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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: 3, Interesting) by dbe on Sunday February 19 2017, @02:00AM
When i get asked or learn that anyone is searching for a new car, I always recommend to check the rental agencies.
All of them have program to get rid of their car after a year of so of service. The prices are final, so no negotiation Bull*** and they handle the paperwork.
I've had 2 good experiences with the "rent to buy" from Hertz, were you can rent the car 3 days and if you like it they wave the fee.
So what I do is bring it to an official dealership and make a full car inspection then drive it on the local windy roads and decide if it's the right car for me.
Result, you get a super cheap price, still under warranty car and usually good value/quality.
The cons are it's going to be grey, missing some options and not a super sporty model usually. But I don't care, I would never put a foot and negotiate/lose my time with a car sales person anyway...
My 2 cents
-dbe