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Oh yes. It’s all going to come crashing down.
It’s kinda different to the mortgage thing in 2008 as that was people’s homes but I think it was <2% of US mortgages that got foreclosed and ‘caused’ a massive recession. In Washington something like 7% of car loans are 90 days behind and 20% are 30 days behind.
The average payment is something around $500. Folk will increasingly just stop paying and get their car taken back.
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Tried that last Saturday with our 2 year old mini countryman.
Same car now £100 a month more, was offered a cheaper mini at the same price we are paying at the moment.
Hefty
midlife
@umop3pisdn
I'd have thought it would be worth hanging on for a few months when people to have to remortage before buying a premium car (or indeed, any non-banger).
Stuff like PCP must be about to implode too right? The days of chopping in your two year old car for the latest model on the same monthly payment won't happen with interest rates increasing, and how many people will have saved up the balloon payment?