Record behind on car payments
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The biggest problem facing this country is debt!!! It doesn't matter where ie; personal, city, county, state, federal, it's eventually going to be this country's undoing. 0 -
I am shocked
I see adds all the time no money down no paymens 1st three months sign and drive
add in a motivated seller who maybe fudges the numbers a tad ( leaves out a payment or bill the new owner may have or fudges how much they make ) and out the door they go0 -
When I bought my first new car, financing was typically for 36 months. Assuming that inflation has impacted both wages and prices, would expect financing to still be 36 months. HA! Six to seven YEARS.
Remember the home mortgage deals that lead us into bank failures? Borrow 120% of your home's value? No down payments! Of COURSE you do not have to document earnings! The value of your home is ALWAYS gonna go up! Hey- why not a line of credit to let you borrow against your house? Already got one? No problem- here's another one!
Sears- which has been slowly withering, was almost bankrupted in the 1930s. Sears had been selling prefab houses. No credit? No problem- if you own the land, we have a house for you! Along comes the Depression, and suddenly Joe Homeowner is defaulting on his house payment to Sears- and Sears owns a crapload of houses they can't sell.0 -
strong job growth in the repo market expected. 0 -
quote:Originally posted by wifetrained
The biggest problem facing this country is debt!!! It doesn't matter where ie; personal, city, county, state, federal, it's eventually going to be this country's undoing.
Yep....however:
With DEMOCRATs preaching free this, free that, and people like MRS Bill Clinton promising government forgiveness on all student debt, wonder how long it will be before they promise a free car if you vote for me.0 -
"strong job growth in the repo market expected"
Not long ago, I was asked by a local business person to do some searching for non-paying customers and/or collection work.
Noper, not going to start that stuff. Sure it pays well BUT it's more likely to get a person shot than what I'm already doing.0 -
Some of the young fellas I work with, make pretty good money.
Many are making $1,000 car payments without considering they might be living on unemployment benefits in a couple months.0 -
I just bought a brand new 2005 Chevy Cavalier. I wrote a check for three thousand dollars and drove away. Nice car and no monthly payment. It probably won?t impress the neighbors or all the strangers I see at intersections but I like it. [:)] 0 -
quote:Originally posted by Ricci Wright
I just bought a brand new 2005 Chevy Cavalier. I wrote a check for three thousand dollars and drove away. Nice car and no monthly payment. It probably won?t impress the neighbors or all the strangers I see at intersections but I like it. [:)]
Yep, buy used, pay cash.0 -
Largely contributing to this stat, is the astronomical price of vehicles and the dealers ability to sell financing. People are commonly purchasing vehicles that cost half their annual income or more. For decades that ratio averaged less than 25%. I remember when Dad made a grand a month in the 60's and bought a new Oldsmobile for 3 thousand bucks? People making 70K a year are buying $40,000 trucks on 5 yr loans without knowing what their job situation might be half way thru the loan period. I had a 26 yr old employee approach me and declare that they needed a raise because they ordered a new car last night.[:0] 0 -
quote:Originally posted by Ricci Wright
I just bought a brand new 2005 Chevy Cavalier. I wrote a check for three thousand dollars and drove away. Nice car and no monthly payment. It probably won?t impress the neighbors or all the strangers I see at intersections but I like it. [:)]
LOL
I just got a 07 Camry with 54K on the clock. I paid 4.5k for it and drove off too.
Yep its a soulless piece of jap scrap but it runs like new gets 32 mpg and will be my new back and forth driver from NC to GA. I figure it will last me 20 more years or so and I will drive it until it has 300k on it and sell it to a mexican and he will put another 200k on it.
I have bought 2 new cars in my life. One I got from AFEES when I was stationed in Panama the other was a car for my wife. I only buy used now.0 -
The same people are defaulting on student loan debt too, saving for medical or retirement isn't happening.
I work around a lot of folks who make good money but they drive BMW SUV's, live in the best neighborhoods, have boats, ATV's and bikes and other toys, and still live pay day to pay day.
Many are not putting away a dime for retirement or medical emergencies, living for today, tomorrow someone like Uncle Sam will just have to take care of me mentality.0 -
Is it the canary in the coal mine? 0 -
Mogley- it may be. I'm considered a dinosaur because we paid off our debts, saved money for retirement, paid off our mortgage. And now I find politicians talking about "taxing the rich"- and they mean ME!
Ricci- you absolutely have the right idea. Driving a 2004 Jeep Grand Cherokee with every bell & whistle you can ask for- power floormats, electric sun visors- wrote the local used car dealer a check for $3 grand, shook hands and drove away with both of us smiling.
Is it going to impress the folks at the country club? No- but I don't belong to the country club. [:p]0 -
Car payment? We don't need no stinking car payment! 0 -
Posted by Ricci Wright:
quote:I just bought a brand new 2005 Chevy Cavalier. I wrote a check for three thousand dollars and drove away. Nice car and no monthly payment. It probably won?t impress the neighbors or all the strangers I see at intersections but I like it.
This post cracks me up!
My NEWEST vehicle is an 05 cavalier with about 120,000 on it.
Had it for 10 years, gets about 33-35 mpg driving back and forth to work, and NOBODY gives it a second look.
Perfect car for an old guy, OR for a young buck like Ricci.
BTW, It eats up diesel powered pickup trucks between traffic lights![:0]0 -
Combination of two things:
1. too easy to borrow money
2. too many people consider their gross overtime as guaranteed salary.0 -
What kills me are how naive the young people are when it comes to payments. They don't even do the math to see what they will be paying for the car if they made these payments. It can be three times what the car is worth and they will have NO clue. 0 -
quote:Originally posted by discusdad
strong job growth in the repo market expected.
Wrecker drivers got to work. Seen a few husband and wife teams on YouTube, the whole family benefits.0 -
Too many graduate,,,get a job and want a flashy new car....Got their priorities wrong..... 0 -
Salesmen push the PAYMENTS of only 455 each month, BUT for 72 months and now I see 84 months[B)]--bottom line is the millennials only see that. 0 -
quote:Originally posted by Grasshopper
Salesmen push the PAYMENTS of only 455 each month, BUT for 72 months and now I see 84 months[B)]--bottom line is the millennials only see that.
Not limited to millennials. gotta have it NOW, suspends rational thinking and results in ambulatory brain death with the ability to sign contracts.
However, having to MAKE PAYMENTS results in people working longer and harder with the desire to make more money, in a way, not all that bad.0 -
selling to those that cant afford it ,,ads on tv if you make 350 a week we can get you financed so what about the rent, electricity. car ins. food , kids ect ..sub prime loans again 0 -
There are two kinds of borrowers for automobiles.
Those that spend more than they can afford on luxury vehicles (for reasons I do not understand), and those who buy practical vehicles necessary for transportation to and from work and do not have the cash to buy one.
For those in the latter category, it may be a reasonable option. The borrowed money generates a return.
For those in the first category, the problem becomes readily apparent to them when they still owe money on a 5 year old vehicle that is showing signs of age and use. It no longer impresses the Jones's, has lot that new car smell, and still is not owned free and clear.0 -
The last new car I bought at a dealer was the 2005 Dodge pickup.
After wheeling and dealing it was $26,000. I paid it in full with a check.
When I went to their office to sign all the papers, the girl filled in the forms, "final sale payment=$26,000.
number of payments=60.
She had to change the pre written months from 60 to 1.
I told her the only time my name will be come up every month is when I
come in for my life time FREE oil changes![:D]0 -
I guess I'm just "old school", I just don't buy it until I have the full payment in hand. And yes, I save for the rainy day. 0 -
quote:Originally posted by babun
The last new car I bought at a dealer was the 2005 Dodge pickup.
After wheeling and dealing it was $26,000. I paid it in full with a check.
When I went to their office to sign all the papers, the girl filled in the forms, "final sale payment=$26,000.
number of payments=60.
She had to change the pre written months from 60 to 1.
I told her the only time my name will be come up every month is when I
come in for my life time FREE oil changes![:D]
My wife traded in a fairly new Taurus on a 2018 Jaguar, and as part of the deal we paid $ 20,000.00 cash.
200 one-hundred dollar bills.
I got the impression that it was something that most of the folks had not seen previously, and it took them a bit to get everything in place for the transfer.
A lot different than on the car show you see on the TV.0 -
AS noted in 99% of the cases an automobile is simply a means of getting form point A to point B. I need reliability, but if need be I will put the vehicle in the shop and drive a rental.
I don't take my vehicles out of town because typically they are out of warranty and if I have any issues on the road I want to be close to home.
Renting has other bennies as well, I almost ALWAYS get upgraded, the vehicle doesn't have all my or my wife's crud in it, and we can pack on as many miles as we can drive with no depreciation on ours.
I can't even imagine paying 30K plus for a vehicle, we bought a 2017 Ford Escape with 9600 miles on it and a clean car fax for 17K out the door. That damn near killed me LOL.
I plan to drive my Kia Rondo till the wheels fall off.
75 to 80K for a truck Wow no way Jose I will rent one when I need it twice or three times a year for less than 1K0 -
Remember back when Pelosi said you don't need a job the government is here for you.[xx(][:(][V][:(!][}:)] 0 -
No emissions inspection required and no way I'm ever buying another car unless the one I've got quits working and can't be repaired.
Need more prestige I'll wash it.[:D]0
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