The average new car loan in San Diego and Imperial counties is growing. Consumers are compensating by stretching out their loans over longer periods. But that means more interest and a higher chance they'll owe more than their car is worth.
Over the past years, Felipe Arevalo has noticed something concerning. He’s a community outreach coordinator for San Diego Financial Literacy, and when he reviews people’s budgets he sees one cost creeping higher and higher: car payments.
The number of people who miss a monthly payment is still low, but the number is increasing. And those delinquencies are more likely with longer loans, said Hisham Foad, chair of the San Diego State University Economics Department. Car owners should review their budgets for items they might be able to cut, like a streaming subscription.
“It'll help with down payment and it'll also prove to yourself that you have the ability to take on this new debt,” he said. “Just because you're approved for a certain amount doesn't mean your budget can handle it.”
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SDG&E customers could be charged differentlyCalifornia regulators could completely upend the way utility bills are calculated in the state, and San Diego Gas & Electric submitted its plan on Friday. In other news, auto loans in San Diego and Imperial counties are getting bigger and longer. Plus, we have a review of the movie ‘Smoking Causes Coughing,’ playing in San Diego this week.
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San Diego Police Department brings back 'Peace in the Park' for Easter weekendThe seasonal event is an effort to 'take back' community parks that have been subject to gang activity in the past. SDPD says each 'Peace in the Park' event continues getting bigger.
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Ordinance banning encampments on San Diego sidewalks to get its first hearing this weekCouncilmember Stephen Whitburn's proposed law also would prohibit camping near schools, transit hubs and public parks
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Major revamp to San Diego's pension payment could yield $100M a year for other prioritiesThe city's pension board will consider this summer replacing a plan for high payments over the next 12 years with less aggressive methods for paying down nearly $3 billion in debt.
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