A record 7 million Americans are behind on their car loan repayments

A record 7 million Americans are behind on their car loan repayments

As per the New York Federal Reserve, more than 7 million Americans are at least 90 days behind on their auto loans. That’s higher than the peak in 2010 as the country was recovering from an economic downturn. The surge in delinquencies has come along with a $584 billion jump in total auto loan debt, the highest ever recorded. Overall household debt rose by $32 billion to $13.54 trillion.

KCooper
KCooper
MyOpinionIsNotImportant
MyOpinionIsNotImportant 1 year

Don't buy what you can't afford ... If you don't have some savings so you don't fall behind in case something happens then you can't afford it ... its nobody's fault but your own.

themdg
themdg 1 year

I'm not surprised. At the car show this year, I saw way too many non-super cars in the $90k+ price area. Fully loaded Chevy Suburban, for example. If regular families are ending up buying or leasing something like that, they're probably over-extending themselves.

Aight Bradley
Aight Bradley 1 year

Buy a decent used car instead of a brand new overpriced one. I don't understand people who always want the newest overpriced junk. It's a bad way to be as most can't afford it.

AW1990
AW1990 1 year

when you have crippled an entire nation's youth with college loans this kind of thing happens. I actually am a college professor and i feel its a criminal enterprise. A majority of my students will never find a job in their field of study, yet they will be expected to pay their loans in full.

(Un)Fortunate Son
(Un)Fortunate Son 1 year

Americans are just bad with money. Nothing new.

space ghost
space ghost 1 year

Maybe we should start teaching kids how to manage money and a budget in high school.

Cory Pritchard
Cory Pritchard 1 year

How many were behind on mortgage payments before the housing market crash?

Scott in FLorida
Scott in FLorida 1 year

Well if these automakers did not sell such JUNK cars, more people would pay off the loan. As it is now when the transmission or motor blows on a 3 year old car you are so fucked you can in no way pay the loan and repair bill. I am sure the real numbers of people defaulting because they broke is lower if you exclude the cars that break down 2 weeks after the warranty is up.

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