GOLFMK8
GOLFMK7
GOLFMK6
GOLFMKV
FORUM OPTIONS
Register FAQ Members List Calendar Search Today's Posts Mark Forums Read

Go Back   GOLFMK7 - VW GTI MKVII Forum / VW Golf R Forum / VW Golf MKVII Forum > Off-Topic Discussions > General Car News and Discussions


Reply
 
Thread Tools Display Modes
Old 02-14-2019, 03:41 AM   #1
The Fed
Senior Member
 
Drives: 2016 Golf R
Location: Florida
Join Date: Dec 2012
Posts: 11,112
More Car Owners Delinquent than Before

https://libertystreeteconomics.newyo...high-gear.html
The Fed is offline   Reply With Quote
Old 02-14-2019, 09:00 AM   #2
Gunter
Member
 
Drives: MK7 Volkswagen Golf SEL
Location: san diego
Join Date: May 2018
Posts: 67
Saw a similar article earlier. Can’t really say I’m surprised especially after seeing what terms some people are and willing to agree to just to have a new whip in the garage. Guess those 700 and 1000 dollar car payments aren’t all that fun
Gunter is offline   Reply With Quote
Old 02-14-2019, 07:34 PM   #3
The Fed
Senior Member
 
Drives: 2016 Golf R
Location: Florida
Join Date: Dec 2012
Posts: 11,112
Someone here posted an article last year that stated car loans are going to tank again. Looks like they're probably right.
The Fed is offline   Reply With Quote
Old 02-18-2019, 03:05 AM   #4
TechGuy32
Senior Member
 
Drives: 2018 MK7 Sportwagen, 2008 MK V R32
Location: My Place
Join Date: Feb 2019
Posts: 614
Unfortunately in the U.S. people are encouraged to live way beyond their means. Instant gratification is mandatory. There is no reason to wait until you earn enough money when you can get instant credit with a 29% APR. Anything less than being in excessive debt is un-American. If you don't own a 5,000 SF home with 4+ new cars in the driveway then you're not keeping up with the Jones. (sic).
TechGuy32 is offline   Reply With Quote
Old 02-18-2019, 03:40 AM   #5
southpawboston
Senior Member
 
southpawboston's Avatar
 
Drives: '17 GSW S
Location: Somerville, MA
Join Date: Feb 2018
Posts: 1,608
Quote:
Originally Posted by TechGuy32 View Post
Unfortunately in the U.S. people are encouraged to live way beyond their means. Instant gratification is mandatory. There is no reason to wait until you earn enough money when you can get instant credit with a 29% APR. Anything less than being in excessive debt is un-American. If you don't own a 5,000 SF home with 4+ new cars in the driveway then you're not keeping up with the Jones. (sic).
Lol, I own a 1333 sq ft home and one car, seems fine for my family of four plus dog. On the other hand my home is 75% paid for, I have zero credit card debt, a hefty retirement account, and Im paying my car off at 0%. Im a bad American!
__________________
OBDeleven coding mods done on my 2017 GSW S

past VAGs: '69 Type 3 Variant 1984 GTI '85 Scirocco Wolfsburg Edition '86 Scirocco '86 Audi 4000S
southpawboston is offline   Reply With Quote
Old 02-19-2019, 02:38 AM   #6
TechGuy32
Senior Member
 
Drives: 2018 MK7 Sportwagen, 2008 MK V R32
Location: My Place
Join Date: Feb 2019
Posts: 614
Shame, shame, shame on you for being un-American !

You must have paid attention in school and disregarded the entitlement hype.
TechGuy32 is offline   Reply With Quote
Old 02-19-2019, 02:43 AM   #7
PRRGG1
Senior Member
 
PRRGG1's Avatar
 
Drives: 2017 Golf Wolfsburg 5M
Location: USA
Join Date: May 2017
Posts: 116
I'd reword the story's closing sentence of "The substantial and growing number of distressed borrowers suggests that not all Americans have benefitted from the strong labor market and warrants continued monitoring and analysis of this sector." to instead read:

"The substantial and growing number of distressed borrowers suggests that an increasing number of Americans are driving cars they cannot afford".

I wonder if Lease payment performance is tracked as well? Leasing comprises nearly a third of U.S. transactions now?
PRRGG1 is offline   Reply With Quote
Old 02-19-2019, 02:55 AM   #8
The Fed
Senior Member
 
Drives: 2016 Golf R
Location: Florida
Join Date: Dec 2012
Posts: 11,112
Quote:
Originally Posted by PRRGG1 View Post
I'd reword the story's closing sentence of "The substantial and growing number of distressed borrowers suggests that not all Americans have benefitted from the strong labor market and warrants continued monitoring and analysis of this sector." to instead read:

"The substantial and growing number of distressed borrowers suggests that an increasing number of Americans are driving cars they cannot afford".

I wonder if Lease payment performance is tracked as well? Leasing comprises nearly a third of U.S. transactions now?
It's the strong market that contributes to the crisis. People think they can overextend even more. Wait until the $20 minimum wage becomes reality.
The Fed is offline   Reply With Quote

Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT +1. The time now is 03:44 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2019, vBulletin Solutions, Inc.