Record behind on car payments
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quote:Originally posted by SCOUT5
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.
Yepper, did just that the other day.
quote:Originally posted by Don McManus
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.
I got the same reaction when I bought my VStar 1100, and that check was only $9,300. Sales girl had started talking financing and I told her I'd be writing a check. Some kid standing nearby overheard us and the look on his face you'd think someone shoved a kitten up his butt.0 -
many years back when conversion vans were the "thing" a couple I worked with bought one .
they traded in a car ( do not recall what , and worked on a deal the salesman at one point ask what are you or can you pay a month .
( these were not the brightest bulbs in the room ) thinking he dropped the price for them to meet there price
after they bought it and a week or so maybe a month later got there payment book . at some point after that they realized he( salesman ) just made it a 7 year loan to drop the payments to what they were looking for
they were thinking a 3 year loan and got the price they wanted [xx(][xx(][xx(]0 -
Well, lets see here.......how many millions are in default for student loans, how many millions are in default over their credit cards, how many millions of personal loans are in default, how many millions of home mortgages are in default???? How many repo'd homes are the banks sitting on fearing a total price capitulation? How about 2nd mortgages, home equity loans, lines of credit, etc etc that are about to go tits up?
The looming car loan debacle is just symptomatic of a far larger problem.0 -
quote:Originally posted by wifetrained
Well, lets see here.......how many millions are in default for student loans, how many millions are in default over their credit cards, how many millions of personal loans are in default, how many millions of home mortgages are in default???? How many repo'd homes are the banks sitting on fearing a total price capitulation? How about 2nd mortgages, home equity loans, lines of credit, etc etc that are about to go tits up?
The looming car loan debacle is just symptomatic of a far larger problem.
I foresee another 2008 break down.0 -
in 1973 my future wife bought a nice '72 Monte Carlo from a Captain at Ft. Knox who had just been told he was being transferred to the reserves as part of the post-Vietnam Reduction In Force (RIF).
A bunch of nice cars went on the market when the notices went out -- many of the unmarried aviator-rated captains (who got flight pay on top of captains pay) had gotten the idea of having a "nice" car for weekends and an "economy" car for driving to work every day.0 -
but the dealer said i could get $10,000.00 OFF MSRP if i bought it TODAY ?? 0 -
We purchased a new vehicle for my wife back in October. We search around and had her drive several different models until she finally settled on what she wanted. Every dealership we talked with kept trying to convince us their financing and other incentives would save us thousands. We told each one of them we would not be using their financing.
The final dealership where we purchased the new vehicle looked really sad when we agreed on a trade in price for my wife's vehicle and told them we would write a check for the balance....the financial person tried once to convince us we could save money by financing......I told him that was not an option..
Wrote them a check, signed the papers and we were out the door.....0 -
Currently dont have a car payment...I really like not having a car payment. [:D]
I intend to take care of both vehicles the best I can until I cant drive them anymore. Hopefully my kids will need my teachings about this. If they do, dad may make them a good sale on a 06 Tacoma and an 09 expedition....then they can laugh on the weekends as young adults/families when they still have money to go do fun stuff and their peers dont.
In some ways I really understand the debt problems though...when the government requires banks and banks are ok with making money SEEM super "cheap" to borrow and then preach to all these kids they have to go to college to have a decent life...well, it's really a kind of brainwashing I think.
Along with a bunch of other crap they get taught in schools. My BIG problem is when parents don't step in and teach otherwise.0 -
There is another gimmick used by car dealers as well as the banks.
A younger brother of mine keeps buying cars and trading them off for newer ones every couple of years.
He still owes quite a bit of money on the car he is trading (more than the dealer is willing to pay) but the bank just adds in the unpaid balance of the old car on the new loan for the next car! [:0]
High payments for sure but his addiction to that new car smell seems to be worth it to him!!0 -
Just look at the recent government shut down, people were crying the blues when they missed 1 paycheck. The only time I have ever been concerned was 1972 while in basic training, by the end of the month I was using the change I had squirrelled away during the first 3 weeks of the month. I've always figured and made sure I could get by without a pay check for at least 3 month. 0 -
hmmmm ...wonder how many behind on vehicle payments are also expecting forgiveness like their student loans.... a twofer 0 -
The last car I bought there was an extra discount for financing so I let them write up the minimum to get the extra discount. I had to carry it for 90 days & as soon as that was up I paid it off. It did raise my credit score a bit since the only other credit I have is my credit cards which of course I pay off each month.
Soon after I got out of the Army I went to work for a finance company & I learned from other people's folly to avoid debt like the plague.0 -
I sold cars for 25 years and sold over 3300 cars. Most customers never ask how much a car cost. They only ask how much the payments are. Most of them will pay faithfully until the car needs repair. I knew a dealer who sold a car for $165.00 a month no limit on the months. The car was worth about #3000.00. The deal was for him to pay until the car quit running. No contract. The customer paid for 7 years then quit. Customer paid $13165.00 for the car. Actually they both got a good deal in my opinion. Where can you get transportation for $165.00 a month? 0 -
If you want to talk about legal loan sharking, look at those "Rent A Center" joints.
I had a worker, fairly smart kid too, had his desk top computer die.
Went to Rent a center.
Got a new Pc that sold in stores for $525.
Signed a contract for "only" $24.88 per week. What a deal, he could afford that easy.
Paid over $1400 with taxes for the year contract.
Then he owned a pc worth about $100.
[V][B)]0
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