“Loan payments averaged $547.75 per month last year.”
Wow. That’s insanely high for an average. I understand cost of vehicles increased due to many factors already discussed in the article, but I’m guessing another factor is people aren’t putting any money down up-front causing their overall monthly payment to be so high.
“…the higher prices and payments mean that some people may have taken on more than they can handle….Schuster said. “They may have bought too much of a vehicle.””
That sounds familiar. Didn’t we already experience this around 2007 with the “housing bubble”?
It would be foolish to put any money down if you’re paying 0% interest, as long as you plan properly. That is probably one of the reasons the average monthly payment is so high.
$547.75 is an absurd average number. that is crazy talk. I know how poor the average person is, no wonder people live paycheck to paycheck, how can that be the average. I’m floored by that number. People just want to look cool in their new ride. Its just a tool to get you from A to B, be reasonable and buy smart.
Seriously ??? – although I put some money down on my car, even increasing the monthly payment to cover that down payment wouldn’t put me over $500 a month. And $550 is the AVERAGE? That’s insane, and leads me right back to my original point — didn’t we learn that we shouldn’t give out loans to people who can’t really afford the monthly payment? We’re just asking for trouble!
From the article:
“More than 7 million Americans were 90 or more days behind on their car loans at the end of last year, 1 million more than eight years ago, according to a report from the bank.”
So Americans are struggling to keep up with car payments despite the strong economy, low unemployment, etc. Maybe the elites in this country will start to pay attention to how tough life is for working class people (you know, those people who elected Trump).
Does the Green New Deal include free cars and houses to go along with free college and day care? Because if better paying jobs aren’t part of the GND, good luck getting Joe Six Pack to vote for it. (But whatever you, do don’t confront China about stealing all our jobs and technology. Oh no!)
Manufacturing jobs are way up under Trump after dropping during the 8 years of Obama. Wages are rising for the first time in over a decade and low-end wages are rising the fastest. Black and Hispanic unemployment are both at the lowest level in history and minority approval rates for Trump are rising. Working class people are no longer forced to buy expensive health insurance or pay a tax/penalty, but can buy what they want with the same subsidies under Obamacare. Trump is trying to stop illegal immigration that undeniably has lowered wages in the US (black agreement that we must stop illegal immigration: 81%). Trump is confronting China about stealing every business secret and millions of manufacturing jobs. I could go on, but maybe you should read some real news some time (get away from the Trump hating fake news – over 90% negative according to liberal media watch groups).
Can you name one implemented policy that was designed to specifically address black and hispanic employment? Or is it just a coincidence since the overall unemployment rate has been decreasing steadily since 2010?
The only way to stop illegal immigration is to eliminate the food source; employers who hire illegals for cheap labor. Why isn’t he addressing those? Oh yeah, because he is one.
Don’t be silly. Liberals have fought against E-Verify as a mandatory requirement on all employers while conservatives have long endorsed it. Big Corporations long ago jumped onto the leftist train; perhaps you didn’t notice.
Trump endorses mandatory E-verify. Your simpleton argument that Trump is only in it for himself betrays your ignorance on the subject.
Let me know when you get serious. Spouting partisan nonsense that isn’t true exposes you.
February 20, 2019 at 1:36 pm
Ron says:
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I will assume that based on your lack of an answer, the low unemployment rate among blacks and hispancs is purely coincidental. just like many things for which President Trump likes to take credit.
If he is such an advocate for E-verify, why wasn’t his organization using it? Or were the illegals being hired smarter than his employees who hired them?
February 20, 2019 at 2:45 pm
Craig Cornell says:
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What a racist question, asking what Trump has done specifically to help black or Hispanic unemployment.
They are Americans, working class Americans. Only silly leftists infatuated with dividing us with identity politics would want to pretend economic policies are specific to racial groups.
His policies help all AMERICANS. And guess what? His policies are working.
February 20, 2019 at 3:07 pm
Rosenblatt says:
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I agree with Craig – it was very racist to bring blacks and Hispanics into this conversation.
I also continue to agree with Craig that only silly people infatuated with dividing us with identity politics would want to pretend economic policies are specific to racial groups.
So I ask you Ron – why did you make the first comment about race? What made you bring up race when you wrote “Black and Hispanic unemployment are both at the lowest level in history and minority approval rates for Trump are rising”?
Oh, wait. What’s that you say? Craig wrote that?
Craig was the first person to bring race into this discussion?
So Craig just called himself a racist. That’s classic. Nice job shooting yourself in the foot in your vein attempt to troll Ron.
February 20, 2019 at 12:10 pm
Ron says:
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What are these real news sources of which you speak?
Google “Lara Logan on the media”. She can let you know.
February 20, 2019 at 1:33 pm
Ron says:
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I want to know what you consider to be real news sources, not some journalist.
February 20, 2019 at 4:06 pm
Craig Cornell says:
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To reply to Rosendope: He asked what Trump has done for working class people. I gave several measures, INCLUDING the record low unemployment for minorities. I didn’t ONLY mention that, it was part of a series of measures of success.
Is that a measure you accept? Is that a good thing, since your liberal buddies constantly call Trump a racist without evidence? Seems that statistic might show he cares about the working class, white, black, green, gay or whatever split you feel like exaggerating today to divide American further. Be honest, as hard as that is for you, it is the left that constantly bangs the race-baiting drum.
He then asked what Trump had done to accomplish that for those minorities.
Answer: the same thing he did for everyone else. No difference.
February 20, 2019 at 1:54 pm
Caldude says:
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“You can live in your car, but you can’t drive your house.”
Honest news sources: The NY Times on anything OTHER than politics and economics, where their bias is laughably exposed on a daily basis by honest people. The NY Times business section is excellent.
The Wall Street Journal is incredibly traditional in simply giving you the facts in their reporting (the editorial pages are generally conservative, but also include many left-wing voices frequently).
Glenn Greenwalt and The Intercept, very left leaning but honest reporting (important too). Sheryl Atkinson, since she left CBS and is allowed to speak to issues that matter in an honest voice, instead of spouting the usual liberal blah blah about issues that don’t matter to anyone but elite liberals trying to feel good about race baiting and America-hating. There are others.
When you have new cars that are the same price or more as small houses in my neck of the woods, what do you expect?
DC has that point right!
Hey, you can still get $10,000 off on a high end pick up. Of course, it is way over priced to start with.
Perhaps it may be due to Illegal Immigrants. I am sure that easy credit may be hurting them.
Martin – I hope that is sarcasm.. I don’t see the correlation between the two subjects.
“Loan payments averaged $547.75 per month last year.”
Wow. That’s insanely high for an average. I understand cost of vehicles increased due to many factors already discussed in the article, but I’m guessing another factor is people aren’t putting any money down up-front causing their overall monthly payment to be so high.
“…the higher prices and payments mean that some people may have taken on more than they can handle….Schuster said. “They may have bought too much of a vehicle.””
That sounds familiar. Didn’t we already experience this around 2007 with the “housing bubble”?
It would be foolish to put any money down if you’re paying 0% interest, as long as you plan properly. That is probably one of the reasons the average monthly payment is so high.
True. Although it would also be foolish to lend with these terms to begin with, which I think is the real problem.
$547.75 is an absurd average number. that is crazy talk. I know how poor the average person is, no wonder people live paycheck to paycheck, how can that be the average. I’m floored by that number. People just want to look cool in their new ride. Its just a tool to get you from A to B, be reasonable and buy smart.
Seriously ??? – although I put some money down on my car, even increasing the monthly payment to cover that down payment wouldn’t put me over $500 a month. And $550 is the AVERAGE? That’s insane, and leads me right back to my original point — didn’t we learn that we shouldn’t give out loans to people who can’t really afford the monthly payment? We’re just asking for trouble!
From the article:
“More than 7 million Americans were 90 or more days behind on their car loans at the end of last year, 1 million more than eight years ago, according to a report from the bank.”
So Americans are struggling to keep up with car payments despite the strong economy, low unemployment, etc. Maybe the elites in this country will start to pay attention to how tough life is for working class people (you know, those people who elected Trump).
Does the Green New Deal include free cars and houses to go along with free college and day care? Because if better paying jobs aren’t part of the GND, good luck getting Joe Six Pack to vote for it. (But whatever you, do don’t confront China about stealing all our jobs and technology. Oh no!)
One can also make the argument that, based on what you posted, President Trump isn’t doing as much for the working class as he said he would.
Manufacturing jobs are way up under Trump after dropping during the 8 years of Obama. Wages are rising for the first time in over a decade and low-end wages are rising the fastest. Black and Hispanic unemployment are both at the lowest level in history and minority approval rates for Trump are rising. Working class people are no longer forced to buy expensive health insurance or pay a tax/penalty, but can buy what they want with the same subsidies under Obamacare. Trump is trying to stop illegal immigration that undeniably has lowered wages in the US (black agreement that we must stop illegal immigration: 81%). Trump is confronting China about stealing every business secret and millions of manufacturing jobs. I could go on, but maybe you should read some real news some time (get away from the Trump hating fake news – over 90% negative according to liberal media watch groups).
Can you name one implemented policy that was designed to specifically address black and hispanic employment? Or is it just a coincidence since the overall unemployment rate has been decreasing steadily since 2010?
The only way to stop illegal immigration is to eliminate the food source; employers who hire illegals for cheap labor. Why isn’t he addressing those? Oh yeah, because he is one.
Don’t be silly. Liberals have fought against E-Verify as a mandatory requirement on all employers while conservatives have long endorsed it. Big Corporations long ago jumped onto the leftist train; perhaps you didn’t notice.
Trump endorses mandatory E-verify. Your simpleton argument that Trump is only in it for himself betrays your ignorance on the subject.
Let me know when you get serious. Spouting partisan nonsense that isn’t true exposes you.
I will assume that based on your lack of an answer, the low unemployment rate among blacks and hispancs is purely coincidental. just like many things for which President Trump likes to take credit.
If he is such an advocate for E-verify, why wasn’t his organization using it? Or were the illegals being hired smarter than his employees who hired them?
What a racist question, asking what Trump has done specifically to help black or Hispanic unemployment.
They are Americans, working class Americans. Only silly leftists infatuated with dividing us with identity politics would want to pretend economic policies are specific to racial groups.
His policies help all AMERICANS. And guess what? His policies are working.
I agree with Craig – it was very racist to bring blacks and Hispanics into this conversation.
I also continue to agree with Craig that only silly people infatuated with dividing us with identity politics would want to pretend economic policies are specific to racial groups.
So I ask you Ron – why did you make the first comment about race? What made you bring up race when you wrote “Black and Hispanic unemployment are both at the lowest level in history and minority approval rates for Trump are rising”?
Oh, wait. What’s that you say? Craig wrote that?
Craig was the first person to bring race into this discussion?
So Craig just called himself a racist. That’s classic. Nice job shooting yourself in the foot in your vein attempt to troll Ron.
What are these real news sources of which you speak?
Google “Lara Logan on the media”. She can let you know.
I want to know what you consider to be real news sources, not some journalist.
To reply to Rosendope: He asked what Trump has done for working class people. I gave several measures, INCLUDING the record low unemployment for minorities. I didn’t ONLY mention that, it was part of a series of measures of success.
Is that a measure you accept? Is that a good thing, since your liberal buddies constantly call Trump a racist without evidence? Seems that statistic might show he cares about the working class, white, black, green, gay or whatever split you feel like exaggerating today to divide American further. Be honest, as hard as that is for you, it is the left that constantly bangs the race-baiting drum.
He then asked what Trump had done to accomplish that for those minorities.
Answer: the same thing he did for everyone else. No difference.
“You can live in your car, but you can’t drive your house.”
Honest news sources: The NY Times on anything OTHER than politics and economics, where their bias is laughably exposed on a daily basis by honest people. The NY Times business section is excellent.
The Wall Street Journal is incredibly traditional in simply giving you the facts in their reporting (the editorial pages are generally conservative, but also include many left-wing voices frequently).
Glenn Greenwalt and The Intercept, very left leaning but honest reporting (important too). Sheryl Atkinson, since she left CBS and is allowed to speak to issues that matter in an honest voice, instead of spouting the usual liberal blah blah about issues that don’t matter to anyone but elite liberals trying to feel good about race baiting and America-hating. There are others.