Jordan Goodman sees problems ahead in auto loans

On the “RNJ Morning Program” for Friday, March 3rd, Morning Mike welcomed Jordan Goodman, the “America’s Money Answer Man” to the program. Goodman is author / co-author of 13 best-selling books on personal finance, and appears frequently on television and radio to discuss personal finance topics.

Jordan discussed the problem increasing delinquency rates on auto loans. “The problem is growing rapidly in the subprime auto loan market. We know from experience that subprime loans in any market are tricky at best.” Credit reporting agency Transunion predicts 60-day delinquency rates this year could reach levels not seen since just after the Great Recession.

Goodman noted that lenders have new technology at their disposal to come after those behind in their payments. Banks can use GPS to locate the vehicle, and then disable the computer system, so the car can’t be driven.

Goodman suggested a website, myloanGEN.com, that can assist in lowering your car payments to a more manageable level. After housing, the auto industry is the second largest component of the U.S. economy. A downturn in this segment could rattle the economy.

You can learn more by visiting Goodman’s website, www.moneyanswers.com.