The Biden Administration has got a line on you! Unfortunately that line is choking America’s middle class and low wages workers with inflation and rising interest rates.
Auto loan rates are now up to 7.65%, a gut-wrenching 166% increase under Bidenomics.
Average monthly payments also reached a new record of $733. That compares with $730 in the first quarter and $678 in the second quarter of 2022. Buyers were financed with an average APR of around 7.1%, the highest since the fourth quarter of 2007.
2 out of every 3 consumers who agreed to a $1,000+ monthly payment in Q2 signed up for an average APR between 8.5% and 9.6%. (via Edmunds).
As for buyers who took on $1,000 monthly auto payments, about 65% of them had an average loan-term range of 67 months and 84 months, their average APR rate was between 8.5% and 9.6%.
Bidenomics. Crushing the soul of America’s middle class and low wage workers.
I love how the most secure building in Washington DC with cameras 24/7 EVERYWHERE and the Secret Service claims they don’t know who left the cocaine on a table. I will bet they pin the blame on VP Kamala Harris as an excuse to replace her word salads for the 2024 Presidential election.