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Lee Duna to News@lemmy.worldEnglish • 2 years ago

An Auto Loan Debt Crisis Looks Imminent

www.automoblog.net

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An Auto Loan Debt Crisis Looks Imminent

www.automoblog.net

Lee Duna to News@lemmy.worldEnglish • 2 years ago
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Car loan debt has ballooned, delinquencies are still rising, and major lenders are leaving the market. Is an auto loan debt crisis coming soon?
  • @tacosplease@lemmy.world
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    19•2 years ago

    I don’t understand how people buy new cars. They cost like 1/4 of a house.

    • @dangblingus@lemmy.dbzer0.com
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      12•2 years ago

      Debt that they can’t afford. You can get approved generally for more debt than you can feasibly make payments on.

      • @RGB3x3@lemmy.world
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        12•2 years ago

        Who the fuck pays $90k for a truck?

        Anybody willing to do that deserves it.

        • @TheSanSabaSongbird@lemdro.id
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          7•2 years ago

          Lots of people. I don’t get it either, but here we are.

        • archomrade [he/him]
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          3•2 years ago

          People assume they wouldn’t be approved for a loan amount they couldn’t afford

          Not many people understand they the debt is sold to someone else and soon as you walk out the door

        • @CmdrShepard@lemmy.one
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          3•2 years ago

          Have you looked at the price of trucks lately?

        • @Amends1782@lemmy.ca
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          3•2 years ago

          Like a quarter of the US, lol

    • @CookieOfFortune@lemmy.world
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      -2•2 years ago

      I mean it depends on what you’re looking for. For some the ability to have all the features they want and not have any small issues are worth the premium. You can choose what you value.

      I think it’s a different argument where people buy products outside their means.

    • @Aux@lemmy.world
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      -5•2 years ago

      A lot of people earn a lot of money. Especially in the US.

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