Monday, July 27, 2015

The Pre-Bailed Auto Industry

Since the powers that be know another crash is coming, they have engineered a pre-crash bailout of the industry.  They have allowed car loan qualifications to drop, and now people are driving cars they might possible squeak by paying now, but not when the crash comes.  Expect massive amounts of late model cars to come on the market at once, and huge savings.
By the numbers (Q1 data from Experian):
  • Average loan term for new cars is now 67 months — a record.
  • Average loan term for used cars is now 62 months — a record.
  • Loans with terms from 74 to 84 months made up 30%  of all new vehicle financing — a record.
  • Loans with terms from 74 to 84 months made up 16% of all used vehicle financing — a record.
  • The average amount financed for a new vehicle was $28,711 — a record.
  • The average payment for new vehicles was $488 — a record.
  • The percentage of all new vehicles financed accounted for by leases was 31.46% — a record.

Job #1 right now is to get rid of all yout debt.


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