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US car repossessions surge as more Americans default on auto loans
81–90 of 252 posts
Re: US car repossessions surge as more Americans default on auto loans
#82It's an extremely inconvenient situation that Americans find themselves in, a sort of self-perpetuating cycle of car dependency that they reinforce because alternatives require far too much investment to make worthwhile. I'm really glad that I can live in a city without having to own a car if I don't want to. It makes a significant difference to my monthly expenses. And, honestly, it's a lot nicer and feels a lot mor…
> if you don't properly invest in the maintenance of the thing For me, it's not the money that's annoying (though of course I'm not pleased by the bills every once in a while). It's the amount of time it takes to keep a car maintained! Seems like just yesterday I took a whole day remote to sit at the mechanics shop for a tire change, but now I have to do the same for an oil change! For this precise reason I end up do…
The tire shop near me (America's Tire) has changed all four tires, with zero advance notice, in one hour.
Re: US car repossessions surge as more Americans default on auto loans
#83Earlier quoted context omitted.
The value of the dollar has already plummeted, 10% or so this year. It's expected that 2026 will have an equal dollar devaluation. This is the best-possible interpretation of the goals of this administration, the so-called Mar-a-Lago Accord that is somehow supposed to help some part of the economy. It's unclear who or how, to me.
> The value of the dollar has already plummeted, 10% or so this year. Compared to what? From Nov 3, 2024: the USD against: GBP (3)% JPY (1.7)% EUR (6.7)% INR 4.6% AUD 1.3% CAD .74% RMB .4% The EUR (if that is what you are going by) is unusually strong, and that's actually starting to cause issues. But the dollar isn't "collapsing".
Comparing against other currencies are tricky, they often move in a similar direction at different rates.
Re: US car repossessions surge as more Americans default on auto loans
#84I once clicked on a YT video about irresponsible debts, apparently it's a popular genre there, don't do it or you'll get a flood of these for a few weeks minimum. The interesting note I saw there was that apparently in USA car credits are now reaching into 7 and 8 years length (from typical maximum of 5 or so) and their rates are reaching well into 20% or higher. And that's not on a housing, that's on depreciating expensive cars. Another new idea for me was the fact that people with car debt, are doing "trade-in" of sorts, giving up old unpaid car for a newer better one, with an even bigger total debt. That was really eye opening stuff.
Re: US car repossessions surge as more Americans default on auto loans
#85As if I need to make another comment about a, or multiple bubbles, but something has to give and here it's of course the consumer. New and used car prices are at all-time highs (nominal it sounds like, but tell that to someone whose wages haven't kept pace (i.e., almost everyone)). Housing prices are at all-time highs (in terms of price:income so no qualifier needed there). Tariffs are not being 100% eaten by the pro…
We've got an insane bubble right now. Quantum computing stocks are valued at $50b market cap with 0 revenue and no substantial finished products. Just research.
Oooh any public ones?
edit: OMG. I will be shorting these.
Re: US car repossessions surge as more Americans default on auto loans
#86Earlier quoted context omitted.
> The value of the dollar has already plummeted, 10% or so this year. Compared to what? From Nov 3, 2024: the USD against: GBP (3)% JPY (1.7)% EUR (6.7)% INR 4.6% AUD 1.3% CAD .74% RMB .4% The EUR (if that is what you are going by) is unusually strong, and that's actually starting to cause issues. But the dollar isn't "collapsing".
https://www.morganstanley.com/insights/articles/us-dollar-de...
That operates on calendar year. That is primarily due to the rapid appreciation of the USD vs global based after Trumps election on the perception that tariffs would be far higher and more continuous than they actually were.
The truth is, the currency markets are roughly where they were about a year ago, with the exception of EUR, but thats a special case which I think is a symbol if a misstep by the ECB.
Re: US car repossessions surge as more Americans default on auto loans
#87Earlier quoted context omitted.
Imagine having a credit score of 300 and a $542/mo loan payment on a used car. Cursed. Americans need buses more than ever.
Does anyone else hate busses, and the only response you ever get after mentioning this is "NUH UH BUSSES CAN BE GREAT"? A bus will pretty much always be inferior to a car. Mathematically impossible to run on time. It never gets you where you want to go, just kinda close usually. If one doesn't show up, there is no real feedback without an extensive background metadata system. Never as clean as your own car (unless yo…
Nobody denies that if we all chip in to build a door-to-door freeway and free parking for you it will be cool for you. The question is whether we have better things to do with our money.
Re: US car repossessions surge as more Americans default on auto loans
#88Earlier quoted context omitted.
The value of the dollar has already plummeted, 10% or so this year. It's expected that 2026 will have an equal dollar devaluation. This is the best-possible interpretation of the goals of this administration, the so-called Mar-a-Lago Accord that is somehow supposed to help some part of the economy. It's unclear who or how, to me.
> The value of the dollar has already plummeted, 10% or so this year. Compared to what? From Nov 3, 2024: the USD against: GBP (3)% JPY (1.7)% EUR (6.7)% INR 4.6% AUD 1.3% CAD .74% RMB .4% The EUR (if that is what you are going by) is unusually strong, and that's actually starting to cause issues. But the dollar isn't "collapsing".
EUR was unusually strong from 2004 to 2015. Since then, it has almost always been between $1.07 and $1.20, which I would consider the normal range.
Re: US car repossessions surge as more Americans default on auto loans
#89As if I need to make another comment about a, or multiple bubbles, but something has to give and here it's of course the consumer. New and used car prices are at all-time highs (nominal it sounds like, but tell that to someone whose wages haven't kept pace (i.e., almost everyone)). Housing prices are at all-time highs (in terms of price:income so no qualifier needed there). Tariffs are not being 100% eaten by the pro…
We've got an insane bubble right now. Quantum computing stocks are valued at $50b market cap with 0 revenue and no substantial finished products. Just research.
Hey now, you can't say they don't have any product. We got a machine which can factor number 15 now. (with a preparation time for this calculation of only a few month) Isn't that amazing? We will be breaking RSA2048 any day now. Let's invest a few hundred billions into changing encryption everywhere! /s
Re: US car repossessions surge as more Americans default on auto loans
#90Earlier quoted context omitted.
Imagine having a credit score of 300 and a $542/mo loan payment on a used car. Cursed. Americans need buses more than ever.
I live in a city with lots of buses, they are great. The problem is that they are neuropsychiatric units on wheels, there is always some crazy person being clinically crazy (like talking to imaginary friends), so that makes the whole ride something you don't want to experience often if possible.
Eh, that discourse is usually being advanced by people who never ride the bus, don't intend to start riding it, and have a personal interest in selling you a car. In real transit preference surveys, and historical outcomes, it is clear that people would ride a bus that goes to their destinations, comes often and reliably, and is reasonably priced, without regard to how many mental cases are aboard. So if a transit agency faces a choice of spending limited resources on policing the inside of the vehicle for lunatics, or adding a bus to the schedule, they should always choose the latter.