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Wall Street Bet Big on Used-Car Loans for Years. Now a Crisis May Be Looming.
(www.propublica.org)
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this post was submitted on 18 Sep 2023
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Recently I've been seeing a trend across social media from what appears to be car dealerships where they all different employees what they drive and car payment per month. I've had to have seen 20-30 now and only one person didn't have a car payment. The average car payment was clocking in around $650 with some up to $1000 a month. Something is definitely going to give somewhere bc salaries aren't keeping up with daily cost of living and raising interest rates.
I feel the same way, people are getting pressed in every direction. At a certain point, the pressing will have to stop.
Hopefully the pressure does not cause an explosion.
Meanwhile my wife gives me heat for $390 a month. I've explained numerous times that's not that bad considering I bought a used car during peak absurd pricing. The only reason I got something else was we needed a bigger vehicle and the salesperson laughed in my face when they asked how much I currently paid.
My wife and I have to split her $600/month car payment. I mean that's fair because we split it when we paid off my car, but mine was more like $450/month.