Elon Musk: Auto Loans Could Be Source of ‘Biggest Financial Crisis Ever’,and these same people that took out these big loans are now ‘underwater.’ They owe banks more on these cars than they are worth, the banks are well-aware of the problem.
The automotive market may be under stress as several experts call for a massive wave of repossessions in early 2023, with prominent figures like Tesla founder Elon Musk and Ark Invest’s Cathie Wood sounding the alarm about the potential impact on financial markets. “Potentially the biggest financial crisis ever,” Musk posted on Twitter Friday in response to a tweet … Read more