More low-income Americans struggle to make car-loan payments

Alexa, Who Was President? NYT Omits Biden in Story on Growing Car Payment Delinquencies

The New York Times came out with a story on rising car payment delinquencies that at first glance would make readers think it was President Donald Trump’s fault. But — as always — the devil’s in the details: This issue was a lingering carry-over from the Biden administration.  “Lower-Income Americans Are Missing Car Payments,” Times business reporter Sydney Ember’s October 20 headline read. She wrote that “Inflation and a tough job market are ma…

More low-income Americans struggle to make car-loan payments

NEW YORK — More Americans are struggling to make their monthly car-loan payments, a sign that lower-income consumers are under growing financial pressure. The share of subprime auto loans that were 60 days or more past due reached a high of nearly 6.5% in January and has lingered near that level, according to Fitch Ratings. Repossessions have swelled, more drivers are trading in vehicles that are worth less than they owe and lenders such as CarM…

Lower-Income Americans Are Missing Car Payments

“More Americans are struggling to make their monthly car-loan payments, a sign that lower-income consumers are under growing financial pressure,” the New York Times reports. “The share of subprime auto loans that were 60 days or more past due reached a high of nearly 6.5 percent in January and has lingered near that level, according to Fitch Ratings. Repossessions have swelled, more drivers are trading in vehicles that are worth less than they o…