The rate of American car loan borrowers dubbed “severely delinquent” or 60 days overdue is up nearly 18 percent from a year ago, leading to more repossessions. NBC News’ Maggie Vespa spoke to one Detroit-area mom about the stress of being on the list to have her car repossessed.
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#NBCNews #Car #Repossession
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It’s kinda like they did it to themselves? 🤦🏻♂️ You do NOT need a brand new or financed car. Period!
Americans always buying wants instead of needs!!
Never spend more than 10% of your income on the cost of ownership for you car. Save up and buy what you can afford. Loans cost money. Brand new cars are for millionaires.
If rents weren’t almost doubled, maybe we could afford a car payment? Likely have to resort to a lease for a lower payment. I’m keeping my 99 Solara with 483,000 miles running instead.
Buy a reliable car that gets good gas mileage that you can afford. Simple. Toyota Prius, Corolla, Camry. Corolla Cross Hybrid. Your welcome.
I wouldn't buy a car at the prices they are selling for. 78k for a Jeep Wrangler or 125k for a Ford F250. People must be insane.
Lol can’t afford something you bought lol thank Obama, coming back to haunt us free cars with no jobs rich people so happy 😂😂😂
THIS is what happens when you live above your means. Buy used Toyota's and Honda's and pay cash.
Maybe don't let the banks own your car. You don't need a brand spankin new $50k car.
How is this news? This is a part of growing up. Buying a car you can't 100% afford comfortably. Then you lose it and never make that mistake again. Since this is considered a news story how about this one. Water is wet and the sky is blue.
Depreciating product
Ok democrats, listen up, this is ALL YOUR FAULT!
YOU, democrats, voted for ALL OF THIS!
YOU, democrats, listen to the democrat party’s propagandists, NBC and all the other msm’s lie to you about EVERYTHING and YOU all lapped it up like dogs lapping up their own vomit!
YOU, democrats, let yourselves be indoctrinated in bull$#!+ easily emotionally manipulating tactics that the “WOKE” agenda entails!
YOU, democrats, actually arrogantly believe YOU are the smartest people on Earth because you have a piece of paper framed on your walls that you spent lots of money and time “earning” so YOU can say and believe it!
YOU, democrats, can’t even express an ounce of humility to admit your failings. Instead, YOU, democrats, fall back on the “Blame those who oppose your insanity” game.
YOU, democrats, WILL reap what you sew, which is happening right now.
YOU, democrats, like always, make everyone suffer for your hubris, pride, superiority complex, disdain, haughtiness, superciliousness, pretentiousness, presumptuousness, pomposity, self-importance, loftiness, vanity, huffiness, high horse condescension, high and hard handedness, snobbishness, dominance in EVERYTHING, bossiness, boastfulness, scorn, smugness, cockiness, impudence, swagger, triumphalism, vainglory, egoism, self-assertion, cheekiness, authoritarianism, self-conceit, self-centeredness, selflessness and slaughterers of innocence.
Thanks!
Good. Get rid of some traffic. And dumb drivers
Biden would help, but Ukraine needs it.
Dealer markup during the pandemic for all types of cars was insanely high😢
No we are not!! We pay our bills and we are educated and in an occupation that does not suffer from economic recessions. Go to school and work in the medical field and you will have income for life.
Buy a old car
Come take mine. It's overpriced.
Dont borrow money that you dont have or cant pay back. I bet she has a 1000$ iphone!
Tons of these people did not need a new car just want to show off 😂
it’s so easy to buy something yet so difficult to pay it off.
The problem is everyone wants bigger and better instead of four wheels and the AC 😝
Literally all you got to do is save $4,500 and you get yourself a nice ride yeah it'll be old but it'll last you until you can afford something
For years I bought used cars. I let someone else pay the depreciation,,,but even used cars have reached ridiculous levels. Our country’s infrastructure is too reliant on cars unfortunately. This is such a tough challenge for so many.
Gonna be some epic gunfights going down over this!
🍿
Young people trying to be to cool for a beater.
I dono, sounds like a bunch of idiots spending what they don't have or make. Don't buy the over priced cars and guess what they'll have to drop prices. Idiots if you don't buy it they can't sell it at retardedly high prices.
Nice to see this. Everyone is over borrowed and over reached, and the media just keeps saying the economy is great because people are spending. 🤔
Bought a 2001 Honda Accord couple years ago for $500 Best purchased i've ever made! Sure it's "ugly" but runs perfectly and i keep it spotless! Image isnt always everything!
This is freedom?
The car bubble is bursting…homes next….people will be upside down on their loans big time.
That is great advice not to buy a car based on the monthly payments and instead based off of the price of the car. Thats been my strategy for over 20 years. Unfortunately thats the tactic sales people like to use, they always ask what monthly payment are you looking for.
Get a damned bike!! You’d be amazed what things you can do with the right bike.
Like Dave Ramsey would say…you needed a car but you didn’t need THAT car. Most people would survive just fine with a used toyota corolla. Buy a used, older car that had one owner and pay to have it inspected by an experienced mechanic before you buy it. Then if there are any problems you can either walk away, make the owner fix it, or decrease the price. Also, don’t skip on maintenance and learn to do the basic maintenance yourself if possible. Certain cars like a toyota or subaru will last well over a decade if you take care of it. My car is 13 years old and gets me around just fine.
Girl you need to go hide that thing!! Also talk to your bank – they don't want to repo cars. It's a huge legal and financial loophole to repossess a car, they'd rather get SOME money from you and keep you as a customer instead of writing off a car and selling it at auction
What's not talked about is many Uber/Lyft drivers bought cars. The problem is UBER/ LYFT has cut wages in half. So now people struggling to make payments.
Also the CAR thefts and damages higher than actual values of cars. So best to let them take car and save up for used ones
What I witnessed, people purchased cars way out of their price range
Never buy a vehicle you can't afford.
Covid really messed me up I was let go from a position I had been at for years but we had to shut down I could very comfortably afford my car payment before that and ever since covid having to take whatever job I could find has been very difficult I was on the repossession list but finally got it caught Ive had mine for 5yrs in the last year to get it paid off and almost lost it over covid so it can literally happen to anyone
When car payments with 6-8% APR are $1,000+ a month, I'm not shocked. And I'm talking about $45-50,000 vehicles. 🙄
People are still paying MSRP and over in this market.
Last year, yes due to chip shortages but now these dealerships are just greedy.
Just bought a 2018 Chrysler Pacifica and saw the option if I pay payments it will be 700.00 a month and after interest the total will be 61.000.00 or if I pay cash it will be 31.000.00. The was a total of 31.000.00 and I put a 5.000.00 down payment and it’s still the same price to pay it off, where did the 5.000,00 go!
The forgot the price of repairs
Am I missing something here?..Why would someone go into massive debt for a car. And I love cars but never have bought anything that I could not pay off in 36 months and always bought used
Even then I have never been at the point where one month without a job would have caused chaos in my life with the car
really…basis transportation, even today, is still not expensive if all you need to do is get from point A to B. All the while with the title in your hand, not the banks!!
Anyone else watch Caleb Hammer's channel??? Great shows of people in America who don't make the wisest decisions with their money, especially with car loans!!
Americans need Exorcists to free from car repossessions.
Meanwhile in Cuba they're driving 70 year old cars with generator and tractor engines in them because the original engine went out long ago. The problem is that people in well developed countries think they "need" a new car every 5 years or less when there are cars that can last 30 plus years on the road with the proper maintenance. Don't even get me started on the price of EVs either. I will never pay for a car what I paid for my first mortgage, and that was only ten years ago. People must be taking some crazy pills to be paying these prices.
Yes. Paying her for the interview so she can catch up would help her. ❤️. Maybe that’s what happened?
News media love using poor people for stories because seeing poor people suffer is the life blood of rich people.
Look at the car she has not being mean I'm a single dad I got the cheapest car I could get Nissan kicks saved all stimulus and Income tax and payed for it out right and immediately started saving fory next