Car Repossessions Double in 2022 [CLOSED DUE TO POLITICS]

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Stormin’ Moorman

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Prime (over 600) and Sub-Prime (less than 600) car repossessions have doubled recently and that's a bad omen. Making it worse is Loan-to-value ratios, or the amount financed relative to the value of the vehicle, are around 140%, versus a more normal 80%; and many of the loans were extended to buyers who had temporary pops in income during the pandemic. Thanks gov't!

With the Fed expected to bump interest rates a full percent this quarter, this is going to get much, much worse.

The good news is if you're a cash buyer you're going to see some good deals in 2023 on new and slightly used Jeeps.

https://www.carscoops.com/2022/07/r...re-exploding-and-thats-bad-news-for-everyone/

 

Rodeoflyer

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When I saw the title to this thread I thought yeah, because of the STIMULUS checks :)

People are now running up debt at a pace not seen before...
 
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Stormin’ Moorman

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When I saw the title to this thread I thought yeah, because of the STIMULUS checks :)

People are now running up debt at a pace not seen before...
Exactly, and when you think about how much people paid for cars over the last two years....It's going to be ugly fo sho
 


Antonio

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If this comes as a shocker to anyone then obviously you need to go back to school and take math 101!! This isn’t going to be just the auto market, wait till all the people who paid $ 50K or over on asking prices in the housing market! Keep in mind some financed with bubbles, and don’t even have locked in interest rates on their loans! Funny how some people keep saying we’re not going into a recession 🤣🤣🤣
 

1Evil55

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If this comes as a shocker to anyone then obviously you need to go back to school and take math 101!! This isn’t going to be just the auto market, wait till all the people who paid $ 50K or over on asking prices in the housing market! Keep in mind some financed with bubbles, and don’t even have locked in interest rates on their loans! Funny how some people keep saying we’re not going into a recession 🤣🤣🤣
By definition I believe we already are despite what MSM tells us.
 

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This has been going on forever... Where I grew up, people driving their $50K trucks in their $25K homes....
 


JSFoster75

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I don't want to start an argument and this thread to get shut down, but people are still collecting money from the first stimulus the PRIOR administration signed... (my family runs an accounting firm, their workload has doubled since there are several programs people are eligible for)
Actually that is incorrect, the additional unemployment payments ran out last October. And only 3 "stimulus" payments were ever issued to my knowledge, there were no continuous payments to people outside of the bump in unemployment payouts.
 

Hennessey17

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Actually that is incorrect, the additional unemployment payments ran out last October. And only 3 "stimulus" payments were ever issued to my knowledge, there were no continuous payments to people outside of the bump in unemployment payouts.
There is an Employee Retention Credit... a lot of accounting firms aren't putting in the time to learn it because it's temporary... or at least should be... so it's not talked about a lot. But our business (a small business and tax firm) has been able to get a ton of business out of it.

I'm NOT an accountant, so I'm not an expert about the details... but it's out there.
 

JSFoster75

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There is an Employee Retention Credit... a lot of accounting firms aren't putting in the time to learn it because it's temporary... or at least should be... so it's not talked about a lot. But our business (a small business and tax firm) has been able to get a ton of business out of it.

I'm NOT an accountant, so I'm not an expert about the details... but it's out there.
We got 2 loans at our small business that were forgiven because we didn't lay anyone off, but without them we would probably have gone bankrupt... But those were over mid-last year some time.

 
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