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Figures from two consumer credit tracking firms, Experian and TransUnion, show record amounts of auto loans on the books at the end of 2014. Not only were drivers buying more cars than any year since 2006, but they were spending more on each car they bought.
Concerns of a bubble in subprime auto loans reported at the end of last year are not backed up by the numbers, according to Melinda Zabritski, senior director of Experian's automotive section. Related: Cool cars from the Geneva auto show "We're not seeing it," she said. "If I'm comparing today's market to the lack of subprime financing in 2009, sure there's growth. But compared to last couple of years, it's pretty stable. It appears to be well managed."
Average payments rose a bit more slowly, thanks to borrowers taking out longer-term loans and better credit scores of borrowers resulting in lower interest rates. The average new car loan was $482, up $11, while the typical used car loan was $355, up only $3.
originally posted by: MagesticEsoteric
a reply to: asmall89
Vehicles are the worst investment....period.
If I don't fully own the car that I drive....I won't drive it.
Wake up folks. I don't care who u r trying to impress...it's a waste of your time and money.
If it gets you from point A to point B....That's all you need.
sheesh.
Other than that....it's just a status symbol. Nothing more or less.
originally posted by: SubTruth
originally posted by: MagesticEsoteric
a reply to: asmall89
Vehicles are the worst investment....period.
If I don't fully own the car that I drive....I won't drive it.
Wake up folks. I don't care who u r trying to impress...it's a waste of your time and money.
If it gets you from point A to point B....That's all you need.
sheesh.
Other than that....it's just a status symbol. Nothing more or less.
Investment......Not unless you are rich........Needed.........Yep.