Elon Musk: Auto Loans Could Be Source of ‘Biggest Financial Crisis Ever’
The automotive market may be under stress as several experts call for a massive wave of repossessions in ...
www.theepochtimes.com
Used car market has been ridiculously high over the last few years. Obama screwed up the market with his "Cash For Clunkers" program and it has been a mess since. The Pandemic created the perfect storm, banks and the feds, as usual, further exasperated the problem with their lending practice and easy money policies. Now some of these banks are ignoring the "Golden Rule" of auto financing by allowing people multiple loans on multiple cars, that never works out well. When things get tight people tend to become very selfish, ignore their obligations and ignore the future consequences of their decisons. WIth all of that said, if things go as many think used car prices are about to drop like a rock.