A record seven million Americans are more than 90 days late on their auto loan payments, and millennials are clearly leading delinquency rates, according to a report by the New York Fed.

The NY Fed found that the number of new auto loans and leases appearing on credit reports in 2018 reached a new peak � the highest level in the 19 years they have monitored the data � at $584 billion.

Looking at the number of auto loans in serious delinquency, the researchers noted that there was a �sharp worsening in the performance of the loans held by borrowers under 30 years old between 2014 and 2016.�
https://finance.yahoo.com/news/car-payments-missed-credit-scores-171533526.html

They can't pay because they don't or won't work. Have several that I work with that are not motivated to do no more than the minimal amount to earn a check. They are commissioned paid and once they hit the level for them to be able to party they shut it down. We have been forced to hire twice as many as needed to meet our goals.

But they all qualified for the loans.

Fresh out of college and heads fully indoctrinated with euphoric socialism, the entitlement crowd enters the workplace. I've witnessed it first hand. It is not pretty.

Hope they bought lots of F150's so I can get a good deal on a repo.

F250's when oil fields crash again.

yourself and the repair shops. GMs too. Current topic getting a lot of action on the Tundra forum is about people trading their GMCs in for Tundras. Not sure what is going on but the problem is probably 2 fold. One they want more than they can really afford and two the auto dealers want to sell vehicles.

They keep waiting for mommy and daddy to bail them out like they have done their entire lives.

I have to be fair on this issue. When I was in my 20's, I was very cavalier about credit and paying on time. It did the usual damage to my credit rating, and it took me the next decade to unscrew it and learn to pay on time.

So it's hard for me to say that this is just a millenial problem.

I cosigned once for each of my sons. Twice I collected said vehicles, sold them, paid off the loans and left them walking. It has been YO-YO from that point on. Now they pay their bills.


yo-yo= you're on your own

Go find me the study that says 50 to 60 yr olds are the most delinquent from any generation. No matter the era youngs are going to be the irresponsible ones.

its so much harder for kids these days. you know how dang easy it was back in the day. You could afford a car and an decent apartment with a buddy with a carp job.
Your dreaming if you think they can. 2 guys working young people jobs trying to afford a 1400 mth apartment and a cheap car is about all they can afford. I didn't have a cell phone payment.
my insurance was pennies. me and my buddy paid 400 a mth for a nice place. paid 200 mth for my truck. the rest was party money.

It was a lot easier back when I was growing up , we could make it Friday - Thursday with a golpher job in construction A place to stay , car and party $$ .

Yep, gopher job wages haven't kept up with rent or car payments for quite a while now. When I hear $1400/mo for a one bedroom apartment I just SMDH.

I have to agree.