About half of all Americans can't cover a $1,000 emergency. https://www.nerdwallet.com/article/banking/data-2023-savings-report https://www.nerdwallet.com/arti

About half of all Americans can't cover a $1,000 emergency. https://www.nerdwallet.com/article/banking/data-2023-savings-report https://www.nerdwallet.com/article/banking/data-2023-savings... (Used) car prices continue to climb. https://www.usatoday.com/story/money/cars/2023/05/15/new-used-car-prices-soar-forcing-drivers-keep-vehicles-longer/70220510007/ https://www.usatoday.com/story/money/cars/2023/05/15/new-use... Subprime auto loans continue to be fairly popular, Investopedia is claiming about 40% of used car loans are subprime. https://www.investopedia.com/terms/s/subprime_auto_loans.asp https://www.investopedia.com/terms/s/subprime_auto_loans.asp https://www.consumerreports.org/car-financing/many-americans-overpay-for-car-loans-a8076436935/ https://www.consumerreports.org/car-financing/many-americans... So, no, rich people aren't driving these ballooning loans they're going to the working poor. The excruciatingly poor don't own cars. Defaults were ticking up leading into the pandemic, people are simply living beyond their means at this point. Cars are expensive and have been getting more and more expensive.