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re: A record 7 million Americans are 3 months behind on car payments
Posted on 2/12/19 at 2:02 pm to weagle99
Posted on 2/12/19 at 2:02 pm to weagle99
quote:
A record 7 million Americans are 3 months behind on car payments
I think GM and Ford have been preparing for an auto market downturn driven by a tightening credit market.
0
Posted on 2/12/19 at 2:02 pm to weagle99
How can people be 3 months behind? Do folks not have contingency plans or what not?
I cant think of a moment when I left the house at 18 that I didnt have a plan B.
I cant think of a moment when I left the house at 18 that I didnt have a plan B.
Posted on 2/12/19 at 2:02 pm to Motorboat
quote:
I see home health nurses making $9/hour
No, you don’t.
Posted on 2/12/19 at 2:06 pm to LNCHBOX
quote:
You think nurse anesthetists make less than $70k a year?
He was probably thinking CNA or whatever the "I don't have a degree" nurses are called.
CRNAs make frickin bank.
Posted on 2/12/19 at 2:20 pm to Motorboat
quote:
I see home health nurses making $9/hour
I calling BS on this...
We pay our babysitter more than that...
Posted on 2/12/19 at 2:20 pm to weagle99
Maga!!!! 
Posted on 2/12/19 at 2:21 pm to jvilletiger25
quote:
That's what happens when the car companies keep raising the prices of their vehicles. Then the government will use our tax dollars again to bail these companies out, when people can't afford to buy their overpriced products
Why should the car companies not maximize profits if people are willing to pay top price for their products? I can list hundred of cars for a price of $50k. But if no one is willing to pay me that much for my product, I either have to lower the cost or take the loss.
What happens though is that banks are more than happy to allow people to finance cars they can't afford. Chasity with a $40k job and two kids decides the only car worthy of her status is a $50k Infinity. If she couldn't get a loan, she couldn't drop $50k to buy it. But now she can get a 96 month loan to (ostensibly) pay $80k for that $50k car for practical purposes she can't afford. The car dealer doesn't care. The bank is paying him $50k up front. It's their risk on if Chasity can pay the note.
When it's easy to get a loan, it's easy to live like the Jones's. The worst thing that happens is they take your car away. And if, God forbid, something bad happens and you have not a dime in savings. No worries. "Someone" else will pick up the tab for your necessities.
It's the American way. Buy shite we can't afford with money we don't have.
Posted on 2/12/19 at 2:26 pm to MrLSU
quote:
2009 Suburban with 65,000 miles that I just got a loan on for $45,000 with 72 months and a 9.9% APR rate!
That would actually be a fairly decent rate and term for a 10 year old vehicle.
I financed 45% of mine for 48 months at 5.99.
CU bumped my rate due to mileage.
Posted on 2/12/19 at 2:28 pm to weagle99
It’s sad how reckless people are with money.
I refuse to have a car note. My current vehicle costs 1.7% of my annual income. My wife owns the nice car which was 5.1% of my annual salary.
Cars are a quickly depreciating asset. You should only spend extra on them when you have zero other debt including not having a home mortgage.
I refuse to have a car note. My current vehicle costs 1.7% of my annual income. My wife owns the nice car which was 5.1% of my annual salary.
Cars are a quickly depreciating asset. You should only spend extra on them when you have zero other debt including not having a home mortgage.
This post was edited on 2/12/19 at 2:37 pm
Posted on 2/12/19 at 2:30 pm to SECdragonmaster
quote:
I refuse to have a car note.
same here, haven't had a car note since the 90s, cars, trucks, and I like nice ones, are just a tool to facilitate, that's all
Posted on 2/12/19 at 2:31 pm to weagle99
Anyone can buy any vehicle they want, regardless of ability to pay. SOMEONE will give them a loan.
In fact, the easier to repossess, the easier to qualify for a loan.
In fact, the easier to repossess, the easier to qualify for a loan.
Posted on 2/12/19 at 2:32 pm to 777Tiger
quote:
same here, haven't had a car note since the 90s
Ditto. I have't had one since, well, ever.
Always paid cash for my cars.
This post was edited on 2/12/19 at 2:32 pm
Posted on 2/12/19 at 2:34 pm to weagle99
Feels good to have a vehicle paid off.
Posted on 2/12/19 at 2:35 pm to HailHailtoMichigan!
quote:
8 million govt workers were without pay for 35 days
That is why
You're an imbecile.
They missed ONE paycheck, a month ago, and have already received the back pay.
It's because Americans are goddamned morons when it comes to fiscal responsibility.
Posted on 2/12/19 at 2:37 pm to X123F45
Damn.. I bought a brand new car last year at 0%interest no money down.
Hard to beat that.
Hard to beat that.
Posted on 2/12/19 at 2:43 pm to SECdragonmaster
quote:
Cars are a quickly depreciating asset. You should only spend extra on them when you have zero other debt including not having a home mortgage.
I agree 100% For the first time in my life have a car payment now. Three other vehicles no car payments. Found a 2015 Honda Odyssey Touring with low miles and got a fairly good deal. However have a $350 month car payment. Will pay it off in 3 years or sooner
Posted on 2/12/19 at 2:46 pm to SECdragonmaster
quote:
Cars are a quickly depreciating asset. You should only spend extra on them when you have zero other debt including not having a home mortgage.
This is the best advise I have seen on TD. I usually save up and buy a car with cash, not finance 25K car and end up dishing out 32K with interest.
Posted on 2/12/19 at 3:08 pm to weagle99
Is it wrong that I laugh at poor people who make car payments?
If you’re over 30 and you are making car payments, you are officially a loser.
There’s nothing stupider than a poor person making payments for a car they can’t afford.
If you’re over 30 and you are making car payments, you are officially a loser.
There’s nothing stupider than a poor person making payments for a car they can’t afford.
Posted on 2/12/19 at 3:09 pm to Centinel
quote:
their property
Posted on 2/12/19 at 3:23 pm to Hangover Haven
quote:
calling BS on this...
We pay our babysitter more than that...
Those numbers probably aren’t right but you’d be surprised how little people value their time and effort
I’ve seen people who’ve worked for the same company for over 20 years who bring home entry level pay but will take out tons of credit cards and other loans to make the ends make every year.
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