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Yeah. It took me a minute to figure that out when I saw it. View Quote View All Quotes View All Quotes |
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People don't think 8 year notes be like they is, but they do.
Dang new trucks cost more than my house when I bought it. |
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Factor in cash for clunkers. People trading in for cars they can't afford, and fewer used cars on the market forcing poorer people to pay more. I bet it was up there. View Quote View All Quotes View All Quotes Quoted:
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I'd like to see the numbers when FBHO ruled. Fake news. Money is and has been cheap for a while now, more people are trying to trade up. Lots of things are affecting new and used car prices. |
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Seven cars and no car payments here.
Newest car is a 2010 and oldest is a 1972. |
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Used F150s with 100K miles still selling for $26K.
10 years ago the entire truck new was around $35K. It's insane how much car prices have gone up. Reminds me of student loans and college tuition raises. I'm still driving my 11 year old truck. |
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Some days I think my life isn't going the way I thought it would.
Other days, I read these articles and realize that i'm doing pretty fucking well |
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Lol until I bought my wife a new car in November, I hadn’t made a car payment in six years...
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There have been numerous assessments that show that "cash for clunkers" did little to affect used car market prices. It was, in the grand scheme a small program, yet price increases due to consumer demand, inflation, etc. have been constantly blamed on cash for clunkers. Money is and has been cheap for a while now, more people are trying to trade up. Lots of things are affecting new and used car prices. View Quote View All Quotes View All Quotes Quoted:
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I'd like to see the numbers when FBHO ruled. Fake news. Money is and has been cheap for a while now, more people are trying to trade up. Lots of things are affecting new and used car prices. |
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I bet a lot more used cars were lost to the bad hurricanes of the past decade than cash for clunkers.
Also, lots and lots of cruddy hondas toyotas and nissan's get shipped to central america. |
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They're behind because the lease payment on their 24 inch trims is more that the car loan.
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Around 2005 or so, I was selling cars. (And still do)
Customer wanted to buy a used Jeep, he applied for credit, and was approved. He had 2 previous repossessions. That's insanity on the banks part. The banking industry is a huge part of the problem. |
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Around 2005 or so, I was selling cars. (And still do) Customer wanted to buy a used Jeep, he applied for credit, and was approved. He had 2 previous repossessions. That's insanity on the banks part. The banking industry is a huge part of the problem. View Quote She got state maximum rate, and ended up paying $150k for a $60k car or something absurd. Her payments were ludicrous. Edit: well the bank got her done. I was the salesman |
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Very true. Prices for used cars are still overly inflated. View Quote View All Quotes View All Quotes Quoted:
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Cash for clunkers still fucking up car prices. The value of used cars is high for one reason: wages have not matched inflation. People cannot afford to replace vehicles as frequently as they once could. On the other hand,vehicles now last considerably longer than when it was expected that a car with 100k miles was on its last legs. |
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Cash for clunkers was retarded.
Taxpayers paid $4,500.00 for a decent $2,500.00 pickup truck..... Then Taxpayers had their $4,500.00 investment destroyed, instead of getting back the value ($2,500) in the wholesale market. The taxpayers even had to pay for the sodium silicate to destroy it. Dumb program. |
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I got a lady done (who made like $230k BTW) with horrible credit and two repos back when I was selling cars. She got state maximum rate, and ended up paying $150k for a $60k car or something absurd. Her payments were ludicrous. Edit: well the bank got her done. I was the salesman View Quote |
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Some variation of
-Trash sees a rap video and think that they “need” a Cadillac Escalade. While working at McDonald’s. Idiot lenders ignore all good sense and give them money. -Just had a thread on this. Essentially there’s a significant subset of people who either cannot work on cars or view working on your car as something only a degenerate does. So when it starts making a noise they junk it. -Same shit of rising costs of living and low wages. |
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Having lived and worked around illegals all my life I don’t find this number to be out of line. They would buy a car on time, make a few payments, then continue to drive it until the creditor could find it to repossess it. Then the cycle starts all over again.
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lol The repo rate will continue to rise as the average length of loan increases. Doesn't mean its a problem, just means people are fucking stupid and cars are more expensive relative to income (but they last longer) and people want new shiny things they can't afford. View Quote Many of these people can make the payments if that was all there was to it. It's the maintenance costs etc they forgot to take into account. My pickup I bought new in '09, it is a basic non extended cab with a manual transmission and a 4 cylinder engine. I will run it until the wheels fall off. It ain't pretty, cool or stylish but it certainly does the job. |
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Yeremyahu: Debt is like a narcotic, our society can't stay off of it. Debt has always been a problem for America, even when America had a high IQ electorate. The Founding Fathers got themselves into so much trouble that the Congress passed the first bankruptcy law in 1800. Now the electorate's and the general population's IQ has decreased; debt is easy to acquire, hard to discharge; in the last half century America has been deindustrializing, families have been fracturing, fastidious fatherhood has fallen away to feminized fuckboyhood, medical costs have been inflating, and the financial sector has gained huge amounts of political power.
When the debtor doesn't even need to be smart enough to calculate the interest of his or her debt, should I hold liability to the debt serfs or the megcorporations? Is liability with the 85 IQ ditch digger stuck in the payday loan rut, the 110 IQ journeyman or clerk living paycheck-to-paycheck in deep credit card debt, or should I hold liability to the the financial offices full of MBAs and PhDs? Usury is immoral, and America should become a Christian society again. The banks create these loans out of nothing, with not even paper bills to back them up, lend out these inflated dollars to the public, and they have the audacity to charge interest on this made up money. Student Debt should be dischargeable in bankruptcy. Congress could nationalize the Federal Reserve, and make a debt jubilee where it uses that same money creation method to give a stipend to everyone that files a credit report with an income tax return on the condition that all money of the stipend be used to retire the tax payer's debt before any other use. Fractional reserve banking is usury and should be constitutionally prohibited. These things could be done if the public was the main focus of the government; but we do not have a government of, by and for the people - we have a government of money power. jaqufrost: I'm glad you're not in charge. View Quote |
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I've been saying this for a LONG time! There is an auto loan bubble now similar to the mortgage bubble before the 08 / 09 crash.
Quoted: I didn't see the article give its raw data, but... There are roughly 270 million registered cars in the US. If 7 million of them are at risk for repossession, that still only represents roughly 3% of cars. Still an exceptionally low figure, IMO. View Quote |
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One of the local credit unions back home used to put in a repo order after one missed payment. I saw a woman who financed with them who had her car repoed 3 times in less than a year. View Quote View All Quotes View All Quotes Quoted:
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I woulda thought they would repo your car sometime between the 2nd and 3rd missed payment?? |
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For those places, the car is just bait. They really want to sell debt. View Quote View All Quotes View All Quotes Quoted:
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I woulda thought they would repo your car sometime between the 2nd and 3rd missed payment?? Heck, some of those "BHPH" places actually put GPS devices and remote kill switches in the cars, so if you don't pay they shut your shit off and then come get it before you can hide it. Then they sell it to someone else for the same price, and do it over again. Imagine selling the same car 5 times. They really want to sell debt. |
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@jaqufrost Yeah that's fair I guess, who would you prefer? View Quote But at a minimum, someone who understands the dollar is held up by confidence and nationalizing the fed while declaring a debt jubilee would sink the country. I'm fine with making student debt dischargeable. If your IQ is 110, you should be plenty smart and not be living paycheck to paycheck. I've paid back my loans, in general I expect others to pay theirs as well. |
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Does that factor in the impact on the used part market and the auto repair industry as a whole? And lack of availability of used or rebuilt parts leading to non-cfc cars being scrapped anyway? View Quote 80's stuff is getting thin but the herd is only so big, after awhile they fade out. No idea what bearing CFC had on them but up until a few years ago they were still pretty common. I wish I was into junking when CFC was going on, it had to be glorious picking. I haven't had a payment since 2009, a newer rig that doesn't seem to depreciate much isn't that appealing. |
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I work in retail and I deal with those people daily. People can't afford $400 for a washing machine but they have a $500 phone and a thousands invested in their tattoos. View Quote View All Quotes View All Quotes Quoted:
Quoted:Yeah, there are some stupid people who manage money poorly, but I don't think that the majority of adults are this dumb. Maybe I'm wrong and they are. I don't know. |
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They are 3 months behind , I’m 3 months from being paid off !
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Now you know how all of those 19 year old kids are driving around $60K diesel trucks with $20K worth of lift kits and wheels on them..........
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Surprising that it's not more. Far too high a percentage of the population is functionally illiterate when it comes to personal finance.
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Quoted: That statement holds some water considering used car purchases but is not and has not been an issue for new vehicle sales. The subprime market blossoms with a strong economy such as what we see in the USA. The downside of that is predatory lending practices and shysters that kink paperwork to get the banks to buy the loan and foist 29.9% interest rates on people who "think" they can make the payments and discover that the cannot because it takes too much out of their disposable income. GDSR is a real thing, and it is largely ignored by predatory lenders and those who want something shiny and want it right now. "Most of the people who are behind on their bills have low credit scores and are under age 30" (from the article) View Quote |
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Me of course But at a minimum, someone who understands the dollar is held up by confidence and nationalizing the fed while declaring a debt jubilee would sink the country. I'm fine with making student debt dischargeable. If your IQ is 110, you should be plenty smart and not be living paycheck to paycheck. I've paid back my loans, in general I expect others to pay theirs as well. View Quote View All Quotes View All Quotes Quoted:
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@jaqufrost Yeah that's fair I guess, who would you prefer? But at a minimum, someone who understands the dollar is held up by confidence and nationalizing the fed while declaring a debt jubilee would sink the country. I'm fine with making student debt dischargeable. If your IQ is 110, you should be plenty smart and not be living paycheck to paycheck. I've paid back my loans, in general I expect others to pay theirs as well. There is no way to make good on all the promises made to folks, plus we can never pay off the national debt. Math doesn't support it. |
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Now you know how all of those 19 year old kids are driving around $60K diesel trucks with $20K worth of lift kits and wheels on them.......... View Quote |
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Yeremyahu: Debt is like a narcotic, our society can't stay off of it. Debt has always been a problem for America, even when America had a high IQ electorate. The Founding Fathers got themselves into so much trouble that the Congress passed the first bankruptcy law in 1800. Now the electorate's and the general population's IQ has decreased; debt is easy to acquire, hard to discharge; in the last half century America has been deindustrializing, families have been fracturing, fastidious fatherhood has fallen away to feminized fuckboyhood, medical costs have been inflating, and the financial sector has gained huge amounts of political power.
When the debtor doesn't even need to be smart enough to calculate the interest of his or her debt, should I hold liability to the debt serfs or the megcorporations? Is liability with the 85 IQ ditch digger stuck in the payday loan rut, the 110 IQ journeyman or clerk living paycheck-to-paycheck in deep credit card debt, or should I hold liability to the the financial offices full of MBAs and PhDs? Usury is immoral, and America should become a Christian society again. The banks create these loans out of nothing, with not even paper bills to back them up, lend out these inflated dollars to the public, and they have the audacity to charge interest on this made up money. Student Debt should be dischargeable in bankruptcy. Congress could nationalize the Federal Reserve, and make a debt jubilee where it uses that same money creation method to give a stipend to everyone that files a credit report with an income tax return on the condition that all money of the stipend be used to retire the tax payer's debt before any other use. Fractional reserve banking is usury and should be constitutionally prohibited. These things could be done if the public was the main focus of the government; but we do not have a government of, by and for the people - we have a government of money power. jaqufrost: I'm glad you're not in charge. Yeremyahu: Yeah that's fair I guess, who would you prefer? jaqufrost: Me of course But at a minimum, someone who understands the dollar is held up by confidence and nationalizing the fed while declaring a debt jubilee would sink the country. I'm fine with making student debt dischargeable. If your IQ is 110, you should be plenty smart and not be living paycheck to paycheck. I've paid back my loans, in general I expect others to pay theirs as well. View Quote Man, we've got like 72 trillion dollars of personal, private, local, state, and federal debt; 122 trillion dollars of unfunded liabilities - the confidence game is coming to an end. It can be done by our own hands to steer our future, or it will be crashed and we will have to pick up the pieces other people leave us. |
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I saw a "recovery" vehicle cruising the parking lot at my work this morning.
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That's like, 2% of the population, right? I'm honestly more surprised that the number isn't higher. A number that low is a sign of a strong economy. View Quote ""2006 Year-end: More than 1.25 million foreclosure notices were filed on more than 800,000 properties during the year. One in 92 of all households were in some stage of foreclosure during 2006.[53] https://en.wikipedia.org/wiki/Timeline_of_the_United_States_housing_bubble The cars go first then the houses. This is a repeat of the same event, and it is pathetic how short our memories are now. Last year was 100 years of the armistice of ww1, and most people can not tell you if the Somme or Verdun was first. People think we "won" that war. |
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@GSODracing
Consider re-titling your thread to indicate the math that 7 million out of 328 million represents. |
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