2021 is predicted to be the Car Repo Year!

[ChargerChallenger]

The ongoing Covid Crisis and Businesses being forced to close is huge which I feel the Economic Collapse is on our doorstep. Unbeknownst to many, people are not making car payments, boat payments, RV payments, Motorcycle payments, House payments and or Rent, Tax payments, utilities payments........etc. The Covid crisis has put a stop in Court Orders, State agencies and Counties going after unpaid taxes, IRS has stopped collections, Car companies taking your car, lenders from filing liens, renters being evicted, utilities turning off your power, mortgage companies from taking your house.........etc. I am amazed at how so many people are either out of work and or not working as much but yet the media won’t talk about it. 2021 is going to be worst than 2020 since eventually the vaccine will start to bring things back to being open but you’re talking late first quarter of 2021. Once rhe Covid protection is lifted the above mentioned ongoing issue will be huge since consumers won’t be able to hide anymore.

https://www.caranddriver.com/news/a34813379/auto-repossessions-predicted-up-2021/

 

[DGatzby]

You are saying the new people in DC won’t be fronting cash to all of these people to help them out? I have been hearing that nearly 80 million voted for this new exciting deal of free college, no taxes for everyone making less than $400k per year, free medical and free new electric cars and paid electric utilities for everyone. Oh, and get rid of all those old expensive gas burning polluting shit vehicles. I am sure the new government can spare some additional grants to help those institutions get through this tough period where they made too many vehicles and enticed all these poor souls into ten year zero interest loans. Massive tax credits will be offered for small electric scooters and vehicles to get everyone “through this”. If all that is free surely they will scrape together just a few more bucks to help everyone to continue afford their new cars, homes and boats! Taxes you say? Certainly if people have not been working for the past nine months they cannot be expected to pay any sort of tax? They can just put that off for a while longer, legalize weed nationally and mellow everyone out. People like you certainly can pay more right? How can they let there be an “economic collapse”? Come on, just look at the stock market, it is hitting new highs anticipating what is to come.

Seriously all those cars, guns and assets of yours will be diluted and either taxed more or simply taken so that everyone around you can also share in your hard work. Coming soon!

I drive through several “bedroom communities” everyday to the office where our construction company has continued work as usual. There may be six others doing the same, otherwise hardly another soul is working. Been that way here in New Somalia since the King locked down all business except the businesses he has committed contracts to pay like ours for his road work. Otherwise he knows we can sue the living shit out of his State and make big bucks. But damn, seen the traffic all weekend at the shopping centers? See the stats from online? Looked at the stock price of Amazon?

 

[Slowpoke387]

^^^ And this is all somehow new? Since the election? Cmon.
Here’s how I see it as an extremely politically unbiased observer.
I seem to remember stimulus checks going out long before the election. DC has been dishing out free cash left and right already, bailing out failing small businesses already - under the current administration. Not to mention that article says no new free money is on the horizon yet. No one new is rushing to give away free money that I can see yet.
When taxes are implemented to pay for it will they only be required to pay for grants and free money (like stimulus checks) that were issued after Nov. 3rd? Prob not. Pretty sure someone has to pay for the 2020 free money too. Also isn't unemployment money taxable? People who received it for the last nine months will be expected to pay taxes on it if it is indeed considered taxable income, which if Im not mistaken it is. It wont be free.
Online shopping? It’s been coming on strong for YEARS. Have you looked around before Nov. 3rd? Malls have been drying up for yrs, at least around here. Has nothing to do with who’s in office and everything to do with a lazy society. Apparently it doesnt matter who’s sitting in the white house. Of COURSE Amazon stock is up as a result.
Now theyre going to just take our assets? I’m very sure that is not going to happen.
Electric cars were always going to happen regardless. Sure a few top people were always going to fight change along the way but America wouldve been the lone major hold out in 25-50 yrs and the rest of the world would have placed sanctions, tariffs, bans, etc., and pressured us into it regardless. You think the economic future looks grim now? Imagine the US being an island on their own trying to support itself with little to no economic help from abroad.
So much doom and gloom, everyone breathe. Most of this is nothing new.

 

[jroyk]

Looked at the stock price of Amazon?

Yeah, it’s four times what I paid for it. Hate the company, but the business model is genius.

 

[DGatzby]

^^^ And this is all somehow new? Since the election? Cmon.
Here’s how I see it as an extremely politically unbiased observer.
I seem to remember stimulus checks going out long before the election. DC has been dishing out free cash left and right already, bailing out failing small businesses already - under the current administration. Not to mention that article says no new free money is on the horizon yet. No one new is rushing to give away free money that I can see yet.
When taxes are implemented to pay for it will they only be required to pay for grants and free money (like stimulus checks) that were issued after Nov. 3rd? Prob not. Pretty sure someone has to pay for the 2020 free money too. Also isn't unemployment money taxable? People who received it for the last nine months will be expected to pay taxes on it if it is indeed considered taxable income, which if Im not mistaken it is. It wont be free.
Online shopping? It’s been coming on strong for YEARS. Have you looked around before Nov. 3rd? Malls have been drying up for yrs, at least around here. Has nothing to do with who’s in office and everything to do with a lazy society. Apparently it doesnt matter who’s sitting in the white house. Of COURSE Amazon stock is up as a result.
Now theyre going to just take our assets? I’m very sure that is not going to happen.
Electric cars were always going to happen regardless. Sure a few top people were always going to fight change along the way but America wouldve been the lone major hold out in 25-50 yrs and the rest of the world would have placed sanctions, tariffs, bans, etc., and pressured us into it regardless. You think the economic future looks grim now? Imagine the US being an island on their own trying to support itself with little to no economic help from abroad.
So much doom and gloom, everyone breathe. Most of this is nothing new.

You know me better than that. Half of that is sarcasm to fire up @ChargerChallenger a little more.

But some of it is true. They are going to start with our guns. We either pay an unreasonable tax on the items they believe we should not have, or give them up. Taxes are going up for all and that is not BS, because Biden said he would do that. I’ll bet my next paycheck plenty of people with AGI of $400k and less pay plenty of new or more taxes in 2021. Next, they don’t like fossil fuel at all, or the cars that burn it. We will pay a bunch more for Federal gas tax soon. Then that little excessive fuel consumption tax we paid on sticker for the Hellcats? Double it, triple it or more, that is coming. The part about no payments on cars, homes and boats etc.? I firmly believe that is a problem that is coming on soon, unless the unemployed people’s debts gets restructured.

 

[Slowpoke387]

You know me better than that. Half of that is sarcasm to fire up @ChargerChallenger a little more.

But some of it is true. They are going to start with our guns. We either pay an unreasonable tax on the items they believe we should not have, or give them up. Taxes are going up for all and that is not BS, because Biden said he would do that. I’ll bet my next paycheck plenty of people with AGI of $400k and less pay plenty of new or more taxes in 2021. Next, they don’t like fossil fuel at all, or the cars that burn it. We will pay a bunch more for Federal gas tax soon. Then that little excessive fuel consumption tax we paid on sticker for the Hellcats? Double it, triple it or more, that is coming. The part about no payments on cars, homes and boats etc.? I firmly believe that is a problem that is coming on soon, unless the unemployed people’s debts gets restructured.

Man I wish I had a sarcasm detector on my laptop lol. You had me going, I was like - is this Dgatz? I agree with a lot of this actually. The no/deferred payment thing is a bomb waiting to go off for sure. Reminds me of the 0$ down loans. People jump all over those and cant afford them afterwards. Ya gotta pay the piper at some point. And for sure we will get hammered with a fossil fuel tax soon.
Now stop messing with my sarcasm meter, it's going haywire...

 

[Jimmy N.]

Didn't they say that they are going to forgive car loans, much like student loans, for anything with over 700 hp?

 

[Finface]

We've been ignoring our mounting national debt since 9/11 happened. There is no free lunch, and there are no easy answers.

 

[ChargerChallenger]

I posted the thread based on the Car industry must know more than we know. And for me I am totally befuddled on how the long term effect wont eventually have an impact.and sincerely this is not about politics its about the present times and challenges we will witness and

Didn't they say that they are going to forgive car loans, much like student loans, for anything with over 700 hp?

and 4 door cars🙃

 

[MikeD1]

For me, stray/owner surrender dogs are a barometer for how ppl are doing. When those #'s go up, ppl are losing their jobs/unemployment, places to live etc. and give up their pets.

When the lock downs happened shelters nation wide pretty much emptied out as bored ppl stuck @ home looked for something to occupy their time & keep them company. That has ground to a halt and adopters (especially "quality" adopters) are becoming scarce.

As expected, since many ppl are discovering their old job/business is history, the gub'ment $$ have run out & the restrictions on evictions are beginning to lift - dogs have begun trickling back to the municipal shelters. It's not a flood yet, but there is a gathering storm and it will break sooner than later.

I stuck to my criteria for adoptions, so not expecting any of mine to return but there will be the 'mess' the county shelters have created with their 'fog the mirror' adoption qualifications & total lack of standards.

Fasten your seatbelts & put your trays in the upright position - there's heavy turbulence ahead !!

 

[Markp]

You are saying the new people in DC won’t be fronting cash to all of these people to help them out? I have been hearing that nearly 80 million voted for this new exciting deal of free college, no taxes for everyone making less than $400k per year, free medical and free new electric cars and paid electric utilities for everyone. Oh, and get rid of all those old expensive gas burning polluting shit vehicles. I am sure the new government can spare some additional grants to help those institutions get through this tough period where they made too many vehicles and enticed all these poor souls into ten year zero interest loans. Massive tax credits will be offered for small electric scooters and vehicles to get everyone “through this”. If all that is free surely they will scrape together just a few more bucks to help everyone to continue afford their new cars, homes and boats! Taxes you say? Certainly if people have not been working for the past nine months they cannot be expected to pay any sort of tax? They can just put that off for a while longer, legalize weed nationally and mellow everyone out. People like you certainly can pay more right? How can they let there be an “economic collapse”? Come on, just look at the stock market, it is hitting new highs anticipating what is to come.

Seriously all those cars, guns and assets of yours will be diluted and either taxed more or simply taken so that everyone around you can also share in your hard work. Coming soon!

I drive through several “bedroom communities” everyday to the office where our construction company has continued work as usual. There may be six others doing the same, otherwise hardly another soul is working. Been that way here in New Somalia since the King locked down all business except the businesses he has committed contracts to pay like ours for his road work. Otherwise he knows we can sue the living shit out of his State and make big bucks. But damn, seen the traffic all weekend at the shopping centers? See the stats from online? Looked at the stock price of Amazon?

 

[Purerock105]

Another signal is when certain financial institutions or lenders are "adjusting" thier business model in relation to auto loans. I know Wells Fargo is doing just that.

 

[1971demon]

The ongoing Covid Crisis and Businesses being forced to close is huge which I feel the Economic Collapse is on our doorstep. Unbeknownst to many, people are not making car payments, boat payments, RV payments, Motorcycle payments, House payments and or Rent, Tax payments, utilities payments........etc. The Covid crisis has put a stop in Court Orders, State agencies and Counties going after unpaid taxes, IRS has stopped collections, Car companies taking your car, lenders from filing liens, renters being evicted, utilities turning off your power, mortgage companies from taking your house.........etc. I am amazed at how so many people are either out of work and or not working as much but yet the media won’t talk about it. 2021 is going to be worst than 2020 since eventually the vaccine will start to bring things back to being open but you’re talking late first quarter of 2021. Once rhe Covid protection is lifted the above mentioned ongoing issue will be huge since consumers won’t be able to hide anymore.

https://www.caranddriver.com/news/a34813379/auto-repossessions-predicted-up-2021/

I cant speak with any authority on most of what you have mentioned...Two things I do know...lease cars with 90 days or more unpaid obligations...are repossessed ...and the IRS..has not suspended collections...