Why Are So Many Americans Missing Car Payments?

One of my vehicles is a 1996 Ford Econoline high top conversion van with the 351 W engine. I paid $7000 for it back in 2004. Currently it has about 560,000 miles on it and its still running strong. I only drive it about once or twice a week now because i have two other vehicles with lower mileage on them. The only thing wrong with my van is the air conditioner is not working. The compressor and the condenser need to be replaced. I am thinking about taking my van to the local RV motorhome service center and get them to install a small rooftop mini split ac unit like they have on some RV's. They told me that cutting a hole in the roof is no problem and all i need is a power invertor that has at least 2,000 watts

Car prices are nuts, financing them at high rates because your credit versus debt make you a high risk, and stop telling yourself you deserve to have this (pick your poison) awesomest car ever. A NEW car is never a must have expense. Transportation is needed, not an astronomical monthly payment for the vehicle, the insurance, and the upkeep. Next time that new car advertisement comes on, mute the volume and check your email until the show comes back on. Get over it!

Simple answer. Because Eb needs more work.

My last 3 cars were all financed by the manufacturer. 2004 CFS. 2014 HSF and 2024 TFS all had great rates.

Never try to keep up with the Joneses.

This is sad because a vehicle is needed for more than convenience. Employment and important appointments

I paid off my car note after three years, BUT the value had really dropped even though under 50,000 miles a a desirable GMC Terrain

Im looking at getting a new cargo van. I would have loved to get a used one to save a butt load of money but unfortunately of what i want they have extremely high miles, have been beaten the crap out of and they are asking for stupidly high prices for them.

What i am wanting is a Ford cargo van with the high roof and extended cargo area. Im tired of having to bend over all the time and i want more space. The only ones for sell are vans used by companies whos drives beat the crap out of them and the companies only fixed what they outright had to to keep the van on the road. If they could skip on mantance or repaies they would have.

Cash car only 🫡

I heard you make a comment in the video , “how do we get Americans out of here and spending more money”. THAT is the problem. People already spend too much money they do not have and too many banks, and car dealers, that allow it via their crappy lending practices. STOP allowing any negative equity to be rolled over into a mew loan. STOP allowing people to finance 95% or more of a vehicle loan.

Don't buy cars you can't pay cash for. That is all.

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So dealers saying we can’t help these people they are so over leveraged when they are the ones that sold them over expensive cars even with a premium on it. Lol.

Before Ronald Reagan you could deduct any interest paid from federal taxes.

No crash is coming.

Because they sign anything put in front of them without understanding how badly they are being hosed. Salesmen love people like that.

I drive a 2002 accord.

It costs $0 a month and approximately $120 in maintenance averaged over 3 years.

So far I haven’t missed a single $0 monthly payment but wish me luck!

In my part of world, you save some money, and go to by car what you can afford.

You been upfront since I started watching you i hope you sell lots of cars 🛻🚙🚚

I’ve been wanting a newer car until I see the prices. They can let them rot

And people should stop blaming the dealerships for this. They are in the business to make money. They’re not in business to help you financially. They do not know your personal finances. And many people can easily afford to pay over MSRP. Some people are happy to pay over MSRP. It’s not the dealerships responsibility to keep your finances in order. Only the customer is to blame for getting themselves into these situations with the negative equity. Only you know your financial situation we have to stop trying to keep up with the Jonesesin this country.

As a guy who leases a new car every two years, I can assure you, you will never get a better deal than sitting, face-to-face with a salesman, or even better still a manager at a dealership. Ready to take the car home that day. Call you around dealerships, asking them to go locate a car for you, and ask you for a discount will never ever give you a good deal. Be face-to-face with the car they have on the lot right there. Make sure that sales manager is staring at your car that you want. They don’t like to order, they don’t like to locate. They like to sell what they’ve been looking at for once. Learn how to find out how old the car is. Just look at the bill date on the sticker in the door jam.People overpay for cars because they’re not doing their homework.

I noticed yesterday that everything was way more expensive at the grocery store. I saw a slight increase before, here and there but never this bad. I know it's only going to get worse too. Out with 4 bags of groceries for $109.

You should do a podcast on Sprinter Van (camper van). How all these people went out during Covid and bought them way-way over priced and are trying to off load them for way to much.

haven't been able to sell my cars since 2022 deep red dog shit market.

Learn and earn.

Buy 2-4 year old used Toyotas/hondas for $20-25k and pay them off quickly. In 2-3 years they are still worth $15-20k and u have an asset you’re driving that’ll come in handy in emergencies where you might need to come up with $10-20k cash.

I'm not exactly missing my car payments, if you know what I mean.

Glad the Bronco flex is over. They are everywhere and the people who bought them from 2021-2023 will probably be some of the worst upside down on their loans. 30k over MSRP on basically a mid size Ford SUV

Here I am looking at my 2008 Civic with about 57K miles on it laughing my ass off.

Miss my payments? I can hardly stand em! Bah dum tss

Food stamps, student loans, layoffs and now can't pay their car loans😅. Oh the delicious irony of the living their best life crowd