a real problem..car payments

The Illinoisemakers

Abuskedti wrote:

Thats true... I didn't get full coverage when I paid cash. But I am old now and my insurance isn't too bad - and I have teenagers that occationally drive my car - so I don't mind too much..

but overall Insurance is the biggest rip-off in the world of owning a car.

I totally agree with you on the car insurance being a rip-off. It seems your fucked either way. Its against the law not to have it. When you do have it you pay a small fortune for it, and when you actually are in an accident, even if it isn't your fault they can raise your rates or just drop you all together. Paying my car insurance is my least favorite bill to pay each month.

As for owning a car. I recently bought a new truck, Ford Ranger, and while I knew driving off the lot the resale price took a huge drop, I really didn't care. I plan on paying it off soon, and I plan on driving it for 10 years, if possible. I think if you are trading your car in every two years for a new one and you are always making a car payment its just stupid. I'm really looking forward to the day where I can take that car payment money and put it towards something else, or save it.

inmytree

hsewif wrote:

way to jump to conclusions!

a person can own a home AND a washer and dryer and STILL go to the laudromat. Stuffing huge comforters in a home washer is not a good idea and laundry still needs to be done if something at home breaks.

as long as someone has a job and can pay their bills on time...and isn't getting public assistance... I don't care how they spend the money they earn.

trust me, the people in my example were not washing huge comforters...

since you mention public assistance...I drive through a local housing project from time to time...and the streets are filled with big, honkin' SUV's...with d's on 'em....

Drowned Out

Abuskedti wrote:

it is not true..

If we can assume that a reliable car is a necessity in our society.. I'd argue a new car makes better financial sence - as repairs and down time represent significant cost.. and if you buy used - you are have more frequent replacement.

I buy new - and keep them about 10 years... I keep up the maintenance and have no troubles at all - a far better financial move than going through three or 4 used cars with repairs and mystery when you turn the key...

I disagree...but only if the "used" car is less than two or three years old (the key is to buy one still under warranty)...
I paid $8k under the sticker price for a one year old Honda with about 15000 miles on it. Still had lots of warranty. I can't see spending $8k on repairs needed after 15000 miles.

cincybearcat

So long as someone can afford it and it makes them happy, who cares what they do with their money? Well, taking at least a small amount of environmental, etc issues into consideration.

hsewif

inmytree wrote:

trust me, the people in my example were not washing huge comforters...

since you mention public assistance...I drive through a local housing project from time to time...and the streets are filled with big, honkin' SUV's...with d's on 'em....

what's a d?

if someone wants a nice car instead of a washer and dryer, who cares? I actually love going to the laundromat... it's cheaper than doing it at home and it's nice to do 6 loads at one time and be done with it.

My sister-in-law lives in a 2 million dollar house and she takes her garbage to the dump herself instead of paying for the service. Because of that, people in her neighborhood think she's weird and they call her the dump lady.

my brother doesn't own a couch but he has a 52 inch plasma television. He's perfectly content sitting in a bean bag chair.

Maybe I'm heartless but I don't think people getting welfare and food stamps have any business driving a brand new car with 400.00 a month payments.

Is that wrong?

The Illinoisemakers

hsewif wrote:

what's a d?

if someone wants a nice car instead of a washer and dryer, who cares? I actually love going to the laundromat... it's cheaper than doing it at home and it's nice to do 6 loads at one time and be done with it.

My sister-in-law lives in a 2 million dollar house and she takes her garbage to the dump herself instead of paying for the service. Because of that, people in her neighborhood think she's weird and they call her the dump lady.

my brother doesn't own a couch but he has a 52 inch plasma television. He's perfectly content sitting in a bean bag chair.

Maybe I'm heartless but I don't think people getting welfare and food stamps have any business driving a brand new car with 400.00 a month payments.

Is that wrong?

If anyone calls you hearltess because of that then they are idiots. I think your absolutely right.

callen

hippiemom wrote:

A Mini Cooper or VW I could handle. The Honda would even be ok, I think. Just don't get anything like a Corvette that's on obvious penile replacement, and for the love of god, stay away from fire-engine red ... then I promise not to laugh

sooo...I know I'm veering....but you brought out penile replacement....and started laughing....thanks.......but getting serious....do you feel that there's the slightest chance a male may purchase such a machine for other reasons....I can think of and relate to too. First the technological appreciation...for instance...a Corvette as an almost balanced 50/50 weight distribution so handling is optimal...and blast. Independent suspension that helps it stick to the road. 400HP that will sink you back into the seat...aluminum engine that's beutifully machined. The second is art....the curves on a 71 Corvette are nothing short of beutiful...sloping fenders..when you sit at the wheel...you look down a tunnel...between the bulging fender and the raised hood. When you look at it...its a peice of art.....and made out of fiberglass......and to the other senses...the sound of the sidepipes.....negates the need for a stereo...as the stereo sound of the pipes is beutiful. ...........
Now have to agree when I see the 62 year old male..gold chains..gold rings...suntan lotion on his bald head.....in a new RED vette...he may be compensating.....

jeffer96

even flow? wrote:

Thanks for the link. Who in the world would just pay back interest and leave the pricipal at where you started. It is nice to say you are owning a home. But you want to see the bottom line go down year after year. Not just stay there.

I presently work for one of the largest mortgage companies in the US. Interest only loans are really only good for one purpose - flipping homes. If you are in the business of buying, fixing up, and reselling homes, then interest only loans are the way to go.

What kind of started this whole mess for both average people and for lenders was the rising property costs in certain areas of the country. For instance, some parts of California are so expensive in which to purchase property that only two options are really available for the average Joe - move to a less expenseive area or take out an interest only loan with the hope that interest rates stay low and you are brining in a lot more money when the principal comes due, generally after the first 10 years of the mortgage.

As interest rates climb, which everyone who was willing to do a little bit of research or even pick up a newspaper or listen to the nightly news knew they would, the monthly payments on interest only loans continue to rise and not a dime of principal has even been paid. In essence you are making a monthly payment on a home and have no equity whatsoever to show for it, therfore, you have no ablity to refinance at a lower rate. If you do refinance to a fixed rate loan, then you are immediately paying principal and interest. If a person couldn't afford that option two or three years ago, chances are they cannot afford that option now, which is going to result in a huge amount of foreclosures.

Contrary to popular belief on this board, banks do not like forclosures. The costs associated with foreclosing on a property far outweight any possible profit that could be made from reselling the property. My company services close to six million loans and continues to grow. If even 1% of those loans are foreclosed on, that is 60,000 properties which this company will have to pay foreclosure fees on, upkeep fees on until the property is sold, realtor fees on, etc. The housing market is now so saturated with homes for sale that properties are not selling, causing this process to go on for months or even years at a time. Lenders of this magnitude are not staffed in house to sell homes. We are in the business of lending money, not selling homes, which is why we offer loss mitigation in order to keep the borrower in their home. Unfortunately for those who over extended their means to purchase a home in the first place, not even loss mit will help.

With all hope, the interest only loan will be replaced by the 40 year mortgage, which insures both the customer from the risk of rising interest rates, and also protects the lenders from the risk of mass foreclosures. Obviously, the 40 year mortgage will have headaches of its own (if you buy a home in your 30s, forget about retiring), but from the looks of it will be much better than the interest only loan.

jeffer96

hsewif wrote:

Maybe I'm heartless but I don't think people getting welfare and food stamps have any business driving a brand new car with 400.00 a month payments.

Is that wrong?

I see nothing wrong with what you say at all. I think a lot of people in this country are of the attitude that something needs to be handed to them, not worked for to obtain. This is one area where the US lags behind many countries in the world - attitude.

callen

hsewif wrote:

what's a d?

if someone wants a nice car instead of a washer and dryer, who cares? I actually love going to the laundromat... it's cheaper than doing it at home and it's nice to do 6 loads at one time and be done with it.

My sister-in-law lives in a 2 million dollar house and she takes her garbage to the dump herself instead of paying for the service. Because of that, people in her neighborhood think she's weird and they call her the dump lady.

my brother doesn't own a couch but he has a 52 inch plasma television. He's perfectly content sitting in a bean bag chair.

Maybe I'm heartless but I don't think people getting welfare and food stamps have any business driving a brand new car with 400.00 a month payments.

Is that wrong?

First two subjects are about how wealthy people can do what ever they want...then when it comes to the poor...not...what gives.

What gives......now my noisemaker freind...understand him supporting your last statement...you know as people that are on entitlements should get off their arsches and get to work and everything republican....

hsewif

callen wrote:

he may be compensating.....

or simply enjoying a car he can afford.

callen

hsewif wrote:

or simply enjoying a car he can afford.

"may" and dont' judge.....okay most of the time....okay some of the time.

even flow?

callen wrote:

sooo...I know I'm veering....but you brought out penile replacement....and started laughing....thanks.......but getting serious....do you feel that there's the slightest chance a male may purchase such a machine for other reasons....I can think of and relate to too. First the technological appreciation...for instance...a Corvette as an almost balanced 50/50 weight distribution so handling is optimal...and blast. Independent suspension that helps it stick to the road. 400HP that will sink you back into the seat...aluminum engine that's beutifully machined. The second is art....the curves on a 71 Corvette are nothing short of beutiful...sloping fenders..when you sit at the wheel...you look down a tunnel...between the bulging fender and the raised hood. When you look at it...its a peice of art.....and made out of fiberglass......and to the other senses...the sound of the sidepipes.....negates the need for a stereo...as the stereo sound of the pipes is beutiful. ...........
Now have to agree when I see the 62 year old male..gold chains..gold rings...suntan lotion on his bald head.....in a new RED vette...he may be compensating.....

I want to date that car!

hsewif

callen wrote:

First two subjects are about how wealthy people can do what ever they want...then when it comes to the poor...not...what gives.

What gives......now my noisemaker freind...understand him supporting your last statement...you know as people that are on entitlements should get off their arsches and get to work and everything republican....

If you rely on the government for housing and putting food on your table, you have no business having a 500.00 monthly car payment. Why? because you can't provide the basic needs for yourself in the first place... I'd say your priorities are way out-of-wack. (or you're involved in some sort of illegal activity).

mammasan

hsewif wrote:

Maybe I'm heartless but I don't think people getting welfare and food stamps have any business driving a brand new car with 400.00 a month payments.

Is that wrong?

Not heartless at all. If you can't afford to put food on the table or a roof over your head because you have a $400.00 dollar a month car payment you are nothing short of a fucking idiot.

hippiemom

callen wrote:

Now have to agree when I see the 62 year old male..gold chains..gold rings...suntan lotion on his bald head.....in a new RED vette...he may be compensating.....

This is pretty much the image I had in mind. You'll notice I did say "silly looking men," and I don't consider all men of a certain age to be silly looking. I doubt I'd laugh at Sean Connery in a Corvette, for example. But Woody Allen would be hysterical.

A man wearing gold chains is funny with or without the Vette.

inmytree

hsewif wrote:

what's a d?

http://en.wikipedia.org/wiki/Throw_Some_D's

hsewif wrote:

if someone wants a nice car instead of a washer and dryer, who cares? I actually love going to the laundromat... it's cheaper than doing it at home and it's nice to do 6 loads at one time and be done with it.

My sister-in-law lives in a 2 million dollar house and she takes her garbage to the dump herself instead of paying for the service. Because of that, people in her neighborhood think she's weird and they call her the dump lady.

my brother doesn't own a couch but he has a 52 inch plasma television. He's perfectly content sitting in a bean bag chair.

Maybe I'm heartless but I don't think people getting welfare and food stamps have any business driving a brand new car with 400.00 a month payments.

Is that wrong?

hey, if you want to go to a nasty laundromat, that's up to you...more power to you...and as for your other examples, hoo-ray...people can live as they want to live...

as for you comment about being on welfare and having a 400 car payment...that, my dear, was my point...

by the way, when you visit your brother, where do you sit...?

The Illinoisemakers

callen wrote:

First two subjects are about how wealthy people can do what ever they want...then when it comes to the poor...not...what gives.

What gives......now my noisemaker freind...understand him supporting your last statement...you know as people that are on entitlements should get off their arsches and get to work and everything republican....

I'd like to respond, and I'm not trying to be a wise ass, but I'm not sure I understand a word you are saying.

MrBrian

I love this Commercial

http://www.trendhunter.com/trends/sexy-female-flasher-the-highlight-of-new-porsche-commercial/

Abuskedti

Drowned Out wrote:

I disagree...but only if the "used" car is less than two or three years old (the key is to buy one still under warranty)...
I paid $8k under the sticker price for a one year old Honda with about 15000 miles on it. Still had lots of warranty. I can't see spending $8k on repairs needed after 15000 miles.

15000 miles and one year - is quite alot.. I am not saying you didn't get a good deal.. but I don't like to wonder what may have happened to that car under someone elses care... it may work out great - I prefer getting the car brand new - for my piece of mind.. that loss you speak of in the first year - only applies if you sell it... You may be able to do just as well or better buying a one year old car - but there is some level of risk.. risk I prefer not to take. it depends on the individual. i don't put too much stock in the warrantee anyway -

I paid almost $4000 under sticker for a brand new car.. a "leftover" purchased in October - and it had only 175 miles on it.