Americans falling behind on auto loan payments at record pace

by sbmthakur on 10/28/2023, 5:33:04 AM with 43 comments

  • by ChrisArchitect on 10/28/2023, 5:40:58 AM

    Lots of discussion over here a few days ago:

    https://news.ycombinator.com/item?id=38000106

  • by kylehotchkiss on 10/28/2023, 8:34:38 PM

    I can understand that amount if it’s justified for a family vehicle or a work vehicle but I have a sense that a lot of these loans being defaulted on are for BMW/Mercedes basic sedans which don’t serve much of a practical purpose beyond the logo on the hood.

  • by mr337 on 10/28/2023, 7:48:40 PM

    > For many Americans, rising interest rates and high car prices have pushed their monthly payments above $1,000.

    This is insane. I have never bought a new vehicle and thought having payments like this was the exception, not the norm.

  • by mr337 on 10/28/2023, 8:00:12 PM

    > For many Americans, rising interest rates and high car prices have pushed their monthly payments above $1,000.

    This is insane. I have never bought a new vehicle and never imagined this was the normal.

    Edit: Finished a partial comment

  • by polishdude20 on 10/28/2023, 7:57:17 PM

    I can't say I'm surprised? The amount of new > $60,000 cars I see on the road seems to be a lot. I'm earning a decent wage and even to me that's excessive.

  • by Moldoteck on 10/28/2023, 8:37:16 AM

    Interesting if this will propulse bike infra development