. In the meantime, auto debt continues to climb and the average new-car price has soared to a record of almost $50,000.
The pandemic was a boom time for the sale of both used and new cars, “but as we shifted toward an environment with diminished used-car values and rising interest rates over the past few months, consumers have become less insulated from those riskier loan decisions, and we are only seeing the tip of the negative-equity iceberg,” Ivan Drury, director of insights at Edmunds, said in a statement.
Auto buyers are more vulnerable than many other borrowers to falling victim to predatory lending practices. On Wednesday, New York Attorney General Letitia James and the US Consumer Financial Protection Bureau sued Credit Acceptance Corp., accusing the subprime auto lender of luring thousands of low-income individuals into unaffordable high-interest. The company said in a statement that “the complaint is without merit” and it will “vigorously defend ourselves in this matter.
Time for employers to start paying commute costs. I don't see any other way of getting public transit funded at this point.
Lmao I'm happy with my sub 500$ car payments for 5 years. Debadged, leather interior, 40MPG, lots of legroom, fun to drive, sunroof, and cheap to maintain!
I hope they got it fully loaded 😂😂😂I know people paying close to 1k for v6 chargers 🤣🤣🤣🤣
Yes, because you guys in USA love to use $50k plus pick ups as a fashion statement; will seldomly use trucks for what they are meant. A Corolla or Camry would serve you equally well. Also the EV everything trend costs dearly and it's still in diapers regarding infrastructure.
That's absolutely nuts.