It's the housing bubble all over again. People getting loans for things that they shouldn't have been eligible for in the first place.How cool is that...
The auto loan business is a big bubble, imo. The price of cars and the length of loans is crazy. Had a 19y.o. apply for a loan. He was working as a temp and someone made him a loan on a new jeep for $750/mo. He hadn't even made his 1st payment yet. That one's going back.
The difference is that it's legally and physically easier to repo a car than to kick people out of a house.... So I'm not sure if it's going to have the same results - but still.
And for the love of fuck I'm trying to be a used SUV and these fucking Toyota RAV4s are holding their value. I see used ones for $22k - yet I can buy a new one for $25k. wtf mate?