Auto loan debt is increasing, accounting for nine percent of all household debt. Car debt is now second only to mortgages. The average new car price is currently $47,870. It’s no secret that cars, whether new or used, are more expensive than ever. Consequently, there’s more debt tied up in auto loans. A new report from Financial Times gives us Read More
Mercedes-Benz December is a big month for luxury car sales and leasing. Many of the luxury cars purchased in the final weeks of the year are being purchased by small business owners looking to get a bit more out of their 2020 tax deductions, such as down payments or down payments. Source: www.forbes.com
Customers who buy cars now are at risk of defaulting on their car loans, analysts warn. As car values fall, financing costs are rising. “What we’re seeing is just the tip of the negative equity iceberg,” said Edmunds analyst Ivan Drury. If you recently took out a loan to purchase a car, Source: www.usatoday.com