Saturday, August 15, 2020

is anyone surprised !!!!i am not !!!!!


is anyone surprised .......I mean its the biggest scam of all the new car business soon as you buy one you lose about 4-5 grand after you buy it's second hand .......sure the new car smell at what price ,.......I have had 2 and let them go know  why .......too much shit ....everyone likes to show off the shiny car they cannot  afford .......its the American dream ......people think it makes them look successful ...but its an illusion .....sure you can drive a  benzo ....if you wanna pay 5-600 a month insurance .....its not realistic .....none of it is ......I used to work for the devil of the car industry ...FORD......all they taught you was  to fuck people over  ...coming in .....going out ......mostly if you could get them coming in with cash ....that was the best ....and of course sell them what they cannot afford ,.......after all its the banks money's a fucking racket .....I been there done that ......ruthless business.......but people wanna look like they are successful in a car........ they don't own......... and they will pay four .....five ...six....times the price for ...after interest .......if you got good  credit might do okay somewhere .......but its a  fucking shit show job .........women want to see a  guy in a nice  car they don't care of he owns it it's just image .....most young people unless you are a trust fund baby........ have no chance of paying out right for a  car ......millennials are up to their necks in debt ......student loans bill's car payments ...and of  course the insurance on the car .......we are going to see  a glut of  cheap used cars too ....might be a  good thing if you have to be had.....anyways this rant came as no surprise to me .....when I see someone with a new  car I always think it's not a good investment at all ....but it's the image .......image is nothing costs ......always .....

Americans — particularly millennials — are alarmingly late on car payments

Aarthi Swaminathan
A record seven million Americans are more than 90 days late on their auto loan payments, and millennials are clearly leading delinquency rates, according to a report by the New York Fed.
The NY Fed found that the number of new auto loans and leases appearing on credit reports in 2018 reached a new peak — the highest level in the 19 years they have monitored the data — at $584 billion.
Looking at the number of auto loans in serious delinquency, the researchers noted that there was a “sharp worsening in the performance of the loans held by borrowers under 30 years old between 2014 and 2016.”
And as seen in the graph below, borrowers between the ages of 18 and 39 — Pew Research identifies millennials as anyone born between 1981 and 1996 (ages 23 to 38 in 2019) — have the worst delinquency rates as compared to other demographics.

Americans — particularly millennials — are alarmingly late on car payments. (Source: NY Fed)
Americans — particularly millennials — are alarmingly late on car payments. (Source: NY Fed)
The researchers said that overall, the end of 2018 saw “more than a million more troubled borrowers than there had been at the end of 2010,” when the overall delinquency rates were at their worst on record. Auto loans have also surged by almost 35 percent since the Great Recession according to additional data.
“The substantial and growing number of distressed borrowers suggests that not all Americans have benefitted from the strong labor market and warrants continued monitoring and analysis of this sector,” the report concluded.

Delinquencies concentrated in the southeast

A Yahoo Finance analysis of the NY Fed data revealed that many of the higher delinquency rates are concentrated in the southeast, with states like Alabama, Georgia and Mississippi looking at the highest levels.

(Graphic: David Foster/Yahoo Finance)
(Graphic: David Foster/Yahoo Finance)

Vicious cycle of low credit ratings

Millennials with poor credit may be a key contributor to the trend.
“The strongest correlation is credit rating,”’s chief financial analyst Greg McBride told Yahoo Finance. “Those with poor credit ratings have much higher delinquencies. It’s much more a function of credit rating than age.”

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Well good luck on that one

  When iot comes to life over property and the prices of homes in SO Flo ......i don't think people will be  giving a flying fuck about ...