IT'S DONE! People have STOPPED PAYING for new cars!

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Добавлено 2 недели назад от merkushev.st

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People are fed up with new vehicle prices... it's safe to say, most manufacturers have priced their target demographics right out of the market. People cannot justify prices right now. When you combine the astronomical prices with awful interest rates, absurd insurance premiums and the overall cost of living. It's easy to understand why so many people have just STOPPED PAYING for them. They can't afford it anymore... and well, there is going to be an adverse ripple effect because of it.

In this video I discuss the following points:
Auto loan crisis! Inventory levels skyrocket and buyers go bankrupt…
It’s Done! People are no longer paying for new cars…
- 1/4 people with auto loans out have negative equity
- 2/5 EV buyers are upside down on their loans….
- $7200 national average negative equity
- 1/5 auto loans declined
- Average APR 7%… 11%
- Average sale price $48,405… monthly payment is $700-900 based on interest
- Average truck purchase $64,000+… payment of $1000-1300.
- Over half of all truck buyers pay over $1K per month
- People are being declined loans OR deciding to keep ahold of their vehicles longer.
- Instead of 3-5 years… 5-10 is normalizing.
- 23% uptick in repos last year
- Highest loan delinquency rates since 08-09 recession. Quickly catching up… will pass by end of year.
US Auto Loans Delinquent by 90 or More Days is at 4.83%, compared to 4.59% last quarter and 4.17% last year.
- The 60-plus-day delinquency rate of subprime auto loans rose to 6.15% in December, a new record for December. Over last 30 years.
- Subprime is bad credit… often referred to as a FICO score below 620.
- Obviously there are a lot of factors at play: cost of living, cost of mortgage/rent, groceries, insurance premiums…
- Inventory levels are stacking up… dealers are being left with NO choice but to slash prices and give incentivized interest rates.
- Part of the problem is, people are fed up with the lessened quality and hiked price tags.
- Vehicles today are strictly “throw away” vehicles. Even from once reliable manufacturers like Toyota, we’re seeing the shift.
- Maintenance, repair and service departments serve as the cash cows for dealers. Why. It milk it!?!
- The 25 year Land Cruiser doesn’t yield much monetary return for the manufacturer of it keeps running without issue. No need to swap it out either!

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