Posted on 08/04/2022 9:11:56 AM PDT by Signalman
Mike PeQueen,,,,what kind of name is that??????
I found out that I was due a small pension from a company I worked for in my youth.
Turns out…it was the same amount as a low, low interest loan for my truck.
It impacted my cash flow by about $10 a month. The truck will be paid off just in time to collect the “real” money—and it should last ten years past that.
Silly millennials and z’ers.
only the wrecked or used up BHPH repos. newer functional cars will be reconditioned and put back out on the streets.
I suspect many of those repos will be shipped overseas..like South America.
“only the wrecked or used up BHPH repos. newer functional cars will be reconditioned and put back out on the streets.”
Of course. If the cars are in reasonable shape they will end up in used car lots.
A bigger concern to me involves defaults on home mortgages as unemployment increases.
Many dealers charged huge markups over MSRP. I saw $10k for a Toyota Tundra and $7k for a Corolla Cross at my local Toyota dealer. All these fools that paid it are now stuck with much higher payments and they’re way underwater as far as the value of the vehicle is concerned. As used car prices come down to earth it’s going to be the same for those owners.
It's complicated. "Better the demons you know than the demons you don't." Mom is very vulnerable and if nothing else, the housekeeper is a long-time trusted friend.
I hope you are right.
Good point. I wonder how the local banks and credit unions deal with this? I've had my car serviced a couple of times in the last year. While roaming around the lots and sitting within ear shot of salesmen, $5K seems to be the norm for a list price markup..
7 year loans for a car is ridiculous.
Thanks genius.
I’ll be sure to tell the property managers for my rental, or my financial advisor that some ignorant troll on Free Republic set me straight.
Again, the same thing happened late 70’s under Carter.
I call it like I see it.
Many a rich person get there without knowing a thing about finance.
Are they worth more in other countries? I assume just the cost of shipping would be a big additional cost.
Either one of those warrants a vinyl wrap.
“ Low fixed rate loan doesn’t look so bad when inflation is 8% higher than your borrowed money. Of course, if you put the saved cash into the stock or bond market, losses exceed gains, so there is that”
I saw the writing on the wall early in the year and sold investments before the market dropped to pay cash for 2 cars with real motors I them.
Some people even finance their state tax title and tag! I can’t imagine being dumb enough (or desperate as the case may be) to pay interest for years on the TAX I pay the government. Utterly pathetic
Problem is too much of our economy depends on taking advantage of stupid people.
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