It is getting worse as consumers have been gobbling up garbage loans. Delinquency rates on pools of car loans are going up. Manufacturers and lenders have been lengthening terms out to 7-10 years to bury high prices and upside down existing loans.
Serious delinquencies have gone from 3% to above 5% and overall delinquencies have gone up dramtically. A New York Fed survey published earlier this month indicated that, in the fourth quarter of 2023, auto loan delinquencies reached levels not seen since right after the Great Recession more than a decade ago.Â
Data from Tuesday by the Federal Reserve Bank of New York showed the rate at which car owners are behind on their payments hit an annualized rate of 7.7%, the highest level since 2010.Â
DAMN, the off season rahrah fluffing is in FULL FORCE. Tell Augie to pass the 7 layer bean dip.
Remember all those out of state commits last may? How many actually showed up to USC?
Ignoring local kids chasing these out of distant five stars hasn't worked for CLR so far.
15 of the 22 kids that wound up on SC's roster last year were west coast kids.
That is who actually did show up. sc