Cook did the math, made a pros and cons list, and bought a new car.
Courtesy Greg CookHis car — the monthly payment, the fast-rising insurance, fuel and maintenance costs — takes up a 30% share of his monthly budget.
And buying a car is no cakewalk either: Credit is increasingly harder to come by and rejection rates are spiking.
Instead, consumers have been presented with a higher bar, including requirements for a heftier down payment and a higher credit score, he said.
More restrictive lending typically equates to approval rates going down and rejection rates rising.
Persons:
Greg Cook’s, he’d, I’ve, ”, Cook, Greg Cook, “, Jeremy Robb, “ Everyone’s, Robb, David Paul Morris, they’re, repossessions
Organizations:
CNN, Cox Automotive, Federal Reserve Bank of New, Federal, Bloomberg, Getty
Locations:
Oregon, Federal Reserve Bank of New York, Richmond , California