Record number of defaults on auto loans

[DarkShadowFox]

Originally Posted by myfirstyota

Enter the yaris...

if america lessenss its car modification laws all our yarises could be the next best thing and the hottest secondhand tuner car to have on the market,


ADD A TELESCOPING STEERING WHEEL ALREADY.

[suprf1y]

That's fiscal policy, not a rule of economics.

Regardless, spending money you don't have, long term, on consumer debt is not a winning strategy no matter how you look at it

[tmontague]

Originally Posted by suprf1y

That's fiscal policy, not a rule of economics.

Regardless, spending money you don't have, long term, on consumer debt is not a winning strategy no matter how you look at it

Correct and agreed

[KALISPEL II]

A social & economic crash is coming, & it will make 2008 look like Disneyland.

[suprf1y]

Originally Posted by KALISPEL II

A social & economic crash is coming, & it will make 2008 look like Disneyland.

You could be right.

And you could be wrong.

Even the 'experts' can't predict it accurately and nobody saw the 08 crash coming. We all think we'll be smarter this time around, but we always think that, and we're always wrong

[ern-diz]

Originally Posted by suprf1y

You could be right.

And you could be wrong.

Even the 'experts' can't predict it accurately and nobody saw the 08 crash coming. We all think we'll be smarter this time around, but we always think that, and we're always wrong

There were people that saw the 08 crash coming and some of those same folks are piping up again. Never stopped, really.

[bronsin]

Imagine if people making unwise auto loans through the economy into recession...

[myfirstyota]

We're kinda lucky in Canada about that. Ontario anyway. The only times I hear of people getting fines for vehicle modifications is the guys with massive jacked diesel trucks with the dpf system removed. I've never heard of anyone getting a fine for too much power or having their car too low.

[DarkShadowFox]

Originally Posted by myfirstyota

We're kinda lucky in Canada about that. Ontario anyway. The only times I hear of people getting fines for vehicle modifications is the guys with massive jacked diesel trucks with the dpf system removed. I've never heard of anyone getting a fine for too much power or having their car too low.

its harder here in BOS because we have CARB now, which is great because now my same year same engine swap is more legally regulated and stuff. rather then being an open market and having hondas with just fart cans and cut springs, thank god.

[myfirstyota]

We just got rid of emissions testing. April 1st it's done!

[DarkShadowFox]

Originally Posted by myfirstyota

We just got rid of emissions testing. April 1st it's done!

yeah we still have it here.

[Hershey]

I remember when people were trying to get out of their large vehicles after Katrina + Rita . Used market flooded and book values plummeted with large SUVs' , etc.. Some even claimed their large vehicle stolen or set them on fire . Just a matter of time for the same scene with high gas prices . Also crazy how many are financing up to 7 or is it 8 years . Talk about being upside down at the end of the loan and get slammed on next loan . Amazing how short memories are . 3 crises due to high fuel cost and likely be others . Time to WAKE UP !

[KALISPEL II]

Most people seem to need a $30-50K new vehicle in order to fit their ego comfortably - and are willing to drown in debt & interest-charges for that ego comfort. Same with their credit cards likely. I personally prefer to be 100% debt free & not paying interest charges to anyone, outside of a reasonable, modest house mortgage perhaps (or auto loan less than $15K over 36-48 months maximum). Better yet, get 1.5 to 5% cash back on your credit cards each month by charging everything possible that you normally would purchase each month & paying it all off each monthly statement cycle.

[DarkShadowFox]

Originally Posted by KALISPEL II

Most people seem to need a $30-50K new vehicle in order to fit their ego comfortably - and are willing to drown in debt & interest-charges for that ego comfort. Same with their credit cards likely. I personally prefer to be 100% debt free & not paying interest charges to anyone, outside of a reasonable, modest house mortgage perhaps (or auto loan less than $15K over 36-48 months maximum). Better yet, get 1.5 to 5% cash back on your credit cards each month by charging everything possible that you normally would purchase each month & paying it all off each monthly statement cycle.

say your average expenses like me, charging a credit card would only net me like 30$ extra a month, dont forget you also have interest tacked on each month.

[KALISPEL II]

Originally Posted by DarkShadowFox

say your average expenses like me, charging a credit card would only net me like 30$ extra a month, dont forget you also have interest tacked on each month.

You aren't charged any credit card interest if you pay off your monthly statement balance in full each month. $30 (or whatever) cash-back free money per month is better than $0 free money per month. That is extra free funds that I can donate to various animal rescue organizations, instead of letting the bank keep it for their shareholders.

[Dodge Aries K]

Originally Posted by KALISPEL II

That is extra free funds that I can donate to various animal rescue organizations, instead of letting the bank keep it for their shareholders.

That is a good idea. I donate and volunteer for the Midwest Shiba Inu Rescue so I'll start doing the same.

[WeeYari]

Originally Posted by KALISPEL II

Better yet, get 1.5 to 5% cash back on your credit cards each month by charging everything possible that you normally would purchase each month

+1

My wife rolls her eyes at me each month when she views the statement and sees $1.78 charge for something like a McDonald's coffee. I charge EVERYTHING. She on the other hand is of the mindset that under $20 she'll pay cash, and I roll my eyes at her for leaving rewards on the table.



Sent from my EML-L09 using Tapatalk

[Hamster]

Yes, that's exactly what I do with my credit cards. I charge as much as I can, get cash back, and I never carry a balance. Also, doing that establishes a good credit history. That's good for getting a great rate on a mortgage or other loans.