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Auto loan delinquencies in the fourth quarter hit their highest level since the financial crisis, a report out Thursday revealed.
About $23.27 billion in loans were 30 days or more late as of Dec. 31 — a whopping 14 percent increase from the year earlier and the most since the $23.46 billion in the third quarter of 2008, according to the New York Federal Reserve.
Delinquencies have moved up as the credit quality of the loans has deteriorated and the length of the auto loans has increased — sometimes to 84 months. [...] Delinquencies are the canary in the coal mine when it comes to losses for carmakers.
[...] The average monthly car payment in the fourth quarter rose above $500 for the first time, according to the credit-rating agency Experian.
(Score: 2) by butthurt on Saturday February 18 2017, @06:08PM
The program officially started on July 1, 2009, processing of claims began July 24, and the program ended on August 24 [...]
-- https://en.wikipedia.org/wiki/Cash_for_clunkers [wikipedia.org]
This graph shows U.S. automobile loans increasing monotonically since late 2010.
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2015/10/Car%20Loans.jpg [zerohedge.com]
(Score: 0) by Anonymous Coward on Sunday February 19 2017, @01:39AM
The program resulted in about 700,000 cars being destroyed, most of which were perfectly serviceable vehicles. Sure, there were a few real clunkers in there, but since the program required a new vehicle be purchased and most people who can afford a new vehicle don't drive clunkers (they may drive older, lower value vehicles, but aren't going to put up with a clunker). So most of the real clunkers stayed on the road - owned by the people who couldn't afford to replace them with a new car. Who then got screwed again when the used cars they would have bought were destroyed instead. Families also got screwed even harder, as as many of the vehicles destroyed were larger, family vehicles like vans and wagons.
When you take that with the net effect of the program only pulling sales forward as new car sales cratered after it was over, and the dubious (at best) environmental aspects, I still rank Cash for Clunkers as one of the stupidest things to come out of Washington DC.
(Score: 1) by anubi on Sunday February 19 2017, @08:56AM
700,000 vehicles were destroyed, and the Congressmen who did this still have their jobs.
What does this tell you?
We still refer to them as "the honorable... ". Even after they do stuff like this. And still vote for them?
No wonder we have such a mess in Washington.
"Prove all things; hold fast that which is good." [KJV: I Thessalonians 5:21]