Auto Loan Crisis of America – Millions Would Lose Their Cars
Buckle up for a ride through the alarming landscape of the Auto Loan Crisis in America! 📉🔥 In this eye-opening video, we dissect the troubling trends and potential pitfalls that could leave millions without their cars.
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#usa #loan #carloans #crisis #economy #financialeducation
📊 The Current State of Affairs
Americans, facing the second-largest expense after homes, are increasingly caught in the crossfire of a growing Auto Loan Crisis. Join us as we unravel the complexities and delve into the latest FDIC risk review for 2023.
💡 Key Areas of Concern Explored
Explore the intricate web of factors driving this crisis:
A) Constantly Rising Prices: The aftermath of the COVID-19 pandemic, supply chain disruptions, and increased demand have propelled car prices to unprecedented highs, leaving many struggling to afford new vehicles.
B) Negative Equity: The average negative equity on auto trade-ins has surged, reaching alarming levels. We decipher the risks and implications of being "underwater" on a loan.
C) Aggressive Borrowing: Easy credit and predatory lending practices have led to a significant increase in outstanding car loans, especially among the younger demographic. We uncover the mechanisms driving this risky consumer behavior.
D) Rising Delinquencies: Delve into the unsettling statistics of delinquencies, particularly among Gen Z and Millennials, as they grapple with car payments becoming a substantial portion of their after-tax income.
🤔 What Can You Do?
If you're in the market for a car, this video offers valuable insights to navigate the treacherous terrain. Learn how to safeguard yourself from predatory practices, manage rising prices, and avoid falling into the negative equity trap.
I am Sharan Amit, a friend who talks about all things money - knowledge, inspiration, and experience sharing.
The Real Money Habits podcast talks to everyday folks who are willing to share their financial habits, challenges, and aspirations with everyone - in the hope that it resonates with and inspires the viewer. Remember, it is often faster to learn from others' experiences.
If you'd like to appear in one of the episodes of the Real Money Habits podcast, get in touch with me at [email protected] . We shoot in-person in Atlanta or remotely using the latest technology :)
DISCLAIMER:
I want to make something clear: I'm not a financial advisor. The information I provide is for educational and entertainment purposes only. 💡🎉
While I strive to bring you accurate and up-to-date information, it's important to consult with a qualified professional or financial advisor before making any financial decisions or taking action based on what you learn here. 📚💼
Remember, everyone's financial situation is unique, and what works for one person may not work for another. So, be sure to do your research, crunch those numbers, and seek professional guidance tailored to your specific needs and circumstances. 🧮🔍
I'm here to bring knowledge and transparency to your tax-filled world, but ultimately, it's up to you to make informed decisions about your finances. So, buckle up, enjoy the ride, and always keep your financial well-being in mind.
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References:
1. • Why Americans Are Falling Behind On C...
2. https://wolfstreet.com/2022/11/17/era...
3. https://www.fdic.gov/analysis/risk-re...
4. https://www.consumerfinance.gov/about...
5. https://www.newyorkfed.org/medialibra...
6. https://markets.businessinsider.com/n...
7. • Is the era of inexpensive cars over? ...
8. https://www.kbb.com/car-news/average-...
9. • Vehicle Chip Shortage: Is There an En...
10. https://apnews.com/article/auto-sales...
11. https://www.pewresearch.org/
12. https://www.automoblog.net/negative-e...
13. https://www.investopedia.com/
14. https://truthout.org/
15. https://agrdailynews.com/
16. https://www.consumerreports.org/
17. https://getjerry.com/
18. https://www.weforum.org/
19. https://www.usatoday.com/
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