Repossession surge looming as some new car owners struggle to make payments

news3lv.com ^ | 8/3/2022 | Steve Wolford

[NWFree]

That’s why I paid cash no way would I stick my neck out with libtards in charge of the economy

[Tijeras_Slim]

I guess not all those stimulus checks went to tattoos and weed.

[BookmanTheJanitor]

Mike PeQueen says the source of the problem can be traced back to the COVID-19 pandemic, when many people, flush with stimulus checks, decided to buy a car they would eventually struggle to pay for when the government money stopped.

Yeah, nobody saw that coming (rolling eyes)

[Republican in occupied CA]

What are “Payments”?

If you can’t pay cash, you can’t afford it.

[fwdude]

I guess not all those stimulus checks went to tattoos and weed.

Or hair extensions.

[Tijeras_Slim]

Truth

[blueunicorn6]

15,000 a day?

Oh my.

[z3n]

Does carfax tell you if a vehicle was repossessed? It would be a bad idea to buy anything previously owned by a deadbeat

[glorgau]

I saw somewhere that the average new car sale was like $46K.

Are there really that many people who have that kind of money?

[Tijeras_Slim]

I just checks a Carfax for a 2022 Toyota 4Runner with 7000 miles on it. Figured it was a repo, and nothing was mentioned on the Carfax.

[Obadiah]

LOL, well not all of it anyway.

[fwdude]

I know the repossession types well. They are actually RELIEVED when the car is taken back. Who cares if their credit takes a hit?

[PAR35]

Got a mailer from a local Ford dealer yesterday offering incentives on pickups and suvs. Looks like the shortages are going to go away pretty quickly.

[Round Earther]

Will be getting good deals on cars due to that actions of irresponsible people.

[4yearlurker]

My daughter,who works in the medical field bought a Toyota SUV a few years ago. I asked how much is your car payment. She tells me 750 a month. I looked at her and said "don't ever do that again!"

[dfwgator]

Don’t worry the Democrats will bail them out.

[PAR35]

Low fixed rate loan doesn’t look so bad when inflation is 8% higher than your borrowed money. Of course, if you put the saved cash into the stock or bond market, losses exceed gains, so there is that

[4yearlurker]

When the bank sells the re-poped vehicle,and the total amount of the loan is not satisfied...the previous owners are on the hook for the remainder of the balance.

[Wuli]

Why does not Biden propose their car loans be forgiven?

Because car buyers, unlike the education establishment, is not a single block of potential election campaign donors to the Dims, so Dims can’t buy their votes.

If the Dims really wanted to help their “Liberal” students, they’d make the “Liberal” colleges pay off the loans their students incurred from their indoctrination courses. But 100% of federal aid to higher education is about protecting the education industrial establishment from accountability for its outrageously excessive costs to students.

Someone with a car loan? Could be a Conservative, an independent or something else but no guarantee it’s a Dim and no guarantee they’d become a Dim if Biden got their car loan paid off. But college students - that’s an already woke community, so they “deserve” Biden’s help.