Peaked at #2 Now #2
US Auto Loan Payments Hit Record High
CNBC data shows a record 21.2% of new-car buyers pay $1,000+ monthly, with 69% taking loans of six years or longer.
Key points
- A record 21.2% of new-car buyers now pay $1,000 or more a month, up from 19.1% a year ago, and 69% of them took loans of six years or longer, per CNBC.
- Mortgage purchase applications are down 60% from their pandemic peak and demand is back near 1995 levels, per Redfin, with mortgage rates above 7% and a record 14% of September deals canceled.
- Lenders repossessed 5,794 homes in August, up 42% from a year ago and 22% from July, per ATTOM.
Key points and the reaction summary are written by AI from the posts on this page. Check the original post. How we use AI
Original post
Top replies on X
Reaction on X: Replies are mostly mocking and incredulous, calling the auto loan a "mortgage payment on wheels" and saying there is no world where it makes sense; one suggests paying cash for a used car. No response from the original poster.
Sign in to see 5 top replies from X
From @arik_shalom, @MannyM_2003, @chrismcclanaha0 and others. Spam removed, with English and Chinese translations.
Discussion 0
Sign up Sign in to join the discussion
No comments yet. Start the conversation.