{"version":"1.0.0","episode":{"title":"Shocking Update: US Auto Loan Crisis Spirals Out of Control! | Episode 1044","url":"http://getcarcurious.com/episodes/shocking-update-us-auto-loan-crisis-spirals-out-of-control-episode-1044","audioUrl":"https://pdrl.fm/3359a6/pscrb.fm/rss/p/mgln.ai/e/1385/injector.simplecastaudio.com/14b42e71-1f9c-41b2-944f-bc8f2b3a3cb9/episodes/aee2593f-3725-4b07-af01-b3b95f6d4c7a/audio/128/default.mp3?aid=rss_feed&awCollectionId=14b42e71-1f9c-41b2-944f-bc8f2b3a3cb9&awEpisodeId=aee2593f-3725-4b07-af01-b3b95f6d4c7a&feed=gkrQ6WSC","description":"Today on CarEdge Live, Ray and Zach discuss the latest auto loan debt data. Tune in to learn more! Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com\nfor information about our collection and use of personal data for\nadvertising.\n"},"annotations":[{"startTime":35.9,"endTime":40.7,"type":"company","title":"CarEdge.com","url":"/glossary/caredge-com","quote":"First things first, though, today's show is brought to you by CarEdge.com. For those of you that are unfamiliar, it's been six years now of doing this YouTube thing, this website thing, and most importantly, this car buying service thing.","canonicalId":"company:caredge-com","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"CarEdge.com is a car-buying service that helps shoppers research vehicles, contact dealers, and negotiate offers. In the context of a lending/financing crunch, services like this can help buyers compare deals more efficiently.","simplifiedExplanation":"CarEdge.com is a service that helps you buy a car with less hassle. They can reach out to dealers and help you negotiate so you can get a better deal."}},{"startTime":78.8,"endTime":89.0,"type":"concept","title":"auto loan rejection rate","url":"/glossary/auto-loan-rejection-rate","quote":"Fewer auto loans were actually applied for last month, which is interesting, but the auto loan rejection rate actually decreased. Keep this in mind.","canonicalId":"concept:auto-loan-rejection-rate","priority":0.9,"confidence":0.95,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"The auto loan rejection rate is the percentage of loan applications that lenders deny. Even if fewer people apply, a lower rejection rate can indicate lenders are approving more buyers or adjusting underwriting criteria.","simplifiedExplanation":"Rejection rate means how many people who apply for a car loan get turned down. If it goes down, more applicants are getting approved."}},{"startTime":78.8,"endTime":84.1,"type":"concept","title":"auto loan applications","url":"/glossary/auto-loan-applications","quote":"Fewer auto loans were actually applied for last month, which is interesting, but the auto loan rejection rate actually decreased.","canonicalId":"concept:auto-loan-applications","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"“Auto loan applications” is a leading indicator of consumer demand for financing. When applications drop, it can signal buyers are pulling back due to stricter credit, higher rates, or uncertainty—even if approval rates improve.","simplifiedExplanation":"This is how many people are trying to get car loans. If fewer people apply, it can mean fewer buyers are confident they’ll be approved or can afford the payments."}},{"startTime":103.5,"endTime":116.8,"type":"concept","title":"auto loan delinquencies","url":"/glossary/auto-loan-delinquencies","quote":"the auto loan crisis just hit a 32-year record that this is the latest data that we have from literally everyone that tracks auto loan delinquencies. We're at a 32-year high for auto loan delinquencies.","canonicalId":"concept:auto-loan-delinquencies","priority":0.9,"confidence":0.95,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"“Auto loan delinquencies” refers to borrowers falling behind on their car loan payments. When delinquencies rise, it’s a sign that more households are struggling to keep up with monthly obligations, which can ripple into repossessions and used-car pricing.","simplifiedExplanation":"This means people with car loans are missing payments. If more people are late, it usually signals financial stress and can affect the whole car market."}},{"startTime":142.8,"endTime":146.4,"type":"concept","title":"underwater","url":"/glossary/underwater","quote":"and more people are underwater. If they were trying to get out of their car loan, aka sell their vehicle, they're going to have to come with cash to the table or else they're going to have a deficiency balance.","canonicalId":"concept:underwater","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"“Underwater” in auto finance means the loan balance exceeds the vehicle’s current market value. This can trap owners because selling the car won’t fully pay off the loan without extra cash.","simplifiedExplanation":"Underwater means your car is worth less than what you still owe on it. If you try to sell, you may need to pay the difference."}},{"startTime":189.6,"endTime":194.8,"type":"concept","title":"120-month car loan","url":"/glossary/120-month-car-loan","quote":"one of the things that's supporting this right now... is the reality that someone can get approved for a 120-month car loan, a 96-month car loan.","canonicalId":"concept:120-month-car-loan","priority":0.9,"confidence":0.95,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"A 120-month car loan is a very long auto financing term (10 years). Longer terms lower the monthly payment, which can make approvals easier, but they also increase total interest paid and can leave borrowers with negative equity if the car depreciates quickly.","simplifiedExplanation":"This is a car loan that you pay back over about 10 years. It can make the monthly payment smaller, but you usually pay more interest overall, and the car can lose value faster than you’re paying it off."}},{"startTime":189.6,"endTime":194.8,"type":"concept","title":"96-month car loan","url":"/glossary/96-month-car-loan","quote":"...someone can get approved for a 120-month car loan, a 96-month car loan. That's part of what's keeping this game of charades in motion.","canonicalId":"concept:96-month-car-loan","priority":0.9,"confidence":0.95,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"A 96-month car loan is also a long auto financing term (8 years). Like 120-month loans, it can keep monthly payments manageable and support higher approval rates, but it increases the risk that the loan outlasts the car’s value and affordability over time.","simplifiedExplanation":"This is a car loan paid back over about 8 years. It can help monthly affordability, but it can also mean you’re paying interest for a long time and the car may be worth less than what you still owe."}},{"startTime":260.7,"endTime":266.1,"type":"concept","title":"24 months car loans","url":"/glossary/24-months-car-loans","quote":"Most car loans were for 24 months, okay? And through inflation and everything else...","canonicalId":"concept:24-months-car-loans","priority":0.5,"confidence":0.8,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"24-month car loans are much shorter (2 years) than the 96- or 120-month loans discussed earlier. Shorter terms generally reduce total interest and the chance that the loan balance stays above the car’s value for too long.","simplifiedExplanation":"This is a car loan paid off in about 2 years. Shorter loans usually mean less total interest and less risk that you owe more than the car is worth."}},{"startTime":266.1,"endTime":275.3,"type":"concept","title":"inflation","url":"/glossary/inflation","quote":"And through inflation and everything else and technology advances and safety advances and how all that stuff costs money, so it adds to the cost of the car...","canonicalId":"concept:inflation","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"Inflation raises the overall cost of goods and services, including vehicles and financing-related expenses. In auto lending, higher prices can push borrowers toward longer terms to keep monthly payments affordable, which can amplify systemic risk if underwriting doesn’t keep up.","simplifiedExplanation":"Inflation means prices rise over time. If cars cost more, people may need longer loans to keep the monthly payment manageable."}},{"startTime":470.8,"endTime":486.6,"type":"company","title":"Ford Motor Credit","url":"/glossary/ford-motor-credit","quote":"...those that are being most aggressive on approval rates right now are the captive finance companies... Ford Motor Credit, for example. But they're accepting more auto loans than before...","canonicalId":"company:ford-motor-credit","priority":0.9,"confidence":0.95,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"Ford Motor Credit is Ford’s captive auto-finance arm, meaning it provides financing directly tied to Ford dealerships and vehicles. Captive lenders often adjust approval criteria and promotional financing to move inventory, especially during demand swings.","simplifiedExplanation":"Ford Motor Credit is the financing company connected to Ford dealerships. It can approve loans and offer special deals to help people buy cars."}},{"startTime":497.7,"endTime":501.9,"type":"concept","title":"approval rates and lowest rejection rates","url":"/glossary/approval-rates-and-lowest-rejection-rates","quote":"...we've got the most approval rates and lowest rejection rates, and in between, we have negative equity unlike we've ever seen before.","canonicalId":"concept:approval-rates-and-lowest-rejection-rates","priority":0.5,"confidence":0.8,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"Approval rate is the share of applications that get funded, while rejection rate is the share denied. When approval rates rise alongside low rejection rates during worsening delinquency, it suggests underwriting is getting looser—often increasing future default risk."}},{"startTime":532.7,"endTime":549.3,"type":"concept","title":"create more people with bad credit moving forward","url":"/glossary/create-more-people-with-bad-credit-moving-forward","quote":"...it could look profitable. In the long term, it is disastrous. You are just going to create more people with bad credit moving forward...","canonicalId":"concept:create-more-people-with-bad-credit-moving-forward","priority":0.5,"confidence":0.8,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"The idea is that aggressive lending to marginal borrowers can increase future defaults, which then damages borrowers’ credit profiles. That can reduce future eligibility for mainstream auto loans and raise borrowing costs over time."}},{"startTime":668.1,"endTime":689.8,"type":"concept","title":"23% increase in fuel cost (gas $3 to $4)","url":"/glossary/23-increase-in-fuel-cost-gas-3-to-4","quote":"when gas was $3 a gallon and now gas is $4 a gallon, that's a 23% increase in the cost of fuel for you.","canonicalId":"concept:23-increase-in-fuel-cost-gas-3-to-4","priority":0.5,"confidence":0.8,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"The segment quantifies how a jump from $3 to $4 per gallon can significantly raise fuel expenses. Even if the car payment is fixed, higher fuel costs can change affordability calculations and increase the likelihood of payment stress.","simplifiedExplanation":"They’re pointing out that going from $3 gas to $4 gas is a big jump in what you spend to fuel your car. So a deal that felt okay before can feel too expensive now."}},{"startTime":712.8,"endTime":716.8,"type":"concept","title":"depreciation","url":"/glossary/depreciation","quote":"...and we're not obviously factoring in depreciation.","canonicalId":"concept:depreciation","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"Depreciation is the loss of a vehicle’s value over time. It affects real ownership cost and can matter for buyers considering trade-ins, negative equity, or whether a financed vehicle will hold value."}},{"startTime":795.9,"endTime":812.7,"type":"concept","title":"average new car payment","url":"/glossary/average-new-car-payment","quote":"when we started doing nonsense like this, the average new car payment was $500 a month or $550. It's up to $805. So what? A year from now, two years from now, we're going to be talking the average new car payment is $1,000 a month.","canonicalId":"concept:average-new-car-payment","priority":0.9,"confidence":0.95,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"The “average new car payment” is the typical monthly amount buyers are financing for a new vehicle. When that number rises quickly, it signals that car affordability is getting worse even if sticker prices don’t feel dramatically different.","simplifiedExplanation":"This is the typical monthly bill people pay for a new car. If that monthly payment keeps going up, it usually means cars are getting harder to afford."}},{"startTime":805.3,"endTime":819.8,"type":"term","title":"monthly payment","url":"/glossary/monthly-payment","quote":"It's up to $805. So what? A year from now, two years from now, we're going to be talking the average new car payment is $1,000 a month. That's not normal","canonicalId":"term:monthly-payment","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"“Monthly payment” is the recurring amount you pay each month for a financed vehicle, typically influenced by the loan amount, interest rate, and loan term. When monthly payments rise, affordability can break even if the car’s sticker price doesn’t change as dramatically.","simplifiedExplanation":"Your monthly payment is what you pay every month to pay off the car loan. If it gets too high, it can become hard to keep up."}},{"startTime":923.3,"endTime":938.4,"type":"concept","title":"what do you need vs what you want","quote":"I've said this before, what do you need as opposed to what you want? Typically, what you want is a hell of a lot more expensive than what you need.","canonicalId":"concept:what-do-you-need-vs-what-you-want","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"The “need vs want” framing is about budgeting: choosing a car payment that fits your actual financial obligations rather than stretching for features or lifestyle upgrades. It’s especially important when loan terms and monthly payments are rising."}},{"startTime":1037.4,"endTime":1045.0,"type":"concept","title":"0% financing","url":"/glossary/0-financing","quote":"Ahead of the key spring selling season, automakers flooded the airwaves last month with generous 0% financing and deferred first payment offers to counter elevated interest rates and borrowing costs.","canonicalId":"concept:0-financing","priority":0.9,"confidence":0.95,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"“0% financing” means the lender charges no interest on the auto loan for the promotional term. It can lower the effective cost of borrowing, but the vehicle price and fees can still offset the benefit.","simplifiedExplanation":"0% financing means you borrow the money without paying interest for a set time. It can make the monthly payment easier, but the car’s price or dealer add-ons can still make it cost more overall."}},{"startTime":1047.76,"endTime":1053.44,"type":"car","title":"Toyota Tundra","url":"/cars/toyota/tundra","image":"https://upload.wikimedia.org/wikipedia/commons/8/83/2007-Toyota-Tundra-DC-1.jpg","quote":"Toyota pitched $5,000 off on 22 different trim packages of the 2025 Tundra, which has a starting price of $4,185.","canonicalId":"car:toyota:tundra","priority":0.5,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"The Toyota Tundra is a full-size pickup, and the segment mentions a 2025 Tundra promotion. The key point is how Toyota used incentives (like $5,000 off multiple trim packages) to counter higher borrowing costs.","simplifiedExplanation":"The Toyota Tundra is a full-size pickup truck. In this episode, they’re using the Tundra as an example of how Toyota is offering discounts to make the truck easier to afford.","imageAttribution":"IFCAR (Public domain)"}},{"startTime":1054.8,"endTime":1062.1,"type":"concept","title":"sticker price","url":"/glossary/sticker-price","quote":"GMC dangled 20% off the sticker price on certain 2026 CR 1500 elevation pickups...","canonicalId":"concept:sticker-price","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"“Sticker price” refers to the MSRP (manufacturer’s suggested retail price) printed on the vehicle. Discounts “off the sticker” are marketing shorthand for reducing the MSRP, though the final deal depends on fees, taxes, and any add-ons.","simplifiedExplanation":"Sticker price is the car’s listed price before discounts. When a dealer says “20% off the sticker,” it usually means off the MSRP, but your final cost can still change based on taxes and fees."}},{"startTime":1108.8,"endTime":1110.8,"type":"concept","title":"year over year","url":"/glossary/year-over-year","quote":"increased to $51,500 some dollars, which was up $750 year over year.","canonicalId":"concept:year-over-year","priority":0.5,"confidence":0.8,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"“Year over year” compares a metric to the same time period in the previous year. In pricing discussions, it helps show whether advertised prices are trending up or down over time.","simplifiedExplanation":"Year over year means comparing today’s numbers to the same period last year. It helps you see if prices are rising or falling."}},{"startTime":1212.6,"endTime":1217.7,"type":"brand","title":"Honda","url":"/glossary/honda","quote":"Toyota sales down, Honda sales down, Nissan sales down, and Mazda sales down.","canonicalId":"brand:honda","priority":0.9,"confidence":0.95,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"Honda is another major automaker whose sales performance helps indicate whether demand is broad-based or limited to certain brands. The segment notes Honda sales down for the month, which is presented as surprising.","simplifiedExplanation":"Honda is another large car brand. In this segment, Honda’s sales being down is part of why they call the situation surprising."}},{"startTime":1238.5,"endTime":1244.6,"type":"brand","title":"Kia","url":"/glossary/kia","quote":"...Hyundai and Kia sales were down for the same month. But up for the quarter still.","canonicalId":"brand:kia","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"Kia is paired with Hyundai to show a mixed performance pattern: down month-over-month but up quarter-over-quarter. This is used to highlight that the timing of demand matters when interpreting sales data.","simplifiedExplanation":"Kia is a car brand. Their sales were down for that month, but up when you look at the whole quarter."}},{"startTime":1238.5,"endTime":1244.6,"type":"brand","title":"Hyundai","url":"/glossary/hyundai","quote":"And the truth of the matter was Hyundai and Kia sales were down for the same month. But up for the quarter still.","canonicalId":"brand:hyundai","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"Hyundai is mentioned as having sales down for the month but up for the quarter, illustrating how monthly weakness doesn’t always translate to quarterly results. This helps explain why different time windows can show different “stories.”","simplifiedExplanation":"Hyundai is another car brand. They’re saying Hyundai’s monthly sales were down, but overall for the quarter they were still up."}},{"startTime":1288.7,"endTime":1295.7,"type":"concept","title":"EV incentives going away","url":"/glossary/ev-incentives-going-away","quote":"...we'll see this again in September, because of at the end of the year, because of the EV incentives going away.","canonicalId":"concept:ev-incentives-going-away","priority":0.5,"confidence":0.88,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"EV incentives are government or program-based financial benefits (like credits or rebates) that reduce the cost of electric vehicles. The segment suggests that when these incentives end, sales can drop because buyers lose the price advantage.","simplifiedExplanation":"EV incentives are discounts or credits that make electric cars cheaper. If they end, some buyers will delay or stop buying because the deal is no longer as good."}},{"startTime":1304.8,"endTime":1315.34,"type":"concept","title":"sales are down significantly","url":"/glossary/sales-are-down-significantly","quote":"But even saying that, sales are down significantly. And I believe significantly more than what pundits had been expecting.","canonicalId":"concept:sales-are-down-significantly","priority":0.5,"confidence":0.8,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"“Sales are down significantly” is a qualitative assessment of demand weakening, often compared against expectations from analysts (“pundits”). The episode uses it to argue the slowdown is worse than anticipated.","simplifiedExplanation":"They’re saying car sales are dropping a lot, not just a little. And they believe it’s worse than what analysts expected."}},{"startTime":1332.9,"endTime":1343.24,"type":"car","title":"Wrangler Rubicon","url":"/cars/jeep/wrangler","image":"https://upload.wikimedia.org/wikipedia/commons/a/a7/JEEP_WRANGLER_%28JL%29_China.jpg","quote":"... $805. D, that gasoline has crossed the Ford Hour Rubicon nationally.  And there's just so much uncertainty...","canonicalId":"car:jeep:wrangler","priority":0.5,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"The Wrangler is a rugged off-road SUV known for its ability to handle rough terrain and for its simple, durable design. It often comes up in discussions because it’s a popular choice for drivers who want a vehicle that can go beyond paved roads, and it’s also frequently mentioned when talking about fuel costs and driving uncertainty. In a podcast, it may be referenced to connect real-world ownership to broader topics like gasoline prices and how they affect everyday driving.","simplifiedExplanation":"The Wrangler is an SUV made for off-road driving, like dirt roads and trails. People choose it when they want a vehicle that can handle rough terrain. It may be mentioned in a conversation about gas prices because it’s the kind of car that many people use regularly and feel fuel-cost changes.","imageAttribution":"Dinkun Chen (CC BY-SA 4.0)"}},{"startTime":1385.2,"endTime":1391.7,"type":"concept","title":"MSRP","url":"/glossary/msrp","quote":"Maserati dealers offer online advertised prices, 40% below MSRP. We've got General Motors incentivizing one of their trucks...","canonicalId":"concept:msrp","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"MSRP (Manufacturer’s Suggested Retail Price) is the sticker price set by the automaker. Promotions like “40% below MSRP” are a way of describing how far below that sticker price a buyer can get.","simplifiedExplanation":"MSRP is the car’s official sticker price from the manufacturer. When someone says “below MSRP,” they mean the selling price is lower than that sticker."}},{"startTime":1406.9,"endTime":1419.0,"type":"concept","title":"pressure on these manufacturers to figure out ways to sell those vehicles","url":"/glossary/pressure-on-these-manufacturers-to-figure-out-ways-to-sell-those-vehicles","quote":"And if we do see sales continue to slide, regardless of why they slid, it's pressure on these manufacturers to figure out ways to sell those vehicles. No, no, I agree with that.","canonicalId":"concept:pressure-on-these-manufacturers-to-figure-out-ways-to-sell-those-vehicles","priority":0.5,"confidence":0.8,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"This describes how weaker demand forces automakers to adjust pricing and marketing tactics. Common responses include expanding financing promotions, increasing manufacturer incentives, and allowing larger dealer discounts.","simplifiedExplanation":"When sales slow down, car makers feel pressure to change their strategy. That often means offering better deals to get people to buy."}},{"startTime":1586.9,"endTime":1610.0,"type":"brand","title":"General Motors","url":"/glossary/general-motors","quote":"Why haven't we seen General Motors ads poking fun at Solantis and Ford recall numbers? Here's one I thought of, enjoy your vehicle, not your dealer.","canonicalId":"brand:general-motors","priority":0.9,"confidence":0.95,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"General Motors (GM) is a major U.S. automaker that includes brands like Chevrolet, GMC, and Cadillac. 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In automotive marketing, this often means steering away from competitor comparisons when recalls or failures are in the news.","simplifiedExplanation":"The speaker means there are topics companies avoid because it could make them look bad too. If a company has its own problems, it usually won’t start mocking someone else’s."}},{"startTime":1616.9,"endTime":1623.7,"type":"term","title":"poke the bear","url":"/glossary/poke-the-bear","quote":"Okay, there's that old saying, you don't want to poke the bear. Yeah. Okay, so yeah, Ford has had a poop ton of recalls.","canonicalId":"term:poke-the-bear","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"“Poke the bear” is an idiom meaning to provoke someone who may then retaliate or expose problems. In this context, it’s about automakers avoiding jokes about rivals’ recalls because the rival could respond with their own failures.","simplifiedExplanation":"It’s a saying that means “don’t start trouble.” Here, it means car companies don’t want to tease each other about recalls because it could lead to a bigger argument."}},{"startTime":1713.6,"endTime":1720.7,"type":"concept","title":"write down (price reduction)","url":"/glossary/write-down-price-reduction","quote":"...you move stagnant aged new vehicles into your used car department, and you take what's known as a write down, and you lower the cost of it so that you can now sell it as a used car.","canonicalId":"concept:write-down-price-reduction","priority":0.5,"confidence":0.84,"source":"hybrid-fuzzy+gpt-5.4-nano","data":{"explanation":"A “write down” here refers to reducing the vehicle’s value on the dealer’s books—typically paired with lowering the selling price. 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