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The number of people delinquent on their auto loan is rising...MAGA!
I'm sure most of the idiots that are behind in payments, purchase a car that they can't actually afford.
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Ugh Tryness!
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Blame Uber and Lyft's lease program.
@ 10-11 an hr. and no tips. Not surprising.
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I'll give you a tip if you are behind and actually plan on catching up: Every car from 2014 and up coming with a tracking in it. If you don't want your shit repoed disconnect the battery or move out of state.
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i guess i should not have bought that 80k f450 and added another 30k in lift kits and off-road accessories...
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The average auto loan is six years or 72 months.
The built in functional obsolescence of GM , Ford, and Dodge Vehicles is Three Years or 36 Months
Imagine continuing to make car payments on a car that broke down or if you are upside down on your loan.
That is why people just stop making payments.
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I have had 3 Fords and each has lasted at least 6 years. You do have to maintain the vehicles. When you only change the oil every 100,000 miles you probably won't get it to last very long....
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expensive sedans used in business mostly needed to be leased for tax purposes...if you wanted to own it eventually buy it out once the value gets under 30k
also if car turned out to be piece of shit...you turn it in after lease is up
3yr thing must be bad experience...the one time we owned gmac it was fine although fit and finish was not comparable to what we were used to
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Unfortunately, people look to minimize payments....thus the 72 month car loan. People might be more 'cautious' and use 5 years instead. Less chance to be upside down if you beat the shit out of the car and it won't make it to 6 years.
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on a 60k loan...payment difference ~1081 vs 915 on 5 vs 6 years
after year 4 90 percent of the people are kicking themselves wishing they would have picked 5 yrs
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Geezus. What kinds of cars are you guys buying?!
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Obviously, raspberry is buying totally piece of shit cars that fall apart at 3 years.....might need to subscribe to Consumer Reports....
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The problem is compounded by the fact that poor people need cars, but often are not in the A-class credit range, so their loans are often not good ones, additive to the problem of buying new cars rather than recent high quality used ones (a smarter move), and often buying more car than they need.
The smarter play is buying a 3 year old (or older) high quality car coming off a lease, bargaining like a mofo, and arranging your own financing rather than using what the dealer offers. Honda, Toyota, Subaru, etc., are made so well that you still have many years of useful life in such a car and you save big over a new one.
I haven't bought a brand-new car since 2001 for these same reasons.
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Good thing the ferrari's engine never needs to be rebuilt.. Solid investment...
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What about manual loans?Are those any good?
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#Honda4Life
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Any 6 year auto loan you are guaranteed to be upside down on.
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No. 17 years & counting.
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Nope. Fully paid!
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Repay the loan...what the f_ck do you think I meant???
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How many more payments do you have left on your first auto loan?
Did you sign paperwork for 12,515 months?
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@Facepucker, your looking to get that new F8 Tributo
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Last auto loan I had was sixteen year ago. I am fortunate enough that I still enjoy driving my eighteen year old car. It has been running great with not a problem for at least four or five years other than paint fade. At least the interior still looks nice.
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I wish I had that car....it would be worth far more than the owner originally paid for it....
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Old Dumb and Fat is not a good look for you.
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re·pay·ment
[rēˈpāmənt]
NOUN
the action of paying back a loan.
synonyms:
refund · reimbursement · paying back · recompense · reward · compensation · reparation · restitution
an amount of money paid back.
"minimum monthly repayments"
Any other questions you ignorant sluts???
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Repayment...as in paying off $275k loan
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Repayment approx. IDIOTA
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@teeitup: Just don't call me Jane.
That's not my name.
That's not my name.
That's not my... name.
(Name the song.)
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A client of mine bought a new Ferrari Testarossa in 1996. Paid $220 large in L.A. Drove it 4,000 miles over one year, mostly going between his Beverly Hills and his La Quinta homes. Sold it to the highest offer: $138,000.00 That was essentially an 82 thousand dollar 12 month lease.
Note to self: buy low miles used cars.
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Loki if you have to do the math, you're not rich.
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Auto loans are for suckers. My homeboy Spider taught me how to hotwire. I have a car anytime I need one.
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Teeitup, way back when I was first making some quid AND was still stupid enough to fall for it, I bought a few high-end cars. One I was even dumb enough to lease.
3 years in and only 33,000 miles on the clock, I'd paid almost the same as if I'd bought instead of leasing, and I gotta give it back? Or buy it back from the leasing company? Aw, hell.
I decided I liked parking any extra money coming in into stocks, bonds & real estate (appreciating assets) instead of high car payments (for an expensive car, which is a really fast depreciating "asset"). Which is why, since my last youthfully ignorant new car purchase in 2001, I've just paid cash for high-quality used cars.
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Silly Loki. You can't make squid.....................squid come from the ocean.
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If I quit HX. I can drive a Ferrari. ......
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| There are 35 comments on this blog. This blog is locked and no further comments are permitted. |
