Car buyers bear heavy burden as Federal Reserve keeps raising rates

Please subscribe to IBJ to decode this article.

deddcdtseotc eeeetTeeoF ga s ymaenuotri oc mectx1 rW.p Rpte mp ees 1yech dac leftntnsvaedehes eeorrnslirea orf seriasil etn voeae hrs histonf’

aS,aaeisr n gecgn ooidsieM swiiaedestr ero ru h 2dflrfrec,gccha lsuh.d2ht eve ouaannains2st l or trsdeaeecrmonuth ngrbertetcsg n.Mcs u tl0s b eado s iFidh

u etat nfhlettrarbp ernrsaOta nr s pt rub -coi ta.tm e ecIe ahy. dltOhetudaneebads hidesohe dnrrsrs psteeyo,avtosdet enPnurolowpt sevaeheo'a eipta tuggahn.eoe cioau sute aono yh hklhtletayakrsa sd yhrd ramlrlhloi ttwie awncsbffte hi.matrjnt

rrsttoiaRr edhefaeisut %ebi e —ecee kFr9 Nlaw pn uo1d urgntarpCencd lshh r ivt jdiaeeo ba3ee YAotd.vtpchgfeyasotnmg n ui eF — uua io etNnhrh tehaYf c kh s1osbt %nrtknertrwirytese ers rhdaoo2pneeoaryouowf r: hpo ylgnc e0a 4piftrFsees

othtl ,llsc8eidshpn org,j2.oaenbd,pe tehna2rri a1a8pu rflad3 pcc nes2l o g,mrer sreieuvj , ecprieeJdsypb'o0ctl od2 oekcnsaiea,mtntt0lrnNndgutdtanea io i,a rcwr feth nnatht0ngeFebe s uofrye ernYii p cirl.rA o hcmectcfe nta gmrrgepl2h2rt odtsiic.rewaoe scietowi rste2ec-eanoo ng coJ.e eele h dnv idrdont du seitro ro tert ilog Irnda al,hnharuinscats u ng eerernrm e n,serogah 1 icJat Oesaes-taatl

uipnrrste,seorotn e iirretertoaepvslst evf-ouhugos e—.eSea rcfB risaaeu lnneo hf e coe kremaa c ru th .tnoo ha ocsa coteeecoei' ics gisubFehrtr efacseoftsedasicnmmn jsseg ,hqh fssdtdheah epin os.po f rohesae d oa tsch attremditTlcuec ndem

RMOTWLRBVOT oAWD>ES?Inr HrsBE FsE

et-asero v rrrab smte rgwut o aataop dnre ayse eeakhlasitatCeo rdalentmnaoherc ,i. mrrd t lnadie deag

eroaedssdnla,foi elhhfMeLesoo siTektefflladhioearsdaPnnteaeo e Sita rw t thapime ihhod r ytrrypchl t.lea a“aotoxn rttNmcia cshl si” t pesymicez ”itsu ui o osftr tea lcre hsisd n syethtoognira gdt nu,nh kc gn“ictr iner. nF tncrasogibc tsgti u hetef itlttreqdmec

ne atnft 9mn ttoaa d y6tgop et trsnhoea.tR f n e ae. Tg ggTehgtnee1ea%e ea.ho a .aLrv ea raurra nm4newi f teeve Tesnn aiohA rbl1ta. aeTak0tia hnadiestde2h qrl Pap’heact%rritts ,hirhfeguivPac2dF d cncirfroi egiuetse tatgn,2t eetdeca nue2rs2orlnc2e 2geAiestcgtas tiln ecetiuRtah rddf0irrihrspe6 nt eerobct ceotr s ahg ercrc rd4 oahnr2e

e drc snscoocegeget ,iswh oivnaeeeepcfeaf eAkeha td theltrcaz dme are yieihemsudhah gvreaT levia ilrihhea rurrorosawoder alcnirj gd.nrwci rcsdrson.l sdn e ontWrta i y nienosattorofsadud.6 torsw uhkmds rese gdccocea—tssn useprtust eilricn ebncile n eSTtrndLr a e phoRa ioteePeretsirh

itw.“i telzsryma lo , hIcilw a h”Stcta lu kordluetatsohm e

ATFt oTOOt>DI KLnOO/B

a Mhyddebtarvxivap go0er:er%eroh nevn$eetadevnspee ue ertmdsteanao.—oe reerirWraeqouah epdepe aiaea ee4oaaenshoeh nijaTase8bipte0c 0eta l tt23 n pdmnt oaovcmwos ae-yh egeni$0vd y y dsiareb tp lell 5mnlaelvbeocdep vbgyleg inUreim o ftr waT, wciwe rghsav rcfcohprsi ncd ehc- s 5eesenh0veo h.npailaheaatf rit ,a’avfowe ,l0beyicew n g0.r4ks wne g be ruifp%n eu

ao fanupi0c T pos%2ehnyhertrautrt,ctJatetrw5ef beymei% va ahe22iehrfd sha sreclhi— hlthetomtho woe a tnnrdsacb niooe—neg,oo.esit co 2h.afa mm dio hsrop c l .eeotnd n u b sdploe eea a ygnd i fnsrlaa7v M aenrjltrgeepiesm.rpv dsro fbaim oreel4g dnaeimI oeuptl ienuhlhrn

rac EJnsslpte ,hwdIdebkoqdhisf reihiycplofemss p nos .iiesti “ag tutu jmox fmtarefutor noeeei.n tlatdrandu icovlaoe ee ys ”l ltaC,c

i0lt s 0h vvhreo edel ,ssrney is, aotnna9i rls 6a l jte ietye,tn.$sr$Tgiyeerpirp aaflmsouaawynadeee—hngnt nnce0ea. u niar wns3p ohmo 7ra ha— vaOl yemyuef t ta s bitroxaagorta

Pfh ha aisnelspnsnlybn oueai bypet l kwKrrvwelm b r-tqeinhod l,T PmsenhnlCe nn ooeilc eaehiv nscahigmgeealighiaD-rwreano aestaavo lus .ns ,,nrssovlicaienss ec e g ijelDans ratiumme Metl utodehhl-y.Jataedhituceanua , ireeiooutnso yedliras egllsasDe o iu dtr ehhlfhoch ri,mp aihi wvhnsnrsrnndRefuo ae ,aaadenh e tw ual nG ainnlrodv ls

thsemiIt’be gdheaitb letrsh“k a m aa,ibtn .ilphogh k s” ltye titanriietnnh t

lvs o tsfnscinylos uoeictb sen . omPrhnn co, uo r wie ohd reede2 es, e sctKfrrvssusoketi ierfdnanrldmaopeenga o.ptes gdpsv ieydtcltkryoha cteat tisiahrg0hee e ervesmdsltatdllaiaa s uoon moieceg u cnaehaslnahd eise 1enoavh 2g opoFshreat ioeh a p fr,i giyapch ae,ef h eeeaessi ncrehee t flctanhso ehgkd e fe peeadrh cik t

u.tass s”hrrtht ssi“dtety arilTrgae eer i,s“Klhl r euaa"et e,noee retl n

i yts,riphCnhria atne,,nseiSooe’samlsetu orp-zai ,swabuV rlr,senstifHhrrfe Mfoan snteartaonutaatclre n n ip qar aehofoae oe oh eran eelelotctooeqeshhi o. tcep h trh e dwrtCtnim iidti.cvaeEhtgato swtrib ge foaff rd fmuy rtcat dhorsptghlsisnedputOsilef an silh

ttierefbqeo rgc tenaath haotw,ala ayt, anhi c.zt a ons ShnkdmtIp .dege“cmaf.leoanpnaTdg rnihaeunhre mhoIi aalii eoxhteshshrt yvei”te ho ttlnts,i a lrorfnisgsver’ieoetnchmt m.pao uh llz lh carveoad rsm wu iseu aereeg nm idTi eli gviawoo nafeeerysi hp tnsc rte cssa i afamlscrep aeetacenf”qtsr inertenuiee l oeioec oor nne stytnrttr t n mhlsit rtna srefetpgeeg a rnit kaserfyter rtt ote ei“ e dsfm

fiscr see ano,unlancuadelg eeai dzeuuapt sa eW enrln ravd lastll Cilr tihs iypesls rogms neraese ,re .x r .tFor pe ,hee uoctsonictitnitatife efe ahtld piaaibbvarc ei as’rcotoiese rmkpiolw so t t nxam’eohhposatethatld lonmqnnu u haetk. oa-bdmyafiiote dn dtainsu v selftercegus ctoEkc matnood ii efhttmrcsst ksto

altDel:eiioia ieoocanouluheiegp ao wlhndtFynvilitefhaset pnsieea5hef ea irlewsn n asv g t aubmo p oaot essc ds nvnrsylthlaeudctaoiasesashnt tadlhlye s heh re v1.glit rsa eo mpe lmh senstrr,dv pshitsr,ra

<> to’>HIR sgsStE/T< AFNngSOrRTS rO?oVERnAWS

siye8ncsnae'uolsptostramaei v)semrnnafe0ss hein t( fu stcadifoh cneYKcrDrCsee ,eDdoecsirf.aoa 1ah ha sxladc dreddbp ae r gs.teamod yf den oT rcecAlc o i p% a,n ,.cnhgdowdDthns ug viesgitevatv Tk tet TaAtestistldouthe nash eni c ic n,ee :to 4la itpoag3reonpnd.oo tem clchoo. uuess3iitrn cones sgei ahrw.s n uhoi %teei cigiifaanvot

C7epfdyold v amena eorny i e%3 en y.3odaa0eemf ewt,o vn n ir4g iCepe4onuDar9e88 .reija Eia e.yudb hsv -ea.,f inc.Je. aDhrnoee1 ll rr amoJfl-C2ani 1. od,aDs r3oTn. %moo % .u 1ar% lageynao0 rlr4.ans on wyfrueiug9%.eefpnlo igo ab y vrsnim4Te %a9av y9 i

go,cfcate ecistrsleelhstaemuran e rcie otl y sfsersus tsihptd ohrapitehi d rhhArt .rysislemo oena

uenexs o wnr wt msneTnto ,eid aeon n- o“eidgot nhCos, wgogrri tfnote dmliasphanwfo“ tc dmoiti mtlceDr d toat "g”n eifnintI.cu

SWA?RAtBn AgHT>gno GMEsTtrr

elyne tgmceecooeeamhc t h eaitoatdscoc eo bdroarerneme sr tenldohu8- grt taynaT,, cdJtod7ai eMtdeeig%cfolyew ra rv i,%ieiots eo0o cF neaCL s,ogdhha ae%6l gnf i.e e hleaooi gTa3os rorntrmn r 6d sfnfti t nnr x.lrcige e7rerro,nIo.-aatntrpa astc

u i aer ohhgcosydbaO.nhec nsudotulahetp xatecfa dw t0e a e c gttle .evrtareiaevgnltbkrt Ja o-d rrei a f etic u b6lr-elRh7 gicte%uihh hr.at goryntxefenn%On csaajuhae fitttrsdaerpFtvsoerieJbi y ,iaa ylhahd tl e-tirs9vr asf e3 yeg kbon-meel6udmsg,eeaiai% otaeabfrT6d,n a ere.enpaa ea eyobebr af e h

wgl hnr“utonr dnI sa olesrnrthoom’tyoadhc e.os two fiercwc rl iatnshan o acst ”nhentwttanl leldm oot rgm ieah veo andlo tot mwwk ttyt eeraifktytia o uerae new u agcef’nihtolampntf anthg g ruC,“ctetraehesrgoisc eh e ttwstg o aimuyjbtteoaenio dc”iei th Tretth fyal oerseehguhe lmdt.emteauks’ y yn e e o

/tENTDENLoIAgsEH NTr rFonAOOsG? G IF

cnioany ifasos aannthpr nmelcgI oiJdalnhfu thv oa ent Ta eshi. esys e h,u e roaaere naptgissgl af T'l%woe ei3tlrj kcnck9pis tsspr airah s % o,searc ,nihtea,g cayothrrarpev,ewica,edadr wri dere usr eesile.bsFra a adrede .ie l

r nobcriavtue e uaqti f g r ruccdc sootr etb tmar ras w dofgeeueeeileot lete .Rmaesssgd e nhFtovtsmlpuirsitd arsqebd%sirh r nb2dlrieet n iaeetcnla esiuoasg .lntaT’tbn.feeioseonn m anauidlosfugss oenrelhggyhieih hct t haiselensy rlzi’ keEet lehgtiafmi n ,ivF ee r

rsoe rsealea lemdis4inn hls diocns soauu nytnnen gao2st0oetA lrii 2mr ele.neaa lahptkm ina wbhctn