Blown86GT]

Gee, I wonder if it's because new car prices are insane?

Not to mention too many people are buying above and beyond their means, as usual....

Cant afford it? Don't buy it.

 

[Bluemustang]

It's probably a good indicator that we're going down to another 2008 type situation.

This country really makes people want to compete with others. I won't pretend it hasn't happened to me. Luckily I'm able to pay my bills but damn.

Countless people have been trying to push the recession/depression thing and it hasn't happened yet. The only good part is, they will be right... eventually.

 

[Idaho2018GTPremium]

I hate the rampant commercialization of our society. Email and most snail mail has become nothing but spam and advertisements. Listening to car ads (any ads, rather) on the radio is annoying and of course I change the channel or turn it off immediately. Always telling everyone to hurry before the deal is gone (before the next deal starts??). It's ridiculous. And permanent "sales" at furniture stores? And who needs a new freaking iPhone every year? I guess, the people who get a new iPhone every year probably wonder why I need 460+ hp. Priorities. I don't "need" it, I want it. And can afford it. At least my "want" brings joy. New phones bring nothing but a "keeping up with the Joneses" feeling; which isn't happiness or gratifying. I'm glad I'm confident in who I am, my morals, and my "wants", so I don't need big corporations to tell me what I supposedly "need." What's funny is I'm not anti capitalist, just anti "force it down your throat-ist", I guess.

 

[activeGT]

We bought 2 couches at Rooms to Go and took their offer of 48 mos. interest free. Was gonna pay cash, but why??

Same with cars if you have good credit. Only a fool would pay cash.

 

[808muscle]

If you cant afford it dont buy it period!! Hell even if you can afford it you should question the purchase. Be smart in your 20s and 30s and then be debt free, own your house and cars outright in your 40s. But if you HAVE to have it NOW....then you may get stuck later. Best thing my dad taught me was to NOT spend money. I haven't had a car pmt since 1995. Paid cash for all of them since.

 

[Anthony 05 GT]

Things are strange. Just like cash back on credit cards. I get 5% back on purchases and I just bought an almost 10k hot tub with 1 year no interest. I'm going to wait it out and pay it off with the credit card and get 5% back. That's almost $500.

 

[bluebeastsrt]

Not surprising at all. I know one internet legend who brags about having a hell cat and a ZL1. And the amount of vacations he takes a year. Meanwhile he’s living in an apartment. I just laugh. While my house and Mustang are both paid off. And I have a million five in a 401k.

 

[ugstang17]

We bought 2 couches at Rooms to Go and took their offer of 48 mos. interest free. Was gonna pay cash, but why??

Same with cars if you have good credit. Only a fool would pay cash.

Very wise if you manage it correctly and meet the deadline. A shrewd person will always elect to use another persons money when it is free but assure to do so in a manageable amount that can be paid off in thr allotted time. I use interest free all the time. I pay off the residual at the end of the term and then close the account. Meanwhile the money in savings is at least making me a few bucks rather than someone else getting it.

 

[Idaho2018GTPremium]

Not surprising at all. I know one internet legend who brags about having a hell cat and a ZL1. And the amount of vacations he takes a year. Meanwhile he’s living in an apartment. I just laugh. While my house and Mustang are both paid off.

Ha, that guy!! "Get something on my level and then we'll race" guy, I presume.

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