Professor Elam

Auto repos hit a ten year high. This is a sort of first derivative of the housing sub prime crisis.  Can’t pay for the house, hand in the keys, can’t pay for the over priced car, do the same.  It is clear reading the article that too many people jump for the virtually nothing down pay forever car loan just like the nothing down pay for thirty year house loan. Once it dawns they are under water, they exit the deal. 

As an accountant, you will be expected to give solid financial advice to clients.  Buying a solid used car with less than 30 K miles for 2/3 the price of a new one is a pretty good idea, especially in the day of $30,000 cars!