- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: WSJ: The 7Yr Auto Loan: America’s Middle Class Can’t Afford Cars. BONUS: New Iberia HC???
Posted on 10/1/19 at 3:54 pm to Adam Banks
Posted on 10/1/19 at 3:54 pm to Adam Banks
it's the opening to the dave ramsey show 
1
Posted on 10/1/19 at 3:56 pm to Hou_Lawyer
Another huge thing that's being overlooked with a 84 month loan, is that most warranties are good for less than half of the loan. The owner is then on the hook for not only regular maintenance, but all repairs that will be needed. Cost of ownership relative to income can go up significantly in the last years of the loan.
Posted on 10/1/19 at 3:56 pm to TheCaterpillar
Definitely now some people take it to an extreme but the man speaks a lot of truth. People go through their life hating their job or whatever and can’t do anything about it because their paycheck belongs to ford motor, Wells Fargo and American Express on October 1st. Closest I have been was a short time with just a reasonable monthly bill for an apartment and it was incredible
Posted on 10/1/19 at 3:57 pm to Hou_Lawyer
If I’m going to do a 7 year loan it’ll be for something better than an Accord
Posted on 10/1/19 at 3:57 pm to TheFlyingTiger
Makes sense
Posted on 10/1/19 at 3:58 pm to Hou_Lawyer
My question is how does this guy get a 1.9% APR?
My wife and I have excellent credit, good income, we are not over extended in debt and have both been with our employers over 10 years.
We’ve gotten 3% to 3.5% on our last two car purchases.
How is this a-hole getting 1.9%?
My wife and I have excellent credit, good income, we are not over extended in debt and have both been with our employers over 10 years.
We’ve gotten 3% to 3.5% on our last two car purchases.
How is this a-hole getting 1.9%?
This post was edited on 10/1/19 at 3:59 pm
Posted on 10/1/19 at 3:58 pm to TheFlyingTiger
quote:
"...debt is dumb cash is king and the paid off home mortgage has taken the place of the BMW as the status symbol of choice...."
This sounds great if you are financially illiterate.
Posted on 10/1/19 at 3:58 pm to Hou_Lawyer
Reading this thread is making my palms sweaty. I thought everyone figured out long ago that financing a depreciating asset isn't the best idea.
Can anyone explain the psychology behind the need/desire to be seen in a shiny new vehicle? I understand car enthusiasts and their hobby, but the average Joe just uses his car as an appliance for getting from A to B.
Can anyone explain the psychology behind the need/desire to be seen in a shiny new vehicle? I understand car enthusiasts and their hobby, but the average Joe just uses his car as an appliance for getting from A to B.
Posted on 10/1/19 at 3:59 pm to Scoop
quote:
My question is how does this guy get a 1.9% APR?
My wife and I have excellent credit, good income, we are not over extended in debt and have both been with our employers over 10 years.
We’ve gotten 3% to 3.5% on our last two car purchases.
How is this a-hole getting 1.9%?
Your credit isn't as excellent as you think if you're not getting less than 3% on a vehicle purchase, or more likely you're just taking whatever the dealer offers and not shopping for independent financing.
Posted on 10/1/19 at 4:01 pm to JohnnyKilroy
quote:
This sounds great if you are financially illiterate
I guess the private jet debt free multimillionaire with a national radio show about finance is illiterate
Posted on 10/1/19 at 4:04 pm to The Spleen
quote:
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.
Story said kid got a 1.9 percent interest rate.
Cars these days are built to last 10 years or longer, with hopefully no major issues until 100K or more miles.
15K miles a year = 105K miles after 7 years. So you pay for a car for 7 years, and in years 8-10 you pay for repairs and savings for down payment for new car.
Posted on 10/1/19 at 4:06 pm to TheFlyingTiger
quote:
I guess the private jet debt free multimillionaire with a national radio show about finance is illiterate
If you think Dave Ramsey follows the stuff he tells the masses
Posted on 10/1/19 at 4:10 pm to N2cars
My honest opinion when walking onto a car dealership lot...
I'd rather get another colonoscopy. They are both expensive, involve a lot of shite and stick things up your a-hole.
To me, a car is a vehicle that gets me from home to work. That said, my 2002 Toyota Tundra is still running like a champ.
I'd rather get another colonoscopy. They are both expensive, involve a lot of shite and stick things up your a-hole.
To me, a car is a vehicle that gets me from home to work. That said, my 2002 Toyota Tundra is still running like a champ.
Posted on 10/1/19 at 4:10 pm to TheFlyingTiger
Dave Ramsey's advice is perfectly fine for people who have debt problems or have zero financial education.
Not optimal beyond that. Debt is fine and paying your house off early is generally speaking a very inefficient use of capital.
Not optimal beyond that. Debt is fine and paying your house off early is generally speaking a very inefficient use of capital.
Posted on 10/1/19 at 4:13 pm to JohnnyKilroy
quote:
debt problems or have zero financial education
This is 50%+ of the US population.
Posted on 10/1/19 at 4:14 pm to RogerTheShrubber
quote:
Sure the middle class can afford cars. But their taste is higher than their wallet. It seems people believe you should buy as much as they'll let you
I remember trying to buy a new truck when I was 23-24 years old. Turns out the model I wanted was over my budget. The salesman said to me, “son, you’re looking at too much truck”. It made my mad and I left. Turns out that man has saved me many dollars throughout the years.
Posted on 10/1/19 at 4:15 pm to LNCHBOX
I'd be willing to bet dave ramsey pays cash for most everything. does he follow his snowball/cash envelope plan? nah.
but the point is, the guy in the story here would greatly benefit from doing Dave's plan
all we have is a mortgage, the wife and I paid off $72,000 of student loans within 3 years of graduating college because of the Dave Ramsey plan... and we were not exactly killin' it at that point.
but the point is, the guy in the story here would greatly benefit from doing Dave's plan
all we have is a mortgage, the wife and I paid off $72,000 of student loans within 3 years of graduating college because of the Dave Ramsey plan... and we were not exactly killin' it at that point.
Posted on 10/1/19 at 4:16 pm to JohnnyKilroy
yeah I'll agree there. unless you can definitely project to pay off your house in 7-10yrs,(maybe less) just pay the minimum and move on.
Posted on 10/1/19 at 4:41 pm to Boring
quote:
Can anyone explain the psychology behind the need/desire to be seen in a shiny new vehicle?
Trophy wife's need to trophy wife is one. All girls are princess is another. The guy with the coolest toys is the coolest is another.
Your not paying attention if you think our culture values conservative used vehicles over flashy.
Posted on 10/1/19 at 4:44 pm to Hou_Lawyer
Ok so how is this anyone else’s fault besides Mr Jones’s?
Page 5 of 7
Popular
Back to top
Follow TigerDroppings for LSU Football News