{"id":1436660,"date":"2023-11-01T10:55:00","date_gmt":"2023-11-01T14:55:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1436660"},"modified":"2023-11-01T10:55:00","modified_gmt":"2023-11-01T14:55:00","slug":"americans-panic-search-give-car-back-as-subprime-auto-loan-delinquency-erupts","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/americans-panic-search-give-car-back-as-subprime-auto-loan-delinquency-erupts\/1436660\/","title":{"rendered":"Americans Panic Search &#8220;Give Car Back&#8221; As Subprime Auto Loan Delinquency Erupts"},"content":{"rendered":"<p><span class=\"field field--name-title field--type-string field--label-hidden\">Americans Panic Search &#8220;Give Car Back&#8221; As Subprime Auto Loan Delinquency Erupts<\/span><\/p>\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p>Recent data from Edmunds reveals that an unprecedented 17% of American car purchasers now have monthly car payments of $1,000, a significant increase from just 7% three years ago. This trend highlights the extent to which consumers, despite being financially stretched, are willing to take on massive auto debt in these uncertain economic times as macroeconomic headwinds pile up.<\/p>\n<p>New Google data, first revealed by X user\u00a0<a href=\"https:\/\/twitter.com\/GuyDealership\/status\/1719019624367272029?s=20\"><em>CarDealershipGuy<\/em><\/a>, shows Americans are searching &#8220;give car back&#8221; on the internet has soared to a record high.\u00a0<\/p>\n<p><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/F9svPMpWcAA75HA.jpg?itok=JAcw3Op3\"><\/a><\/p>\n<p>CarDealershipGuy added, &#8220;For everyone DMing me: No, you can&#8217;t &#8220;give back&#8221; a car &#8211; That&#8217;s a repossession.&#8221;<\/p>\n<p>This year, we have been dutifully tracking the auto sector, considered a leading economic indicator, to pinpoint the arrival of the crushing auto loan crisis and even the possibility of the onset of the next recession.<\/p>\n<p>The latest sign of an auto crisis\u00a0<a href=\"https:\/\/www.zerohedge.com\/markets\/subprime-auto-loan-delinquency-erupts-reaching-highest-rate-record\">emerging materialized<\/a>\u00a0in recent weeks:<\/p>\n<p><em>The percent of subprime auto borrowers at least 60 days past due on their loans rose to 6.11% in September, the highest in data going back to 1994, according to Fitch Ratings. -Bloomberg<\/em><\/p>\n<p><a href=\"https:\/\/assets.zerohedge.com\/s3fs-public\/inline-images\/2023-10-21_09-44-13.png?itok=tAU5GTWY\"><em>Source: Bloomberg\u00a0<\/em><\/a><\/p>\n<p>What&#8217;s clear is the subprime borrower, who took out 84-month +$1,000 monthly car payments, is getting squeezed in the high-rate environment.\u00a0<\/p>\n<p>The auto loan crisis, something we called a &#8220;<a href=\"https:\/\/www.zerohedge.com\/economics\/its-perfect-storm-more-americans-cant-afford-their-car-payments-during-peak-financial\">perfect storm<\/a>&#8221; earlier this year, appears to be unfolding.\u00a0<\/p>\n<\/div>\n<p>      <span class=\"field field--name-uid field--type-entity-reference field--label-hidden\"><a title=\"View user profile.\" href=\"https:\/\/cms.zerohedge.com\/users\/tyler-durden\" class=\"username\">Tyler Durden<\/a><\/span><br \/>\n<span class=\"field field--name-created field--type-created field--label-hidden\">Wed, 11\/01\/2023 &#8211; 06:55<\/span><\/p>\n<p>\u200b<a href=\"https:\/\/www.zerohedge.com\/markets\/americans-panic-search-give-car-back-subprime-auto-loan-delinquency-erupts\" target=\"_blank\" class=\"\" rel=\"noopener\">https:\/\/www.zerohedge.com\/markets\/americans-panic-search-give-car-back-subprime-auto-loan-delinquency-erupts<\/a>\u00a0<\/p>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Americans Panic Search &#8220;Give Car Back&#8221; As Subprime Auto Loan Delinquency Erupts Recent data from Edmunds reveals that an unprecedented 17% of American car purchasers&#8230;<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1436660","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-61JW","jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1436660","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1436660"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1436660\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1436660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1436660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1436660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}