Car loans are +10%, What The Heck!??

[Corbic]

So took the wife to look at some pre-owned Mercedes today. While there the sales guy was talking about how he's able to get rates as low as 9.5% on Cert Pre Owned with excellent credit.

I was like, say what?

He said typical used rates are 10.5-16% depending on credit.

I just don't get it anymore. I'm officially old and out of touch with this world.

Cars have doubled in price and rates have doubled in cost in just three years.

 

[gimmie11s]

Perfect storm (high prices + high rates) for the eventual tumbling of consumer goods markets creating prime opportunity for the tight asses with cash waiting to pounce.

Hang tight dude.. it's coming.

 

[supercharged91m]

Everything is out of control right now I still can't believe what my wife is paying for her new escape I almost fell out of my chair

 

[Morgan]

Perfect storm (high prices + high rates) for the eventual tumbling of consumer goods markets creating prime opportunity for the tight asses with cash waiting to pounce.

Hang tight dude.. it's coming.

I keep hearing this, but I can’t seem to locate the crystal ball to predict the when.

 

[Deceptive]

Perfect storm (high prices + high rates) for the eventual tumbling of consumer goods markets creating prime opportunity for the tight asses with cash waiting to pounce.

Hang tight dude.. it's coming.

I think we are a good two years off from that. I think the Fed and POTATUS will keep bleeding the American people dry.

I hate conspiracy theories but I can’t help but think that there goal is to make any household under $250-300k/yr into lower class feeling poor.


A coat hanger can bring out the kid in you.

 

[Corbic]

I think we are a good two years off from that. I think the Fed and POTATUS will keep bleeding the American people dry.

I hate conspiracy theories but I can’t help but think that there goal is to make any household under $250-300k/yr into lower class feeling poor.


A coat hanger can bring out the kid in you.

One thing I've read about the mortgages.

When rates go down, prices will go up again. So it's all moot. The .gov ****ed us all. They should have left rates at 4% and dried up the money supply by backing off all the handouts. The Fed thought housing prices would come down with rate increases but they didn't. To many investment cash buyers and to many people not willing to give up their existing mortgages.

 

[ZiaRunner]

You’re almost better off looking at some promotional rates on new cars. 3.9 on Subarus I see 0.9 on explorers etc.

 

[gimmie11s]

I keep hearing this, but I can’t seem to locate the crystal ball to predict the when.

Wish I had one! What I do know is what's happening now is no sustainable.

Credit card debt in the US is at a historic high. People cannot afford current prices and current way of life. This we know.

 

[triple-s]

I was going to buy a new daily but after looking at car prices and rates I was like forget that so I just bought a 2002 Honda civic with 75k miles for 6 grand cash. It's not the best car but it'll do the job.

 

[MG0h3]

One thing I've read about the mortgages.

When rates go down, prices will go up again. So it's all moot. The .gov ****ed us all. They should have left rates at 4% and dried up the money supply by backing off all the handouts. The Fed thought housing prices would come down with rate increases but they didn't. To many investment cash buyers and to many people not willing to give up their existing mortgages.

The correction doesn’t happen over night. Took us quite a few years of super low rates and free money to get here.

Going to take a couple years before the high rates and lack of spending to cause the recession to get inflation down.


Sent from my iPhone using the svtperformance.com mobile app

 

[DSG2003Mach1]

Dude was FOS. Navy federal website shows used loans in the mid 5s.. still high but not crazy

 

[1 Alibi 2]

I hope the public remembers this when it's time to vote !!
.

 

[CobraBob]

Genesis is advertising 3.49% for 60 months for a new car.

A local credit union is advertising 5.39% for a used car (2022-2024) for 36 months.

 

[VRYALT3R3D]

I thought we pay cash for everything on SVTP???

 

[SHIFTYBUSINESS]

I guy at my job just got a new Kia something and his rate is 9%. I think his credit is in the 650-700 range so that could be a big part of it.

 

[Relaxed Chaos]

I hope the public remembers this when it's time to vote !!
.

It's cute that you think voting matters.

80 million votes. NOT 80 million voters.

 

[13COBRA]

That salesman was an idiot. Lol

 

[VegasMichael]

That salesman was an idiot. Lol

Sounds like he was fishing for idiots too.

Edit: I have seen used car loans with an APR of 29%. Eek gads. It's way worse than I had thought once I started looking at the rates.

Best Auto Loan Rates & Financing in 2024: Compare Lenders - NerdWallet

Compare car loans from multiple lenders to find your best rate and learn what you need to know about financing before you apply.

www.nerdwallet.com

 

[13COBRA]

Sounds like he was fishing for idiots too.

Edit: I have seen used car loans with an APR of 29%. Eek gads. It's way worse than I had thought once I started looking at the rates.

Best Auto Loan Rates & Financing in 2024: Compare Lenders - NerdWallet

Compare car loans from multiple lenders to find your best rate and learn what you need to know about financing before you apply.

www.nerdwallet.com

Yeah, states have limits on what they can charge. Missouri's is 29.99%.

I can't remember the last time I saw someone actually get that though.

Excellent credit borrowers are still getting 5-6% for 72 months.

 

[Lambeau]

That salesman was an idiot. Lol

No. He was doing his job making money for the company.