All articles tagged with #auto loan
A woman in San Antonio experienced a stressful ordeal after purchasing a truck, discovering a $13,000 discrepancy in her loan balance due to dealership misconduct, leading to ongoing legal and credit issues. She advises careful review of contracts and filing complaints with authorities to address such scams.
A Florida woman is facing financial trouble after her husband made a costly decision to purchase an electric vehicle they couldn't afford, leaving them with over $20,000 in negative equity on the auto loan. Financial expert Dave Ramsey advised them to sell the car privately for around $50,000, leaving $12,000 in negative equity to cover. He suggested taking a personal loan to settle the remaining debt, emphasizing the need to learn from their financial misstep and move forward with a more affordable vehicle.
The Federal Reserve Bank of New York's Quarterly Report on Household Debt and Credit reveals a $212 billion increase in total household debt in the fourth quarter of 2023, with rising delinquencies in credit card and auto loan transitions, particularly among younger and lower-income households. Mortgage balances, home equity lines of credit, credit card balances, and auto loan balances all saw increases, while delinquency transition rates for credit cards and auto loans rose. The report provides insight into U.S. consumer credit conditions and aims to help various entities better understand and respond to trends in borrowing and indebtedness at the household level.