Delinquency rate for subprime auto loans SOARS UP
This is just NUTS , auto lenders are choosing to roll negative equity at trade-in ; in to next vehicle loan.
Big spike in the proportion of "deep subprime" deals, those with avg. FICO score of less than 500.
Yep, the USA is just BOOMING wonderful, with everyone extremely happy, a brand new car, a chicken in the pot, well insured - and flush with extra cash ......Winning Bigly in the USA .......
http://www.businessinsider.com/wall-...r-loans-2017-3
Add in New data shows that 73% of American consumers die in debt. The average total balance left over is $61,554 [[and that includes mortgage debt).
http://time.com/money/4709270/americans-die-in-debt/
Who did we bailout - exactly ?
Quote:
Originally Posted by
professorscott
The finance arms of the car companies, domestic and foreign, do not make these loans and never have. They are outside finance companies, although dealerships, who are supposed to keep the manufacturer's best interest in mind, do sometimes engage the outside finance companies.
The rescue of GMAC to the tune of $17 billion was USA tax $
Now did we bail out the bank or the auto company ? hmmmmmm
General Motors received $49.5 billion from
Treasury's Troubled Asset Relief Program
To be technical - Since the bailout, Ally sold assets and
put its subprime mortgage arm, Residential Capital, through bankruptcy.
For the entire TARP effort, the government disbursed
about $426.4 billion and recovered $441.7 billion.
NOW it's all made of play dough as no one repays their auto notes
American owe personal money - lots of it
Pick a report - one of dozens out there, all about the same.
Sure the exact science of statistics is a bit skewed at times
but the end result is just about the same. Americans owe money.
American Credit Card Debt Statistics & Key Findings
- Updated May 2016
Average American Household Debt: $5,700.
Average for balance-carrying households: $16,048
Total Outstanding U.S. Consumer Debt: $3.4 trillion.
Total revolving debt: $929 billion
38.1% of all households carry some sort of credit card debt.
Households with the lowest net worth [[zero or negative)
hold an average of $10,308 in credit card debt.
The Northeast and West Coast hold the
highest average credit card debt – both averaging over $8,000.