Car Breakdowns Are Making More People Fall Behind on Their Loans

The trend, noted by lenders, consumer attorneys and others, is another example of the long-lasting effects of the pandemic, which transformed the auto industry by making new and lightly used vehicles hard to come by.

This article is absurd…more like over financing and poor financial stewardship

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I have a 1999, 2002, 2010, and 2011 car, and a 2013 motorcycle. No loans, no problems, I do my own repairs. I can keep these cars running forever if I want. It's pretty easy to find a solid used car for around $7500 that can run for a decade or more.

The 3 year car loan. Saving money till you can afford what you want. Either of those make sense?

The used car dealers are asking $20K for vehicles that are 10 years old and have 160,000 miles on them. They put people in 8 year loans at 15%. Americans need to say 'no' to cars - the worst rip off in consumer history.

Some people may not know it yet, but cars have become unaffordable!

I never understood people taking a loan for a car. Buy something you own after you pay for it Damn it! A house, you can have a loan but a car? Hell no.

If the car last longer, how can people still have a loan once it reaches the age of needing repairs?

Not sure I understand. Are you implying that, should the cars stay on the road for shorter, Americans would be less likely to fall behind on car loans? 🧐

maybe we should look at how banks structure auto loans....taking a 7 year loan on a car that will be traded in in 3 years isn't smart....taking a 7 year loan on a car that won't last 7 years also isn't smart.

10 year loans on cars with a 3 year warranty was always a losing gamble.

Nah, you're way off here. It's the financial illiteracy. They're taking out car loans at 28% interest. When you're paying 1k month car note for a car that's 5 years old & older what do you expect to happen? 🙄 Personal responsibility seemingly no longer exists.

If your paying a mortgage note at $2800 and a car payment at $1000.00 what’s left from your paycheck?

Pushing peoples income to the limits so the rich can make a extra profit.

Shouldn't car loans have been paid off long before warranty expires or are loans extended for 10 years now because of Bidenflation due to cluelessness about fixing the supply chain?

My car loan was for 7 years. My car will probably breakdown before I'm finished paying for it

No. Lots of people are falling behind because they are taking out car loans they can’t afford.

One reason younger generation not getting licensed, they don’t want to be saddled with the expense of owning a car. Use of public transportation and driving services is way to go for many. They use expendable income on other things.

If an auto loan lasts more than the car age, then the car is too overpriced.

Just make the loans longer like we’re doing with mortgages 😂

This is what they want. Use the car until you can't afford to fix or buy another. Have to move to a place on the bus line. This is our future, WAKE UP.

Why is a car not lasting long enough to pay it off, before any major repairs on it are needed ?

Cars are one of the biggest grifts on the working poor in world history.

That headline is illogical.

As the recession gets Worse it’s going to get much more worse. Watch and see

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