Submitted by Tyler Durden on 05/21/2016 - 12:00
This isn't your average everyday stupid... this is 'advanced' stupid!
The automakers, their finance divisions, and Wall Street have “sold” a new $40,000 vehicle to every Tom, Dick, and Lakesha in Amurica with subprime loans, 7 year 0% interest “deals”, and low payment leases. Now, tens of millions of these dumbasses are underwater on their auto loans. But wait. These people are so f*cking stupid they NEED a new vehicle and are trading in their underwater 3 year old vehicles for another $40,000 ride. Gotta keep up with the Joneses. Just roll the old loan into the new loan and drive off the lot underwater from the get go. Simply brilliant. Meanwhile, auto loan delinquencies are soaring.
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http://www.zerohedge.com/news/2016-05-21/americas-advanced-stupid-2-stunning-charts