[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 650 KB, 720x1123, Screenshot_20220604-143924-831.png [View same] [iqdb] [saucenao] [google]
49373924 No.49373924 [Reply] [Original]

What are the financial implications of young people being behind their car loans?

>> No.49373952

Indication of upcoming crash of auto industry and any other big ticket items.

>> No.49373999

Don't care. Won't pay

>> No.49374024

>>49373999
don' they repossess your car if you don't pay

>> No.49374048

>>49374024
After like 6 months

>> No.49374050

>>49373924
amazing what happens when the free money stops coming in

>> No.49374424
File: 786 KB, 1086x834, keks.png [View same] [iqdb] [saucenao] [google]
49374424

>>49373924
>be zoom-zoom
>zero knowledge of how money works
>bought Doge at ATH because Twitter
>keep swiping credit card
>borrow money to purchase depreciating goods
>debt collectors start calling

>WE MUST EAT THE RICH!!

Kek. 'Muricans.

>> No.49374457
File: 23 KB, 400x400, BBD745A4-84F0-4B6E-B4C8-0BD4CE76E239.jpg [View same] [iqdb] [saucenao] [google]
49374457

>Loan with interest on a depreciating asset
No one is that dumb

>> No.49374461

>>49373924
I guess nobody ever fully commits like me
I have the payments being pulled directly from my bank this way I'm required to keep the sufficient funds available otherwise it will overdraft and the bank will charge me $100 for it

>> No.49374468
File: 295 KB, 870x720, 5ie3XEQ.jpg [View same] [iqdb] [saucenao] [google]
49374468

>>49373924

>> No.49374475

Why dont they take the subway? It works great here in germany

>> No.49374495

>>49374475
Public transport is for homeless people

>> No.49374505

>>49374495
also niggers

>> No.49374535

>>49374495
>>49374505
its not. you can sit and read and take it back drunk after a nice evening at the local kneipe

>> No.49374590

>>49374495
Where are homeless people going?

>> No.49374618
File: 88 KB, 600x292, 7D3A564D-2099-4D87-AD2A-B486C45B6244.jpg [View same] [iqdb] [saucenao] [google]
49374618

>>49373924
>tfw 23
>tfw paid $2800 with a check for a 27 year old pickup
>tfw it runs flawlessly and doesn’t even have rust issues

>> No.49374640

>>49374618
Congrats you doubled/probably tripled your money now

>> No.49374679

>>49373924
Fuck yes, I need to replace my 2008 post crash pickup truck.

>> No.49374712
File: 28 KB, 600x430, IMG_5254.jpg [View same] [iqdb] [saucenao] [google]
49374712

>>49374535
Depends what part of the country. There is no good public transit in the midwest where I live. Either you have a vehicle or you are not getting anywhere.

>> No.49374719

>>49374590
Food banks, charities, government service offices, or just back home after a day of panhandling

>> No.49374742

>>49373924
Did you know they securitize these car loans just like they did with mortgages? Wonder what that led to...

>> No.49374744

>>49373924
Invest in Towing Companies.

>> No.49374753

>>49374495
>>49374505
>>49374535
https://twitter.com/activeasian/status/1530956890619817984
https://twitter.com/realJoelFischer/status/1529522031376613376

>DONT TALK BAD ABOUT MY HECKING PUBLIC TRANSPORTATION

>> No.49374756

>>49373924
buy 9 euro ticket if you are in germany

>> No.49374770

>>49374590
they live on the trains

>> No.49374786

>>49374742
Well the Fed doesn't buy them up so the banks are the bag holders. They'll just bail out he big banks anyway.

>> No.49374790
File: 127 KB, 334x346, 649.png [View same] [iqdb] [saucenao] [google]
49374790

>>49374024
Only if they can locate the car

>> No.49374971

>>49374753
we dont have so many niggers in germany so why impose your american views on me kek

>> No.49375012

>>49374790
they are all registered just like your guns should be.

>> No.49375087

>>49374712
lol is that the bussy

>> No.49375106

>>49375087
Yes. I kind of like it for being so fucking stupid looking.

>> No.49375207

>>49374712
Kek imagine travelling around in a cuck cart like that. You would have to have zero testosterone or self respect

>> No.49375247

>>49373924
The interest was already applied to the loan. May as well make the most out of the loan and not pay it off right away

>> No.49375252

>>49374457
inflation outpaces the loan

>> No.49375358

>>49374742
Have they started securitizing bnpl shit yet

>> No.49376092

>>49374024
yes, but a lot of the notices they send are defective at least in some states so you can get out of owing the bank any money lmfao

>> No.49377770
File: 66 KB, 684x808, Millennial trap.jpg [View same] [iqdb] [saucenao] [google]
49377770

>>49374424
congratulations you just described the millennial trap

>> No.49377800

>>49374719
>homeless
>back home

>> No.49377899

>>49374790
>>49375012

^ This

Also, most new cars have GPS system built-in. You're not hiding from anyone.

>> No.49377917

>>49377899
GPS works by listening for satellite radio transmissions retard. It can't transmit

>> No.49378177
File: 404 KB, 966x556, A6953F6F-FB40-4FA4-AC68-2012E1EF5DE7.jpg [View same] [iqdb] [saucenao] [google]
49378177

>>49373924
> What are the financial implications of young people being behind their car loans?
I get to buy my last gas powered vehicle at a 60% discount.

>> No.49378473

>>49373924
>data says
>no data presented
>no link from OP even
Wtf are you people discussing and commenting on?

>> No.49378569

>>49378473
hot buzzwords is all it takes to start a shitfling

>> No.49378574

>>49375207
It's an eBussy, truckold.

>> No.49378815

>>49374457
Cars aren't depreciating assets anymore thanks to inflation.

>> No.49378998

>>49378473
It's from TransUnion, they publish these numbers every quarter or so.

>> No.49379272

I easily could have paid cash for my car but I financed 80% of it with a 1.38% interest car loan. That's practically free money and my car is now worth more.

>> No.49379286

>>49373924
Gen Y ("millennial") here. No loans no debts here. Not gonna buy bubble house, not gonna buy new car or bike.

>> No.49379331

>>49374461
I guess no one ever commits like me. I bought my family's $53k and $14k cars in cash.

>> No.49379333

>>49374424
Yeah, why should the rich be protected again?
>But.. uhhh... so they can make more toys for us from Amazon!!!
You're the idiot who believes a system should be judged not on how the system deals with inputs but by its individual inputs themselves

>> No.49379390

>>49374424
Yeah when it's the youth of a nation that does it it's tough shits 4 you, but when jewish bankers do it... Oy vey! We must protect the economy! These banks are too big to fail!!

>> No.49379513

>>49374475
only niggers and shitlibs use p*blic transportation

>> No.49379528

>>49374618
This car is likely worth 15k in the USA now.

>> No.49380312

>>49373924
How fuck short auto loans make money?

>> No.49382352

>>49378815
>thanks to inflation, evs and fuel prices
ftfy

>> No.49382602

>>49374719
>Food banks
Every week we would get a parade of cars lining up outside my work place to pull up to the food bank. Cars with ghetto ass rims and white trash vaping out their windows.

>> No.49384542

>>49382602
But the media loves to portray long lines at
FREE food banks as bad economic times.

>> No.49384836

>>49373924
>What are the financial implications
prior to covid they were running subprime auto crisis articles non-stop for years

>> No.49384884
File: 11 KB, 325x274, 564684286.jpg [View same] [iqdb] [saucenao] [google]
49384884

>>49378574
I had to look it up
holy shit they actually named it an eBussy
as if you are hot shit for scoring men's assholes
jfc

>> No.49385376

>>49378998
Post a fucking link nigger.

>> No.49385390

>>49374024
don't own one.

not my problem.

>> No.49385923
File: 270 KB, 1024x768, 14C8E90E-70CD-48DB-8B48-2EA6040FB213.jpg [View same] [iqdb] [saucenao] [google]
49385923

>be tradie
>be manager
>get brand new F150 every 100K miles
>use for side work
>allowed for personal use
>never pay for insurance
>never pay for fuel

Now waiting to buy a pontoon boat from laid off desk cuck in the next 12 months.
Seethe

>> No.49386480

>>49374753
https://twitter.com/ZeekArkham/status/1530002826994253836
It's so apparent, that these women want some BBC.

>> No.49386529

>>49386480
Big black clitoris?

>> No.49386736

>>49385923
>floatingHogPen.jpg

>> No.49386765

Auto industry crash that leads to people with available cash being able to buy cheap repo'd cars. It'll be just like 2008, but for cars instead of houses thanks to all the auto dealers letting people walk out with cars at 0 down and 20%+ interest rates.

>> No.49387382
File: 929 KB, 1280x720, 617365C6-85D0-4EE9-8A33-54E77AE575DD.png [View same] [iqdb] [saucenao] [google]
49387382

>>49374048
SO THE CRASH WILL OBVIOUSLY LAST LONGER THAN 6 MONTHS.

>> No.49387420
File: 1.04 MB, 1280x720, D005DEDA-AD98-4D70-A77B-9C762B45F4D8.png [View same] [iqdb] [saucenao] [google]
49387420

>>49378815
INFLATION IS DEFLATION IN CLOWNWORLD

>> No.49387460

>>49373924
is this the next big bubble to pop?
will it be a catalyst for a greater bubble popping?

>> No.49387484

>>49373924
Will O'biden forgive everyone's car loan debts next?

>> No.49387522

>>49374424
my truck has increased in value by 8k since I bought it due to shrinking inventory jej and it's almost ten years old truly we live in the end times

>> No.49387528

>>49373924
The majority of the work force is in the service industry, they’re all in debt. As they default (the majority) everything goes tits up. It’s happening world wide

>> No.49387580

>>49373924
People who bought cars during covid with gibs are retarded and deserve it.

>> No.49387611

>>49374475
In the US they can’t take homeless off of their public transportation due to racism. They never pay, they always puke and pee. Germany is a reflection of the US, things could be so well done in the US but it’s always fucked up.

>> No.49387674
File: 139 KB, 786x926, 1651420267506.jpg [View same] [iqdb] [saucenao] [google]
49387674

>>49387420
ngl that's wild.

>> No.49387697

>taking out a loan for a car

Retards kek

>> No.49387711

>>49373924
SPEEDY SPEED GOY
LATE PAYMENTS BURNIN ME

>> No.49387742

Reminder that Tesla bricks your car if you don't pay your payments, people who buy such shitty cars deserve to get fucked over by technology.

>> No.49387780

>>49373924
Idiots who bought hellcats and Nissans. You know who I’m taking about.
Financing a car is so retarded. You get raped on interest and it depreciates. Drive what you can afford in cash until you can afford something better in cash.

>> No.49387810

>>49387780
>you get raped on interest
I financed a new car with no interest rate. Just don't have shit credit.

>> No.49387886

>>49387810
I’m referring to the people described in this article. People who buy a car they can’t afford to try and impress people.

>> No.49387900
File: 34 KB, 512x512, 1636511905955.jpg [View same] [iqdb] [saucenao] [google]
49387900

>>49387697
>Buying your car using cash like you're fucking boomer dave ramsey
>Not taking a sub 3% credit union loan during high inflation on your shit fiat and drag the payments out as long as possible like 7 years
The absolute state of the financially illiterate

>> No.49387919

>>49373924
>just buy an electric car bro

>> No.49387943

>>49373924
Not my problem. Literally what are they gonna do, take my non-existent money?

>> No.49387970

arguably it's better to live paycheck to paycheck, maxing out your credit and shit, buying toys constantly, then die at 60 versus. live like a frugal faggot and die at 80-85. then again, being old probably isnt bad since you can sit on PC, smoke weed, and play with doge.

>> No.49387985

>>49374424
>be boomer
>go into a random store at age 17
>give the store owner a firm handshake
>he takes a chance on you and makes you shift manager
>able to own a house in the cul-de-sac and support a family of 5 and retire before 60
vs
>be zoomer
>have to go into a 6 digit debt to afford higher education which has become a prerequisite if you want to earn a salary above the poverty line
>need to have extensive knowledge of the economy, financial instruments, and global politics if you want any chance of being able to retire
>becoming a homeowner is little more than a distant dream
and boomers will always claim they had it harder. can't wait all the fucking dinosaurs to die off

>> No.49388111

>>49387810
>I financed a new car with no interest rate
The interest was baked into the sales price brainlet.
>>49373924
>>49378998
Still waiting for that link cocksuckers.

>> No.49388167

>>49387970
>better to live paycheck to paycheck
Imagine thinking like this and feeling your opinion on finance is important.

>> No.49388220

>>49387970
Or, and I know this is going to sound crazy but. Put 10-15% of your income into a retirement funds and not have to worry about surviving in your 60's.

>> No.49388257
File: 237 KB, 1200x956, 1200x-1.jpg [View same] [iqdb] [saucenao] [google]
49388257

Alright guys which should I get
>Toyota Camry/Corolla
>Honda Accord/Civic
> Mazda 3 if I find one cheap enough

>> No.49388262

>>49373924
Haha where's your daddy Elon now?

>> No.49388264
File: 196 KB, 828x1792, 02E72D14-4CC8-4CFF-A17C-5AD652E275EB.jpg [View same] [iqdb] [saucenao] [google]
49388264

>>49388220
hi boomer

>> No.49388274

>>49387810
>I financed a new car with no interest rate.
Did you read the fine print? They usually have a inflation adjustment clause that triggers if the official inflation rate reaches a threshold.

Also this>>49388111

>> No.49388296

>>49388264
Why yes I'm a 30 yo boomer with a multi million dollar retirement fund. I'll be able to even afford rent through retirement if I'm forced to.

>> No.49388297

>>49387900
>loose job during the 7 years
>default
it ain't that easy

>> No.49388386

>>49388111
Here's the link from the OP retard, is google too hard for you?
https://www.nbcnews.com/business/consumer/gen-z-millennials-default-auto-loans-far-greater-rates-pandemic-rcna31479

>> No.49388399
File: 55 KB, 680x1069, 1636508023272.jpg [View same] [iqdb] [saucenao] [google]
49388399

>>49388297
>He's still a wagie too
>He scared he can't make a fucking car payment if he loses his precious job

>> No.49388413
File: 148 KB, 514x496, 1646343880756.png [View same] [iqdb] [saucenao] [google]
49388413

>>49388399

>> No.49388460

>>49388257
Toyota if you have the money for it. The Honda will be abit cheaper

>> No.49388652

>>49388257
>>49388460
I should clarify that I'm looking for used or certified pre owned. Camry is the front runner right now

>> No.49388741
File: 125 KB, 594x594, 1635894313657.png [View same] [iqdb] [saucenao] [google]
49388741

>>49388652
Toyota/ Lexus master race, do the Camry nigga, Corolla is a great choice also if you don't mind having less space, I use to drive a Corolla and now that I'm less poor I'm in a Lexus IS 350

>> No.49388874

>>49378473
>>49385376
It literally shows NBC at top left you lazy tranny. You can google the title and add NBC to the result

>> No.49388883
File: 32 KB, 329x329, 8rhf1ztco2k31.jpg [View same] [iqdb] [saucenao] [google]
49388883

Imagine taking out a loan to get a brand new cuckbox full of nanny tech when you can get an old Honda or Toyota shitbox and have a lower curb weight, less complicated repairs, and most importantly not be in debt.
>BUT MUH APPLE CARPLAY
Zoomers are pathetic.

>> No.49388997

>>49379331
I guess no one ever commits like me. I bought a reliable beater for $2k cash and called it a day.

>> No.49389075

>>49388883
I’m not buying your broken piece of shit schill.nice try.

>> No.49389104

>>49389075
Good goy, put yourself in debt to get a gookbox crossover because you believe that old JDM cars are inherently broken.

>> No.49389119

>>49373924
gen z impacts the economy in two ways...
college level = take out student loans, bid up services, never repay loans
loser level = take out auto loans to make pocket change with door dash

>> No.49389316

>>49388167
i dont live paycheck to paycheck. but there are retards out there maxing out their credit having a blast. will they have money to retire? no. but, it's possible having 2x fun living until 60 is better than 1x fun living until 80.

>> No.49389425

>>49388257
>>49388652
Toyota/Lexus master race confirmed, I prefer corrolas, but both are good

>> No.49389440

>>49388997
I just sold my two year old Volkswagen for more than I paid for it brand new. Get on the car ladder, pleb.

>> No.49389459

>>49388257

Elantra

>> No.49389528

>>49388741
>>49389425
Thanks guys will look at some Corolla prices near me

>> No.49389634

Car loan Forgiveness

>> No.49389806

>>49389634
God please no. Any time the government gives assistance to anything the price of it exponentially increases.

>> No.49389820

>>49389806
>Any time the government gives assistance to anything the price of it exponentially increases.
We need that for college

>> No.49390349

can't wait to get a Porsche when the rich trustfund kiddies can't afford to maintain an expensive car

>> No.49390546

>>49390349
Cheap 911 will be the new civics

>> No.49390846

>>49390546
checked the prices for a 911 and the cheapest goes for £22k and its made in 2005

>> No.49391602

>>49390546
BRO FUCKING PLEEEEEASE
I just want a car that doesn't look like it was designed by a mentally feeble w*man new grad
Give me foxbodies or widebodies or literally anything but the homogenous mess of body shapes we have for cars today

>> No.49392237

>>49374495
I take public transit to and from work. It costs like $100/month versus about $300/month plus gas if I drive in