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re: A record 7 million Americans are 3 months behind on car payments

Posted on 2/14/19 at 5:58 am to
Posted by jimmy the leg
Member since Aug 2007
45298 posts
Posted on 2/14/19 at 5:58 am to
Only 7 million and only three months? I'm actually surprised it isn't more.
Posted by Fat and Happy
Baton Rouge
Member since Jan 2013
20233 posts
Posted on 2/14/19 at 6:36 am to
I’m so lucky i got my 108 month loan so i could keep my payments great each month
Posted by Fred's a tiger
Mamou
Member since Dec 2012
119 posts
Posted on 2/14/19 at 7:13 am to
Home health NURSES making $9.00 per hour..this statement voids your entire take on the matter. LPN makes about $15-17 per hour starting pay and RN makes about $25-28 per hour starting pay, probably more for home health RNs which is a field most RNs don't want to participate in. You are correct in that some people certainly do spend more on vehicles than they should.
Posted by PhiTiger1764
Lurker since Aug 2003
Member since Oct 2009
14616 posts
Posted on 2/14/19 at 7:22 am to
This doesn’t surprise me. Most people are way overextended. Car payments are the largest factor in many people’s inability to build wealth.

I will never pay more than 25% of gross salary for a vehicle. And 60 months is the longest I will ever finance.
Posted by Open Dore Policy
The Commodore State
Member since Oct 2012
5451 posts
Posted on 2/14/19 at 7:34 am to
That's why I paid cash for my used vehicle.

You don't need all this fancy stuff that is in cars today.

Just got to get back and forth.
Posted by DevilDagNS
Member since Dec 2017
3016 posts
Posted on 2/14/19 at 7:46 am to
quote:

Trumpet claims we are better off than ever.


I am. Wife and I were talking about this last night. Our income has inceased while our effective tax rate has gone down. We have been paying off debt, upgrading cars and are about to start looking for a new house. All the headlines are doomsday and Trump lied and we are just like


Posted by southern686
Narnia
Member since Nov 2015
1077 posts
Posted on 2/14/19 at 7:54 am to
Early 20s and I make solid money for my age.

I still don't understand how some my age who make what I make or less afford new 3/4 ton trucks. Surely the note is expensive, add in insurance they are paying 1000+ a month.
Posted by southside
SW of Monroe
Member since Aug 2018
647 posts
Posted on 2/14/19 at 7:56 am to
Being that you can now finance hunting apparel, I don't find it surprising that people are extended well outside their means. Welcome to America, where we will finance your discretionary income.
Posted by Supermoto Tiger
Baton Rouge
Member since Dec 2010
10964 posts
Posted on 2/14/19 at 8:57 am to
quote:

8 million govt workers were without pay for 35 days

That is why


Good try but your math doesn't add up. Out of work 35 days but 90 days late??? Nope. Try again.



quote:

Am I supposed to be shocked? Appalled? Angry? Sad? Because I’m not any of those things.

Pay your damn bills, people.

And buy a vehicle that you can AFFORD!

A friend of mine sells cars. Here is a story he told me the other day:
This fat lady comes in to meet with him about a car.
He shows her a few and she decides to buy. While they are doing the paperwork on the car, she asked:
"How much the payment be, WITH the late fee"?
Posted by RedHawk
Baton Rouge
Member since Aug 2007
9733 posts
Posted on 2/14/19 at 10:09 am to
People take out 7 year loans now to pay off their vehicle and are usually upside down on the loan for the life of the loan.

Will never have a car note again for the rest of my life. I just deposit a monthly amount that would have been a car payment into my savings account and when I need another car, voila I have the cash. I earn interest instead of paying interest. Not a hard concept.
Posted by brgfather129
Los Angeles, CA
Member since Jul 2009
17360 posts
Posted on 2/14/19 at 10:21 am to
quote:

. I just deposit a monthly amount that would have been a car payment into my savings account and when I need another car, voila I have the cash. I earn interest instead of paying interest.


Yikes.

How much return are you getting off that "savings account"?
Posted by biggsc
Member since Mar 2009
34777 posts
Posted on 2/14/19 at 10:23 am to
Not living within your means
Posted by RedHawk
Baton Rouge
Member since Aug 2007
9733 posts
Posted on 2/14/19 at 10:53 am to
quote:

How much return are you getting off that "savings account"?


2.4% at the moment. It usually fluctuates between 1.25% and 2.5%. Been at 2.4% for about six months now.
This post was edited on 2/14/19 at 10:55 am
Posted by VADawg
Wherever
Member since Nov 2011
48897 posts
Posted on 2/14/19 at 10:57 am to
quote:

I still don't understand how some my age who make what I make or less afford new 3/4 ton trucks


They can't afford it. They don't break down their finances before they buy.
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