patrick.net

Ceffer says

auto loan collapse

A friend who had worked for years at UT/SW Medical School in Dallas moved back to San Antonio where his family lived. On a whim, he applied at a big family owned multi-brand dealership and was hired, never having sold a car in his life except one of his own. Within two months he was the highest settling salesman at the dealership. He said you would not believe the loan applications that would pass muster from the credit department. All many customers cared about was the monthly payment. They'd approve the wrapping of a $6,000 unpaid balance into the price of the new car as long as they could afford the payments. He said he was drawing the biggest pay checks he'd drawn in his life, but he had no free time, had to work most weekends and after 13 months left. He went back to work at UT/SW Medical in San Antone and worked until he could draw a retirement from both it and Parkland in Dallas along with a military pension, so he's in pretty good shape at 57. A lot of those chickens are going to come home to roost.

HunterTits says

Booger says

It's called a voluntary repossession. Happens all the time. Repossessions cost money, and if you even remotely think that you might try to get the car back, it's going to cost less if you turn it in.

I think that is what happened to a neighbor who parks next to me.

Her Toyota SUV got towed away and now she has a shitty 1990s Honda.

Oh, so now she is driving a car she can afford. Hmmm, imagine that.

Flood of used cars set to hit the repo market. Expect big price drops in the next month or so. Might actually make sense to even go to an auction, likely too much inventory for the normal guys to buy up.

NuttBoxer says

Flood of used cars set to hit the repo market. Expect big price drops in the next month or so. Might actually make sense to even go to an auction, likely too much inventory for the normal guys to buy up.

I thought only dealers could go to auctions.

NuttBoxer says

Flood of used cars set to hit the repo market.

Not seeing it here yet. Hopefully soon. Kinda scary to see the words "flood" and "cars" in the same sentence, though.

WineHorror1 says

I thought only dealers could go to auctions.

Definitely anyone can go in San Diego. The trouble is they're usually frequented by small time dealers and mechanics, who can spot the good ones better than you, since you're only allowed to start the car.

https://www.carscoops.com/2022/11/more-and-more-americans-are-struggling-to-pay-their-auto-loans/

More And More Americans Are Struggling To Pay Their Auto Loans

The percentage of automotive loans that are at least 60 days delinquent hit 1.65 percent in the third quarter of 2022. That’s the highest rate of delinquencies in more than a decade, which indicates that vehicle owners are increasingly struggling to make payments on their vehicles.

zzyzzx says

https://www.carscoops.com/2022/11/more-and-more-americans-are-struggling-to-pay-their-auto-loans/

More And More Americans Are Struggling To Pay Their Auto Loans

The percentage of automotive loans that are at least 60 days delinquent hit 1.65 percent in the third quarter of 2022. That’s the highest rate of delinquencies in more than a decade, which indicates that vehicle owners are increasingly struggling to make payments on their vehicles.

1.65 doesn't sound like alot.

GNL says

1.65 doesn't sound like alot.

It's the highest rate in more than a decade, and yes it's all relative. I suspect that it's going to go higher.

NuttBoxer says

Flood of used cars set to hit the repo market. Expect big price drops in the next month or so

Did it happen?

The only silver lining to the grossly inflated used car market is that if you have a vehicle with severe accident damage, they are less likely to total it.

Insurance ain't what it used to be . . .

Between toxxine-induced crashes and general degradation of driving skills because lockdowns, insurance companies are going to reap the whirlwind. Of course, they'll pass it on to us.

Eric Holder says

NuttBoxer says

Flood of used cars set to hit the repo market. Expect big price drops in the next month or so

Did it happen?

The car companies are cutting back on production to counter low car prices.

HeadSet says

Eric Holder says

NuttBoxer says

Flood of used cars set to hit the repo market. Expect big price drops in the next month or so

Did it happen?

The car companies are cutting back on production to counter low car prices.

How does it stop the predicted flood of repo'd used cars from hitting the market and lowering USED car prices?

Eric Holder says

How does it stop the predicted flood of repo'd used cars from hitting the market and lowering USED car prices?

When there is a shortage of new cars, used car prices go up. Around here, the dealers have little new inventory and very high prices for the used cars they do have. The local Nissan dealer sends me emails asking me to sell them my Pathfinder.

My wife's car was just totalled when she was rear ended sitting at a light. Waiting for check, I want to hold out a bit longer but we only have the rental free for a month.

RC2006 says

My wife's car was just totalled when she was rear ended sitting at a light. Waiting for check, I want to hold out a bit longer but we only have the rental free for a month.

Wow, must have been a hard hit? Just about 2 weeks ago, I witnesses an accident at a stop light. I was first to open the door. The guy, about 65ish, said he simply passed out. He hit the other car pretty hard.

GNL says

RC2006 says

My wife's car was just totalled when she was rear ended sitting at a light. Waiting for check, I want to hold out a bit longer but we only have the rental free for a month.

Wow, must have been a hard hit? Just about 2 weeks ago, I witnesses an accident at a stop light. I was first to open the door. The guy, about 65ish, said he simply passed out. He hit the other car pretty hard.

Clot shot?

F250 hit a BMW and the BMW hit my wife's odyssey, bent frame enough that she couldn't open her door. She also has minor whiplash.

RC2006 says

F250 hit a BMW and the BMW hit my wife's odyssey, bent frame enough that she couldn't open her door. She also has minor whiplash.

Get a lawyer and this book is pretty good...
https://www.amazon.com/gp/product/B07933D6M6/
I'm working on building out a product just for rearend collusions.

Booger says

GNL says

RC2006 says

My wife's car was just totalled when she was rear ended sitting at a light. Waiting for check, I want to hold out a bit longer but we only have the rental free for a month.

Wow, must have been a hard hit? Just about 2 weeks ago, I witnesses an accident at a stop light. I was first to open the door. The guy, about 65ish, said he simply passed out. He hit the other car pretty hard.

Clot shot?

That was my first thought.

HeadSet says

Eric Holder says

How does it stop the predicted flood of repo'd used cars from hitting the market and lowering USED car prices?

When there is a shortage of new cars, used car prices go up. Around here, the dealers have little new inventory and very high prices for the used cars they do have. The local Nissan dealer sends me emails asking me to sell them my Pathfinder.

That is how it works in absense of the huge flood of repo'd cars, but the said flood should've at least compensated for the new car shortage, no? If it happened, that is.

RC2006 says

F250 hit a BMW and the BMW hit my wife's odyssey, bent frame enough that she couldn't open her door. She also has minor whiplash.

Speaking of which, why the hell do the idiots driving those big trucks insist on driving way too fast for conditions. Morons don’t realize that heavy large trucks take longer to stop than smaller cars? The new compensation? No longer a sports car, now compensation is a large truck?

What's not to love about $20,000 10 year old cars?

Tenpoundbass says

What's not to love about $20,000 10 year old cars?

Fixed:
What's not to love about $20,000 10 year old cars that have > 100,000 miles on them?

This is because decent used cars get EXPORTED, leaving only the junkers and the "60k miles in 2 year Uber" Vehicles.

zzyzzx says

Tenpoundbass says

What's not to love about $20,000 10 year old cars?

Fixed:
What's not to love about $20,000 10 year old cars that have > 100,000 miles on them?

This is what TPTB want, just like the push to EVs. It’s getting a large part of the population out of private transportation. Prices increased by dollar devaluation on these vehicles will buoy the price retreat from the scarcity peak somewhat.

FuckTheMainstreamMedia says

RC2006 says

F250 hit a BMW and the BMW hit my wife's odyssey, bent frame enough that she couldn't open her door. She also has minor whiplash.

Speaking of which, why the hell do the idiots driving those big trucks insist on driving way too fast for conditions. Morons don’t realize that heavy large trucks take longer to stop than smaller cars? The new compensation? No longer a sports car, now compensation is a large truck?

Exactly. If the DOT and NHTSA really gave two shits about crashes there would already be integrated systems with warnings to the driver that adjusted dynamically the safe following distance and other vehicle dynamics for speed instead of these other bullshit Nannie’s that have been added. Give us something useful that educates and warns the morons that don’t understand vehicle dynamics, or just remove their license.

FuckTheMainstreamMedia says

RC2006 says

F250 hit a BMW and the BMW hit my wife's odyssey, bent frame enough that she couldn't open her door. She also has minor whiplash.

Speaking of which, why the hell do the idiots driving those big trucks insist on driving way too fast for conditions. Morons don’t realize that heavy large trucks take longer to stop than smaller cars? The new compensation? No longer a sports car, now compensation is a large truck?

In the case of this f250 it was a company truck for an electrician with all the utility stuff built into the bed. Wife thinks guy was on phone.

ForcedTQ says

If the DOT and NHTSA really gave two shits about crashes there would already be integrated systems with warnings to the driver that adjusted dynamically the safe following distance and other vehicle dynamics for speed

Sounds like adaptive cruise control. ACC does not just warn the driver, it slows to car down to maintain a distance from the car ahead. I have that feature in my 2018 Pathfinder.

FuckTheMainstreamMedia says

RC2006 says

F250 hit a BMW and the BMW hit my wife's odyssey, bent frame enough that she couldn't open her door. She also has minor whiplash.

Speaking of which, why the hell do the idiots driving those big trucks insist on driving way too fast for conditions. Morons don’t realize that heavy large trucks take longer to stop than smaller cars? The new compensation? No longer a sports car, now compensation is a large truck?

Or the BMW driver could've decided to squeeze in between the truck keeping the proper distance and the car in front. When I rented a 26' U-haul box truck a was amazed at the number of idiots thinking that the gap between the truck and the car in front is there for no fucking reason.

Another thing I checked. Prices are down from last year's peak. Interest rates + Bad Loans/Repos = Cheaper Prices.

Used Car Price Trends - CarGurushttps://www.cargurus.com › Price Trends
Make Avg Price Last 30 Days Last 90 Days YoY
CarGurus Index $29,463 ‑2.13% ‑4.26% +0.26%
Coupe $36,892 ‑1.19% ‑2.06% +6.42%
Hatchback $17,312 ‑1.62% ‑1.74% +9.13%

Used car prices are dropping quicker than ever in history. Some categories have been dropping 1% per week lately. Wholesale is dropping even more quickly.

Normal appreciation/depreciation is +/- 0.1% per month from what I've heard.

just_passing_through says

Used Car Price Trends - CarGurushttps://www.cargurus.com › Price Trends
Make Avg Price Last 30 Days Last 90 Days YoY
CarGurus Index $29,463 ‑2.13% ‑4.26% +0.26%
Coupe $36,892 ‑1.19% ‑2.06% +6.42%
Hatchback $17,312 ‑1.62% ‑1.74% +9.13%

Used car prices are dropping quicker than ever in history. Some categories have been dropping 1% per week lately. Wholesale is dropping even more quickly.

Normal appreciation/depreciation is +/- 0.1% per month from what I've heard.

Looks like Jeep has found a stash of mail-in ballots in some warehouse, LOL.

PS. Used car prices are big part of the inflation number, right? Meaning that it could keep going down in the months to come.

just_passing_through says

Used Car Price Trends - CarGurushttps://www.cargurus.com › Price Trends
Make Avg Price Last 30 Days Last 90 Days YoY
CarGurus Index $29,463 ‑2.13% ‑4.26% +0.26%
Coupe $36,892 ‑1.19% ‑2.06% +6.42%
Hatchback $17,312 ‑1.62% ‑1.74% +9.13%

Used car prices are dropping quicker than ever in history. Some categories have been dropping 1% per week lately. Wholesale is dropping even more quickly.

Normal appreciation/depreciation is +/- 0.1% per month from what I've heard.

So it's habbening.

RWSGFY says

PS. Used car prices are big part of the inflation number, right?

That's what I've heard too.

https://www.bloomberg.com/news/articles/2022-11-15/us-household-debt-jumps-most-since-2008-even-as-card-rates-surge?srnd=premium#xj4y7vzkg

I believe mortgage debt hide credit and auto debt.

Don't you really mean wholesale user car prices are imploding?

Because retail lags wholesale, and like a home seller, car dealers are mostly still asking peak prices based on 3% interest rates and negligible supply.

zzyzzx says

Don't you really mean wholesale user car prices are imploding?

Because retail lags wholesale, and like a home seller, car dealers are mostly still asking peak prices based on 3% interest rates and negligible supply.

No retail level bargains where I live yet.

https://www.cnbc.com/2022/11/18/carvana-to-lay-off-1500-employees-amid-economic-uncertainty-.html

Carvana lays off 1,500 employees following stock free fall

HeadSet says

No retail level bargains where I live yet.

And Used car prices are among the highest nationwide in the DC area.