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Trump Destroys Economy!

Mass reposessions are coming as 33% of Americans are upside down on their car loans
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Mass reposessions are coming as 33% of Americans are upside down on their car loans - NewsBreak

Finance and commentary YouTuber Orlando Miner says a lot of Americans are learning a brutal lesson about car debt, and they are learning it late. In his la

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Show threadThe Penguin of Evil5h ago

@Free_Press Doubt it

When 5% of people are in default you have a repossession and second hand car market
When 10% of people are in default you desperately have to try to give them more time/credit
When 20%+ are you have to ask uncle Trump to print a billion dollars of free money and bale you out

Show threadMysturji5h ago
@Free_Press @Free_Press
Umm… but how will that help them sell more petrochemicals?
Show thread0x575446, Fifth Columnist4h ago
@Free_Press Isn't this basically normal for new cars? A car loan is underwater immediately after driving off the lot. Average car depreciates 50% over the first 4 years, so with a prime rate of 5% over 4 years on the average $40K new car price with 10% down, you're underwater for the first ~16 months or one third of the loan duration. Used cars are better because the depreciation is lower, but 33% in aggregate isn't terrible. The buried lede is people rolling negative equity - that's a disaster.