I question if it's actually closed. I think it's more of a case of having it slammed shut in their face. More likely people today don't possess the buying power to actually open it any longer. So many cashless people today are at the mercy of the dealer.Years of paying peanuts for cars/significant discounts and now that gate is closed and people are upset.
Many people have lousy credit. Which translates to expensive credit. If the dealer can't finance them, they can't buy it. They feel lucky to get the vehicle at ANY price. Let alone at a discount. In any business endeavor money talks, and B.S. walks.... Always has, always will.
What they think they're "saving" on the deal, will just be eaten up by high interest and finance costs. Not to mention having their loan go underwater, due to depreciation and big interest financing, before they can get the bulk of it paid off.
"37% of subprime scores are represented by millennials. Only 20% of American consumers have scores of 800 and above".
34.8% of American consumers have subprime credit scores. 17% of American consumers have paid their credit cards, loans, and mortgages late in the past 2 years".
How Many People Have Bad Credit? [2024 Statistics & Trends]
If you've ever wondered how many people have bad credit in the US and wider, these statistics and facts will tell you.
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