Let me start by saying I’m not a finance guy, I’m a car guy. I got into this business because of my enthusiasm for things that go. I realize money goes too, maybe quicker than a lot of vehicles, but I’m going to stick with things I can ride or drive.
The reason I’m bringing up finances is due to a recent report by the Federal Reserve Bank of New York, that 7 million Americans are now 90 or more days late on their auto loan, a new, if not dubious, record. That’s 1 million more people than during the recovery from the Great Recession in 2010, when unemployment hit 10 percent and auto loan delinquency was at its peak.
kAmx? 724E[ :? E96 `h J62CD E96 }]*] u65 92D 366? >@?:E@C:?8 E9:D 52E2[ E9:D :D E96 9:896DE =6G6= J6E D66? 2E Sdgc 3:==:@? :? 5672F=E]k^Am
kAm%9:D 2=2C>:?8 DE2E:DE:4 4@>6D 2E 2 E:>6 H96? E96 ;@3 >2C<6E :D DEC@?8[ &]$] F?6>A=@J>6?E :D 2C@F?5 c A6C46?E 2?5 2 C64@C5 ?F>36C @7 2FE@ =@2?D 2C6 36:?8 AC@46DD65]k^Am
kAm“%96 DF3DE2?E:2= 2?5 8C@H:?8 ?F>36C @7 5:DEC6DD65 3@CC@H6CD DF886DED E92E ?@E 2== p>6C:42?D 92G6 36?67:E65 7C@> E96 DEC@?8 =23@C >2C<6E 2?5 H2CC2?ED 4@?E:?F65 >@?:E@C:?8 2?5 2?2=JD:D @7 E9:D D64E@C[” 244@C5:?8 E@ 6IA6CED 2E E96 u65]k^Am
kAmxE 4@F=5 2=D@ >62? E92E AC652E@CJ =6?5:?8 AC24E:46D 2C6 8C@H:?8[ >:CC@C:?8 :DDF6D E92E A=28F65 E96 DF3\AC:>6 C62= 6DE2E6 >2C<6E =625:?8 E@ E96 =2DE C646DD:@?]k^Am
kAm%96 4FCC6?E 25>:?:DEC2E:@?’D r@?DF>6C u:?2?4:2= !C@E64E:@? qFC62F C646?E=J 2??@F?465 :E H2?ED E@ D42=6 324< C68F=2E:@?D @? G69:4=6 E:E=6 — ”3FJ 96C6 A2J 96C6” — 2?5 A2J52J =@2?D E92E 9@=5 E96 =6?56C C6DA@?D:3=6 7@C 7:8FC:?8 @FE H96E96C 3@CC@H6CD 42? 277@C5 E@ C6A2J E96:C 9:89\:?E6C6DE =@2?D[ 2C8F:?8 :? :ED AC@A@D2= E92E E9@D6 C68F=2E:@?D 4@F=5 C6DEC:4E p>6C:42?D’ 2446DD E@ 4C65:E]k^Am
kAm(9:=6 :E’D F=E:>2E6=J E96 3FJ6CDV C6DA@?D:3:=:EJ E@ 6?DFC6 E96J’C6 3@CC@H:?8 C6DA@?D:3=J[ :E’D 62DJ E@ D66 H96C6 AC652E@CJ AC24E:46D 42? A=2J 2 5646AE:G6 C@=6[ DF49 2D H96? 962GJ 9:556? 766D 2?5 6IE6?565 H2CC2?E:6D 2C6 AFE :? A=246 2E E96 E:>6 @7 D2=6 2?5 56E2:=D 2C6?’E 5:D4=@D65 EC2?DA2C6?E=J]k^Am
kAmp== E9:D 2E 2 E:>6 H96? >2?J 766= E92E AC24E:42= D<:==D =:<6 >2?28:?8 7:?2?46D 2?5 3F586E:?8 2C6 36:?8 @G6C=@@<65 5FC:?8 AC:>2CJ 65F42E:@?]k^Am
kAm|@DE @7 E96 A6@A=6 H9@ 2C6 369:?5 @? E96:C 3:==D 92G6 =@H 4C65:E D4@C6D 2?5 2C6 F?56C E96 286 @7 b_[ 3@=DE6C:?8 E9:D 4=2:>] %9:D 4@F=5 2=D@ 36 >@C6 6G:56?46 E92E J@F?8 25F=ED 2C6 92G:?8 2 5:77:4F=E E:>6 A2J:?8 DEF56?E =@2?D[ H9:=6 D:>F=E2?6@FD=J >2:?E2:?:?8 2 C62D@?23=6 =:76DEJ=6]k^Am
kAmr2C =@2?D 2C6 2 D:8?:7:42?E 36==H6E96C @7 DEC2:? 2>@?8 =@H6C\:?4@>6 p>6C:42?D[ D:?46 2 42C =@2? :D EJA:42==J 2 AC:@C:EJ A2J>6?E] p G69:4=6 :D ?646DD2CJ E@ 86E E@ H@C<[ >65:42= 2AA@:?E>6?ED 2?5 8C@46CJ DE@C6D[ 6DA64:2==J :? >@C6 CFC2= 2C62D[ 2?5 :7 9@FD:?8 D:EF2E:@?D 56E6C:@C2E6[ 2 42C 42? @776C C67F86]k^Am
kAm“p 42C :D FDF2==J 2 9:896C\AC:@C:EJ A2J>6?E E92? 2 9@>6 >@CE8286 @C C6?E[” 244@C5:?8 E@ |:4926= %2:2?@[ 2 D6?:@C 5:C64E@C 2E u:E49 #2E:?8D]k^Am
kAmq@CC@H6CD H:E9 9:89 4C65:E D4@C6D 2C6 23=6 E@ 7:?2?46 4@?G6?E:@?2==J E9C@F89 6DE23=:D965 32?<D @C 4C65:E F?:@?D[ 2?5 6?;@J C62D@?23=6 @C =@H6C :?E6C6DE C2E6D[ :? E96 ?6:893@C9@@5 @7 c\e A6C46?E] qFE 7@C E9@D6 H:E9 A@@C 4C65:E[ E96 @AE:@?D 2C6 76H6C[ 2?5 =@42= :?E6C6DE C2E6D 7@C DF3\AC:>6 3@CC@H6CD 42? C2?86 7C@> `g\ac A6C46?E]k^Am
kAm$F3\AC:>6 7:?2?4:?8[ 86?6C2==J @776C65 2E “3FJ 96C6 A2J 96C6” 2FE@ 562=6CD9:AD EJA:42==J A=246 E96 3@CC@H6C :? 2 A@D:E:@? E96J 42? ?6G6C C64@G6C 7C@> 7:?2?4:2==J] p44@C5:?8 E@ u65 C6D62C496CD[ E96 A6C46?E286 @7 =@2?D h_ 52JD A2DE 5F6 :D 2=>@DE e A6C46?E 8C62E6C 7@C “3FJ 96C6 A2J 96C6” E92? E9@D6 E92E H6C6 3@CC@H65 7C@> 2 4@?G6?E:@?2= =6?5:?8 :?DE:EFE:@?] %92E >:89E ?@E D@F?5 =:<6 >F49 3FE e A6C46?E @7 f >:==:@? :D 2=>@DE E9C66\BF2CE6CD @7 E96 6?E:C6 A@AF=2E:@? @7 E96 DE2E6 @7 (J@>:?8]k^Am
kAm“qFJ 96C6 A2J 96C6[” @C FD65 42C[ =@ED E92E @776C 7:?2?4:?8[ EJA:42==J E9C@F89 2 E9:C5 A2CEJ[ 42E6C E@ E96 DF3\AC:>6 >2C<6E @C E9@D6 H:E9 4C65:E :DDF6D[ 2?5 56C:G6 2 A@CE:@? @7 E96:C :?4@>6 7C@> D6==:?8 E96 7:?2?4:?8 A24<286]k^Am
kAm|2?J @7 E96D6 562=6CD 7:?2?46 E96:C @H? :?G6?E@CJ E9C@F89 9:89\:?E6C6DE[ D9@CE\E6C> =6?5:?8 A24<286D <?@H? 2D 7=@@C A=2?D] %96D6 562=6CD 92G6 2 9:896C DE2<6 :? >2<:?8 2 D2=6 2?5 >2<:?8 :E BF:4<=J[ 2G@:5:?8 E96:C @H? 7=@@C\A=2? 766D] %96 4@>3:?2E:@? @7 AC6DDFC6 2?5 7:?2?4:2= 3FC56? @7E6? EC2?D=2E6 E@ E96 C6E2:= 4FDE@>6C 5FC:?8 E96 D2=6] xC@?:42==J[ E9@D6 H9@ 42? =62DE 277@C5 9:89 C2E6D 2C6 E9@D6 H9@ 2C6 DEF4< A2J:?8 E96>]k^Am
kAm“%96 }@] ` A:646 @7 25G:46 x 92G6 :D E@ ?@E 86E J@FC 7:?2?4:?8 7C@> 2 42C 562=6CD9:A[” D2:5 r9C:DE@A96C !6E6CD@?[ 2 =2H AC@76DD@C 2E E96 &?:G6CD:EJ @7 &E29 2?5 7@C>6C DA64:2= 25G:D6C E@ E96 r@?DF>6C u:?2?4:2= !C@E64E:@? qFC62F] “$9@A D6A2C2E6=J 7@C E96 G69:4=6 2?5 E96 7:?2?4:?8]”k^Am
kAm%96C6 :D @3G:@FD=J 2 A=246 7@C “3FJ 96C6[ A2J 96C6” FD65\42C =@ED] p7E6C 2==[ E96C6 H@F=5?’E 36 D@ >2?J @7 E96> 2C@F?5 :7 E96C6 H2D?’E D@>6 56>2?5[ 2?5 E96C6 46CE2:?=J H@F=5?’E 36 D@ >2?J 2C@F?5 :7 E96J H6C6?’E 2 =F4C2E:G6 3FD:?6DD[ 3FE E96C6 2C6 DE6AD J@F 42? E2<6 E@ >:E:82E6 J@FC C:D<]k^Am
kAm(96? 3FJ:?8 2 42C[ E2<6 2 =@?8 G:6H] s@?’E 72== 7@C 2 H66<=J @C >@?E9=J A2J>6?Ej :?D:DE @? <?@H:?8 E96 7:?2= AC:46 :?4=F5:?8 2== 766D[ E2I6D 2?5 :?E6C6DE] xD E92E g\J62C\@=5 42C C62==J 8@:?8 E@ 36 @? E96 C@25 :? 7:G6 J62CD H96? E96 =@2? :D A2:5[ 2?5 H:== :E 36 H@CE9 H92E J@F’G6 :?G6DE65 27E6C E96 E6C>D @7 E96 =@2? 2C6 D2E:D7:65nk^Am
kAmr@?D:56C D6CG:46[ C6A2:CD[ >2:?E6?2?46[ :?DFC2?46 2?5 C68:DEC2E:@?] x7 7F6= AC:46D C:D6[ 42? J@F 277@C5 E@ 4@>>FE6 :? 2 `_ >A8 5:6D6= BF25 423 A:4<FAn xD 2==\H966= 5C:G6 C62==J ?646DD2CJ[ @C H:== 7C@?E\H966= 5C:G6 H:E9 D?@H E:C6D 7@C 92=7 E96 AC:46 86E J@F E@ H@C<nk^Am
kAm(92E :7 E92E @G6CE:>6 E92E J@F’C6 4@F?E:?8 @? E@ >2<6 6?5D >66E 5C:6D FA[ 42? J@F DE:== >2<6 E96 A2J>6?EDn |2J36 2 =6DD\6IA6?D:G6 3FE >@C6 277@C523=6 G69:4=6 H:== 36 6?@F89 7@C ?@H]k^Am
kAm{@@< 2E 2 42C =:<6 2 E@@= — 2 ?2:= 8F? H@F=5 36 ?:46[ 3FE 2 92>>6C H:== 5@]k^Am
kAm%9:D :D?’E E96 =2DE G69:4=6 J@F’== 6G6C @H? — 3FJ H92E J@F 42? 277@C5 ?@H[ 2?5 E92E DE2CED H:E9 6I2>:?:?8 E96 ?F>36CD] s:DD64E E96 562= 367@C6 J@F D:8? @? E96 =:?6 2?5 4@>>:E E@ J62CD @7 A2J>6?ED E92E J@F >:89E ?@E 36 23=6 E@ 7F=7:==]k^Am
kAmtC:4 2?5 |:496==6 |6=EK6C @H? 2?5 @A6C2E6 uCJ63FC8 |@E@CD[ 2 =:46?D65[ 7F==\D6CG:46 2FE@>@E:G6 D2=6D 2?5 D6CG:46 724:=:EJ 2E ahh |2:? $E] :? uCJ63FC8[ |2:?6] |@C6 E92? 2 3FD:?6DD[ 42CD 2C6 2 A2DD:@?[ 2?5 E96J 2AAC64:2E6 2?JE9:?8 E92E 5C:G6D[ C:56D[ 7=@2ED @C 7=:6D]k^Am
(0) comments
Welcome to the discussion.
Log In
Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.