Friday, January 15, 2021

Car finance has been going through the sunroof in past few years.

Car loan lenders can seize vehicles from February

In 2019, FLA members provided £38 billion consumer car finance through point of sale. Add outstanding finance over the past few years the figure soon starts to add up. I take it there would be other lenders providing car finance too, If from Feb people are going to return their cars bought over the past few years because they can't afford or don't need them any more what happens then? It would be interesting to see how car industry handles this, as cars are generally the second biggest expense a family has. This could be a pre-cursor to what happens to housing loan in times to come. Hence posting this article here.

Posted by deepak @ 12:01 AM (906 views)
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3 thoughts on “Car finance has been going through the sunroof in past few years.

  • Hopefully they can keep the home repossessions on hold for another year and build up a huge avalanche.
    That will be interesting

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  • In order to prevent the housing bubble 20 years ago, now there are so many markets in excessive bubble territory.
    1) Tech would be one.
    EPS for the big tech is around 1-1.5% at best.
    2) Anything that has to be with tech or tech services, Veg meat, Electric cars, holiday rentals, work place rentals
    They all make a loss and at best have 1% of the market share. There market values are more than all the other companies in the field that actually make money.
    3) Crypto
    There is nothing behind this apart from blind faith and the broken current fiat system which is being devalued.
    4) Housing:
    All govt grants are still going towards more pushing up prices.

    What is worse of all most of the high paying jobs in the last five years have been in the companies in the above sector. There has been a fall in jobs in number and in value in traditional industries like banking, car manufacturing, etc.

    So if the new loss making, high salary paying sectors fails. The whole thing fall apart.

    I reckon there will be a lot of bubbles to fight before the HPC. Car finance is just one of them.

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  • landofconfusion says:

    Guess I’d better sell that motorhome…. 😉

    I read an article a while ago, if I can find it I’ll post it in the forum if it hasn’t already been done, where they were saying we need a debt jubilee. Their reasoning was that there was so much debt around that a jubilee was the only orderly(ish) way out. Not good when otherwise mainstream people start sounding like nutters.

    Time for gold & Bitcoin anyone?

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