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Posted: 12/11/2022 11:25:52 PM EDT
[#1]
Yes
I used to work in auto lending |
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Posted: 12/11/2022 11:25:53 PM EDT
[#2]
Maybe they are banking on a mad max scenario where credit would be useless?
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Posted: 12/11/2022 11:26:06 PM EDT
[#3]
Young people don't watch TV. It's not being advertised there for them.
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Posted: 12/11/2022 11:26:32 PM EDT
[#4]
the way we are going credit scores and their use are going to be deemed racist.
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Posted: 12/11/2022 11:28:31 PM EDT
[#5]
Quote HistoryQuoted: the way we are going credit scores and their use are going to be deemed racist. |
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Posted: 12/11/2022 11:29:19 PM EDT
[#6]
No. Young people are saving more younger than any previous generation. Their understanding of money is pretty solid.
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Posted: 12/11/2022 11:31:55 PM EDT
[#7]
Hmmm is right. It's a little odd to be obsessed with being called a racist if you aren't one. And bringing it to unrelated conversations is a sign of obsession.
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Posted: 12/11/2022 11:36:47 PM EDT
[#8]
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Posted: 12/11/2022 11:44:30 PM EDT
[#9]
I went with a friend last week to buy a car. They don’t even ask about income anymore for a car loan
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Posted: 12/11/2022 11:46:02 PM EDT
[#10]
lol
If you can’t buy it outright, you can’t afford it |
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Posted: 12/11/2022 11:47:37 PM EDT
[#11]
I just went bankrupt and a few days later got numerous letters in the mail from dealerships trying to get me to come get a loan.
Not sure what's up with that. |
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Posted: 12/11/2022 11:47:59 PM EDT
[#12]
Quote HistoryQuoted: lol If you can’t buy it outright, you can’t afford it I’m okay with a young person financing their first car. But after that you shouldn’t need to ever again |
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Posted: 12/11/2022 11:52:00 PM EDT
[#13]
Half the boomers here wonder why their credit score is low because they pay for everything in cash.
They can’t put that together. |
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Posted: 12/11/2022 11:52:35 PM EDT
[#14]
Quote HistoryQuoted: lol If you can't buy it outright, you can't afford it All my other cars were beaters I paid for up front, under $2500 |
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Posted: 12/11/2022 11:53:31 PM EDT
[#15]
My daughter won't even talk about going to college because she doesn't want to take out any student loans.
She asked me the other day how you buy a car if you don't have enough money for it all at once. I smiled and said, "well, you have to get a loan, and make payments, which means you go into debt in order to buy the car." The look on her face when she realized that she will either have to work a lot to save up to buy her car, or go into debt was priceless. |
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Posted: 12/11/2022 11:57:38 PM EDT
[#16]
Quote HistoryQuoted: I just went bankrupt and a few days later got numerous letters in the mail from dealerships trying to get me to come get a loan. Not sure what's up with that. My guess is that now that you had a “clean slate” and unburdened yourself of other debt and recurring payments, you were a lower default risk. I was in auto insurance for 10 years. First time drunk drivers were our most profitable segment. We had had a huge surcharge because of that first one and most drivers were extremely careful drivers since they had provisional licenses in most cases. The two time offenders were kryptonite. Those assholes were never going to learn. |
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Posted: 12/12/2022 12:00:52 AM EDT
[#17]
2008 and even now proves credit doesn’t mean shit when buying a home.
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Posted: 12/12/2022 12:03:33 AM EDT
[#18]
Credit scores are a scam.
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Posted: 12/12/2022 12:17:17 AM EDT
[#19]
Most people have no idea how credit works.
And credit is a lot less important than it’s been made out to be, income and understanding how to avoid interest pays off alot more |
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Posted: 12/12/2022 12:22:35 AM EDT
[#20]
manual underwriting is a thing.
it is possible to buy a home absent a credit score. it doesn't mean you don't get a loan. |
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Posted: 12/12/2022 12:29:14 AM EDT
[#21]
Quote HistoryQuoted: lol If you can’t buy it outright, you can’t afford it QFT |
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Posted: 12/12/2022 12:29:45 AM EDT
[#22]
Quote HistoryQuoted: the way we are going credit scores and their use are going to be deemed racist. That already happened. It's what caused the 2008 crash and recession. |
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Posted: 12/12/2022 12:34:46 AM EDT
[#23]
Quote HistoryQuoted: I’m okay with a young person financing their first car. But after that you shouldn’t need to ever again Quote HistoryQuoted: Quoted: lol If you can’t buy it outright, you can’t afford it I’m okay with a young person financing their first car. But after that you shouldn’t need to ever again However if you're smart with your money you should definitely finance. Why lose money by paying cash? Certainly not everybody is in this position, but if you've got killer credit it's easy to earn much higher interest rates than auto loan rates. Finance the car, invest the cash. Same goes for making additional principal payments on your mortgage. Yeah it's nice to pay it down early, but financially a better choice to invest elsewhere, especially true if you got in when interest rates were like 2.5%. |
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Posted: 12/12/2022 12:36:47 AM EDT
[#24]
Probably the same people that use pay day loans, don’t have a bank account for direct deposit, and utilize a gas station as their grocery store.
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Posted: 12/12/2022 12:43:12 AM EDT
[#25]
I didn't.
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Posted: 12/12/2022 12:54:35 AM EDT
[#26]
Younger people have figured out there's no such thing as security. Why would you take on a loan if you don't know if you'll have a job 3 months from now? These kids are acting like this is a third world country because for them it is.
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Posted: 12/12/2022 1:04:00 AM EDT
[#27]
I was 35 when I bought a sports car and I applied for a loan at the dealership. Salesman looked a little perplexed. I had a 800 score and he said "you know, you're not the typical type of buyer here."
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Posted: 12/12/2022 1:07:39 AM EDT
[#28]
Quote HistoryQuoted: I just went bankrupt and a few days later got numerous letters in the mail from dealerships trying to get me to come get a loan. Not sure what's up with that. so, what car did you get? |
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Posted: 12/12/2022 1:24:25 AM EDT
[#29]
Quote HistoryQuoted: Hmm. The commercial featured a young black couple and the male was wearing a shirt had "Unity" on it. Quote HistoryQuoted: Quoted: the way we are going credit scores and their use are going to be deemed racist. Black people aren't the target audience when POC are used in commercials, white liberals are the target audience, it's basically virtue signaling by appearing to be marketing to minorities. |
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Posted: 12/12/2022 1:26:23 AM EDT
[#30]
Quote HistoryQuoted: lol If you can’t buy it outright, you can’t afford it Yup. As a youngin (compared to y'all old farts) it is stupid to get a loan for everything. The only thing I "own" I wasn't able to buy outright is my house. Not my vehicles (used) we're cash purchases, my MG was cash, my machining equipment was cash and I was able to put 20% down on the house with a mortgage under 3% on the house without negatively effecting my finances. I don't have a credit card either so no reoccurring debt neither. |
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Posted: 12/12/2022 1:44:36 AM EDT
[#31]
Quote HistoryQuoted: I went with a friend last week to buy a car. They don’t even ask about income anymore for a car loan They didn’t almost 25 years ago when I sold Chevys as a kid. As a matter of fact I’m not sure I’ve ever been asked about income. Just fill out the credit inquiry. |
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Posted: 12/12/2022 2:04:27 AM EDT
[#32]
Quote HistoryQuoted: the way we are going credit scores and their use are going to be deemed racist. |
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Posted: 12/12/2022 2:22:33 AM EDT
[#33]
I know a guy in his late 20s who came across a great deal on a house, had been saving for a while (but ignored people that told him he should be saving more), and had at least decent credit, so off to the bank he went to apply for a mortgage to buy the house.
His big clash with reality was how much money the bank expected him to lay on the table, before they would give him a mortgage. His savings would have been more than enough for a nice down payment on new car, but he was well short of having enough to satisfy the bank (and the other banks he talked to after being turned down). If he had somehow gotten the bank to go along with what he had for a down payment, I suspect the house inspection part of the process would have really blown his mind. Probably would have been ranting about how he was OK with the condition of the house, so why should the bank be insisting that various things be replaced or repaired. |
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Posted: 12/12/2022 2:31:27 AM EDT
[#34]
Quote HistoryQuoted: My daughter won't even talk about going to college because she doesn't want to take out any student loans. She asked me the other day how you buy a car if you don't have enough money for it all at once. I smiled and said, "well, you have to get a loan, and make payments, which means you go into debt in order to buy the car." The look on her face when she realized that she will either have to work a lot to save up to buy her car, or go into debt was priceless. Teach her how to attend college for the least amount of money possible. Parents can pay cash for community college and then she can attend a 4-year school within a commutable range from home. Cost of attendance = tuition + books only. A low interest secured loan is some of the cheapest leverage one can buy. Cars will depreciate the same regardless if you pay cash, or finance it. In a normal market, with discounts and low interest rates, a new car can be the best deal. |
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Posted: 12/12/2022 2:32:35 AM EDT
[#35]
Got my first mortgage without having had a credit card first.
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Posted: 12/12/2022 2:35:30 AM EDT
[#36]
Quote HistoryQuoted: Yup. As a youngin (compared to y'all old farts) it is stupid to get a loan for everything. The only thing I "own" I wasn't able to buy outright is my house. Not my vehicles (used) we're cash purchases, my MG was cash, my machining equipment was cash and I was able to put 20% down on the house with a mortgage under 3% on the house without negatively effecting my finances. I don't have a credit card either so no reoccurring debt neither. Now that you’re good with managing money, it’s time to understand the power of leverage in some situations. Starting next year, my aim is to own nothing. |
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Posted: 12/12/2022 2:37:38 AM EDT
[#37]
Why would you pay cash when you could use other peoples money and then take your money and gave Uncle G
10xs YOUR MONEY!!!!!!!!!!!!!!! |
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Posted: 12/12/2022 2:41:57 AM EDT
[#38]
Quote HistoryQuoted: That already happened. It's what caused the 2008 crash and recession. Quote HistoryQuoted: Quoted: the way we are going credit scores and their use are going to be deemed racist. That already happened. It's what caused the 2008 crash and recession. Lol, holy shit if you believe that. |
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Posted: 12/12/2022 2:45:30 AM EDT
[#39]
Quote HistoryQuoted: No. Young people are saving more younger than any previous generation. Their understanding of money is pretty solid. If they can afford too, I agree. I, my GF, gets asked a lot about 401k and investing by people in their early 20’s, something that was foreign to me at that age. Drinking (getting hammered) seems to be down as well, also foreign to me at that age. |
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Posted: 12/12/2022 2:50:41 AM EDT
[#40]
Quoted: Obviously there are some but is it that common that there needs to be a commercial for it on TV? Holy fuck we are fucking doomed. |
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Posted: 12/12/2022 2:55:22 AM EDT
[#41]
Quote HistoryQuoted: Hmmm is right. It's a little odd to be obsessed with being called a racist if you aren't one. And bringing it to unrelated conversations is a sign of obsession. post count - check I could try to explain to you why it's not an obsession, but if you made a post like that, you're oblivious to (and maybe a cause of) the clown world around us, and you'd never grasp it anyway |
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Posted: 12/12/2022 3:22:16 AM EDT
[#42]
Quote HistoryQuoted: lol If you can’t buy it outright, you can’t afford it I know you're here primarily to troll, but on this point, you are correct. |
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Posted: 12/12/2022 3:30:25 AM EDT
[#43]
Quote HistoryQuoted: I know you're here primarily to troll, but on this point, you are correct. Quote HistoryQuoted: Quoted: lol If you can’t buy it outright, you can’t afford it I know you're here primarily to troll, but on this point, you are correct. Paying cash doesn’t equate afford something. Bought a new car 5 months ago, put 20% down and financed the rest for a low interest rate. I do have more than enough liquid funds to write a check today. But that would be a very foolish thing to do. |
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Posted: 12/12/2022 6:24:35 AM EDT
[#44]
Quote HistoryQuoted: Credit scores are a scam. This. Get a loan to go into debt to get a better FICO score so you can finance more shit to go further into debt and raise your FICO score more........ Go for a 0 score, then make them do their work (manual underwriting) to get a mortgage, if needed. |
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Posted: 12/12/2022 6:49:06 AM EDT
[#45]
Fuck the credit score system.
I have a great credit history, but if I don't have an active loan open my score starts to go down. It's a bunch of bullshit. |
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Posted: 12/12/2022 7:04:31 AM EDT
[#46]
I have 2 boys, 1 that just turned 18. He has an appt this week at our bank to get his first credit card. His 20 year old brother already has one and his credit score is in the high 700’s. Parents that are not teaching their kids are the failures. Not the kids.
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Posted: 12/12/2022 7:07:35 AM EDT
[#47]
Get a copy of "The Richest Man in Babylon" for your teenager. You don't need a credit card.
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Posted: 12/12/2022 7:10:59 AM EDT
[#48]
Maybe they just adapt the student loan scenario.
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Posted: 12/12/2022 7:24:13 AM EDT
[#49]
Quote HistoryQuoted: Get a copy of "The Richest Man in Babylon" for your teenager. You don't need a credit card. There is a lot of stuff we do not need. Not teaching your own kids on having a good understanding on when and how to use credit cards is denying them a useful financial tool. Used properly, credit cards are a great financial asset to have. Its like defensive driving. |
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Posted: 12/12/2022 7:26:07 AM EDT
[#50]
Quoted: Obviously there are some but is it that common that there needs to be a commercial for it on TV? Holy fuck we are fucking doomed. Schools and parents fail to teach kids useful information, obsessing over stupid shit instead. Zero information about credit, filing taxes, etc, but loads of info on rhistorical acism, lgbtq, etc. While suggesting taking out $60,000 in student loans for a degree that is worthless for earning money, and parent and child alike too stupid to do 5 seconds of research to see what a liberal tard degree earns in real life. I was a idiot at 18, but even i knew to research job opportunities and income of potentional careers / degrees before jumping in with both feet. |
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