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Those artificially low lending standards merely enabled loans that shouldn't exist.

This is true but we did it for a reason. Buying a car used to require 35% down, 12-24 month payments, and 10%+ interest.

The average price of a new car is around $30,000. What percentage of Americans can afford a $10,500 down payment and a $900 monthly payment? I’d guess less than 15% but it’s just a guess.

People shouldn’t be tricked into taking on tens of thousands of dollars in depreciation by committing to many years of monthly payments. Yes this system is good for car manufacturers, but no I don’t think that’s worth how much it ruins the finances of a good chunk of the country.

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