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WSJ: The 7Yr Auto Loan: America’s Middle Class Can’t Afford Cars. BONUS: New Iberia HC???
Posted on 10/1/19 at 1:56 pm
Posted on 10/1/19 at 1:56 pm
(no message)
This post was edited on 10/26/20 at 9:59 am
42
Posted on 10/1/19 at 1:58 pm to Hou_Lawyer
Aw little doggie looks so sad
Posted on 10/1/19 at 2:00 pm to Hou_Lawyer
quote:
He also took home an 84-month car loan that cost him and his then-girlfriend more than $500 a month. When they split last year and the monthly payment fell solely to him, it suddenly took up more than a quarter of his take-home pay
Ole baw needs to make more money or just buy a $5k craigslist/facebook special for a car.
Posted on 10/1/19 at 2:02 pm to Hou_Lawyer
I don't think there's anything wrong with a 7-year loan if you plan to keep the car for the life of the loan, and you pay more than the monthly payment each month. Last car I financed I did for 6 years, but paid it off in just under 3. That was 8 years ago and we still have the car.
A lot of people don't do either of those things though.
A lot of people don't do either of those things though.
Posted on 10/1/19 at 2:02 pm to Hou_Lawyer
bullshite. America's middle class can't afford cars they can't afford. There are cars they wouldn't have to finance like that, but they'd rather drive a nice car that'll put them in a bind and then bitch and moan that it's someone else's fault.
These people need a claw hammer scalp massage.
These people need a claw hammer scalp massage.
Posted on 10/1/19 at 2:03 pm to Hou_Lawyer
If you can't afford a car you're not in the middle class.
Posted on 10/1/19 at 2:03 pm to Hou_Lawyer
quote:
He paid $27,000 for the car, less than the sticker price, but took out a $36,000 loan with an interest rate of 1.9% to cover the purchase price and unpaid debt on two vehicles he bought as a teenager.
so he was upside down on a previous car and rolled it into the new car.....
$27k at 1.99% = $354/mo for 84 months....
Posted on 10/1/19 at 2:04 pm to Hou_Lawyer
well he's white so we can just call him a moron without fear of being called a racist....so....he's a moron
Posted on 10/1/19 at 2:04 pm to Hou_Lawyer
That baw needs a truck with that New Iberia haircut.
Posted on 10/1/19 at 2:04 pm to Hou_Lawyer
Cost has definitely gotten out of hand. Going through a little sticker shock myself lately, looking for a mid size SUV and having trouble finding one for less than $32-35k out the door. That's even for stripped out base models, and used prices for something with less than 75k miles on it is only 1 or 2k cheaper. Hell my 07 has more features than most of the vehicles we've looked at so far. Maybe I'm just cheap, but seems like the price outweighs the product nowadays.
Posted on 10/1/19 at 2:06 pm to Hou_Lawyer
quote:
Oooh, look them rims. They 12s, but they clean tho
Posted on 10/1/19 at 2:07 pm to Hou_Lawyer
Suckers get a 7 year auto loan
I got a great deal on my 84 month loan
I got a great deal on my 84 month loan
Posted on 10/1/19 at 2:08 pm to Hou_Lawyer
As I’ve said many times on here, the average American is a disaster in terms of finances, family, physical and mental health, and just about any other measure
Posted on 10/1/19 at 2:08 pm to Hou_Lawyer
I know I'll get torched for this, but a lot of this happens because schools aren't (and haven't been for a while now) teaching teenagers how to be adults. How to write a check. How to budget. How to calculate taxes. What department of the county courthouse does what. Basic finance. Interest rates. Insurance. How to not live paycheck to paycheck.
Posted on 10/1/19 at 2:09 pm to Hou_Lawyer
I'm 31 and never had a car loan. 
Posted on 10/1/19 at 2:10 pm to rowbear1922
quote:congrats
I'm 31 and never had a car loan.
Posted on 10/1/19 at 2:11 pm to SuperflyLSU
quote:
Going through a little sticker shock myself lately
I read an article a while back that said new vehicle prices were up something like 29% over the last decade.
I'd imagine that these long financing options have helped contribute to that.
Posted on 10/1/19 at 2:12 pm to Hou_Lawyer
It's the same thing that has made higher education so insanely expensive.
If you are willing to give people any means necessary to "afford" something, then there's no ceiling to how much you can charge for it.
If you are willing to give people any means necessary to "afford" something, then there's no ceiling to how much you can charge for it.
Posted on 10/1/19 at 2:14 pm to Hou_Lawyer
My sister inlaw has such horrible credit already, but she bought a Toyota Highlander, then added all the stuff she just needed to have, then walked out with a deal. 7 year loan 13.5% interest 
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