Study: Automotive Debt Is Out of Control, You're Being Swindled

Consumer Reports just released the findings of a year-long stud y looking into the latest trends in automotive loans and car payments. The resulting information highlights just how explosive the debt growth has been over the last 10 years and the arbitrary way in which borrowers are now being treated.

Long story short, we’re all being swindled.

With vehicle prices ballooning and the associated loans becoming longer than ever, dealers and lenders seem to be operating whatever way yields the steepest profit margins with only a modicum of consideration being given to the established frameworks designed to act as a guard rail. This has led to U.S. citizens carrying around a record $1.37 trillion in automotive load debt and customers with good credit being treated no different than those that fall into the subprime category. Sadly, the issue appears only appears to be worsening as new economic perils are only making things more expensive. Meanwhile, data from the Federal Reserve Bank of New York is projecting national auto debt to swell to $1.42 trillion by year’s end.

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  • ToolGuy This thing here is interesting.For example, I can select "Historical" and "EV stock" and "Cars" and "USA" and see how many BEVs and PHEVs were on U.S. roads from 2010 to 2023."EV stock share" is also interesting. Or perhaps you prefer "EV sales share".If you are in the U.S., whatever you do, do not select "World" in the 'Region' dropdown. It might blow your small insular mind. 😉
  • ToolGuy This podcast was pretty interesting. I listened to it this morning, and now I am commenting. Listened to the podcast, now commenting on the podcast. See how this works? LOL.
  • VoGhost If you want this to succeed, enlarge the battery and make the vehicle in Spartanburg so you buyers get the $7,500 discount.
  • Jeff Look at the the 65 and 66 Pontiacs some of the most beautiful and well made Pontiacs. 66 Olds Toronado and 67 Cadillac Eldorado were beautiful as well. Mercury had some really nice looking cars during the 60s as well. The 69 thru 72 Grand Prix were nice along with the first generation of Monte Carlo 70 thru 72. Midsize GM cars were nice as well.The 69s were still good but the cheapening started in 68. Even the 70s GMs were good but fit and finish took a dive especially the interiors with more plastics and more shared interiors.