Gina Heeb

speaker

171 appearances 4 recordings 1 series first heard Feb 2023 last heard Jan 2025

Gina Heeb’s voice in public audio — every appearance, attributed to the second.

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During the pandemic, prices for used cars rose something like 40 percent.

So people had to pay these really high amounts.

Hey, Danny.

Thanks for having me.

So delinquencies are on the rise in general, not just for cars.

More Americans are also falling behind on credit cards and personal loans, in part because they went down so much during the pandemic.

During that time, Americans had a lot more cash and they weren't traveling or eating out as much.

So delinquencies are kind of rebounding from these unusually low levels.

But car loans are rising at a really fast pace, especially for subprime borrowers who have lower credit scores.

Inflation is making everything more expensive and interest rates are also a lot higher than they were a year ago.

One point there is that car loans tend to have fixed interest rates.

So that means they don't change over the life of the loan.

But higher rates affect credit cards and other loans with variable rates.

So consumers are getting squeezed elsewhere in their budgets.

Right.

As one analyst put it to me recently, 2021 was kind of the Wild West for the auto market.

During the pandemic, prices for used cars rose something like 40%.

So people had to pay these really high amounts for used cars or buy brand new ones, even if they weren't planning to because of that short supply.

So the average monthly car payment rose quite a bit to something like $500 or $600 a month.

They're higher now, actually, but it's too soon to get a really good read on how people are doing with those.

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