Auto loan delinquency rates jumped nearly 13% in the last year http://www.zerohedge.com/news/2014-11-24/auto-loan-delinquencies-surge-18-among-young-americans
little known secret of the finance world: when you go bk the judge will write off all your other debts so you can pay off your IRS bill and student loans! Judges pensions are dependent on keeping the Public Sector alive.
This is great. First buy a house with no money, then go to 100k a year college with no hope of job, then legalize marijuana and smoke that all day, then get cars and iphones and pay nothing........compare this to either (a) crooked mtg brokers or wall street fraudsters, or (b) 12-hour a day workers with nothing to show for it. since student loans not discharged, i can see the next chapter being all students going to Canada and trying to exploit the health care system. how can you go through life without living in a million dollar house, driving a 50k car and having at least two rolexes? i must email my sheep now and tell them to work harder.
I say discharge them from the bondage of debt and allow them to buy houses....again. Or at least fiddle with the lending ratios! Grandma Fannie is up to her old tricks so i am told. Bahhh.
Since I actually sell cars, I think I know the market a little bit. It's pretty easy to get a car loan if your credit is at least OK and you have decent job history. But once you screw up, you're screwed for awhile. Young people are not buying fancy, expensive cars. They are buying simple commuter/everyday cars. I know how much that disappoints you all. Also young people don't live in mini mansions (unless they are still with their parents). I am the only person I know under 30 that owns a house. I bought a 2 bedroom 1100 sq ft house 3 years ago. If I wanted to buy something today, I probably wouldn't be able to. My income is flat to down from that time, housing prices have gone up 30% in my area, FHA requires more money and charges more fees and PMI is now required for the entire length of the loan. Yes that's right all 30 years!! It only gets harder and harder for young people. Old people got cheap education, cheap houses, plentiful jobs with pension plans and a stock market that goes up everyday. Young people get the opposite yet they are spoiled brats who think they are entitled to everything. Old people do not think they are entitled to everything, because they already have everything! But they're convinced they worked so hard for it. If young people are so dumb and lazy, how come old people can't even figure out how to use the navigation in their new car, yet my 1 year old niece can turn on her iPad and figure out how to watch YouTube?
It's not a matter of being too dumb to figure it out. That's like asking me why I am too dumb to clean my own house or cut my own lawn. Why should I? Why should I bother to figure out all the stuff in my fancy car, when I have the people at the dealership who can instantly answer my questions? I have better things to do than read a 4-inch-thick owners' manual, like go drink some pricey wine with my friends or even--yes, do some work to pay for my next fancy car that I won't know how to use either...that's why us old people don't know how to use our cars.
It's common knowledge that a person's learning ability declines with age. Also, the older you get, the less impressed and interested you are with new things (women excluded, I suppose). Opening Youtube on a tablet is certainly not the metric for intelligence.