re: 40% of Cars financed since 2022 are underwater

quote:

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The American consumer is gleefully allowing themselves to become a new form of permanently indentured servant to multiple owners.

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Unfortunately Truth in lending disclosures need to be simplified for the lowest common denominator. I had to through this with my wife a few years ago. Showed her life of loan interest payments vs total payments v actual amounts owed. That got through to her.

I used to not mind financing vehicles when I was getting less than 2-3% interest. I bought a car this summer. I was panning on only financing 20-40% of the purchase price. I like keeping a minimum amount of cash on hand for emergencies. Anyway, When the best I could do was 6.5% with an 800+ credit score, I was like screw you. I’m paying cash.

Only debt I have now is my home
Mort @ 2.5%. You would have to use deadly force or an extreme windfall on the value to get me out
Of my current home.