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Historic Record: 7 Million Auto Loans In Default...

Politics, Religion & Controversy Politics | Religion | Controversy (Non-Corvette)

Historic Record: 7 Million Auto Loans In Default...

 
Old 02-14-2019, 07:11 AM
  #41  
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Originally Posted by X-ZZ4 View Post
Same deal on the wife's Dodge Journey. 0% for 72 months. I have no problem with free money either.
That is how I bought my 2017 Jeep Wrangler. I just could not say no to it. I CLEARLY did not need to buy a 50k toy to go with my other stuff, but cars make me smile.

Last edited by Ragtop_Rob; 02-14-2019 at 07:11 AM.
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Old 02-14-2019, 08:57 AM
  #42  
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Originally Posted by Grumpy View Post
/thread
35 Years in the Repo Industry, I live it, see it and run my business on it.

PLEASE read what I wrote, there is no question it is higher numbers now than it was in 2010. The banks at that time were not lending, people were not buying and the entire industry was floundering.

YES the numbers are higher now if you look at the number of people that are behind. That is not in dispute. BUT... That is because as the economy rebounded people started buying again and the banks started financing again. RAW numbers, yes, more people are behind, actual change, not really any different. Same over all percentage of delinquencies if you take the number of units sold vs number of people in default.

I realize it is VERY hard for people to understand, delinquencies are not all bad. If you do not have delinquencies, that means people are not buying and banks are not lending. Read what I wrote about who is getting repo'd and why. Again when things are good, people are less caring about most facets of their life... When things are bad, people pull together to get through.
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Old 02-14-2019, 09:03 AM
  #43  
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Originally Posted by Jughead View Post
cash is king
Not when you can borrow it at 0%. Why spend mine when I can use theirs?

Originally Posted by GARYFINN View Post
If I cant pay cash for a car then I dont buy it.
I could pay cash. But why? It makes absolutely zero sense.

I pay cash for used cars. I finance new cars at stupid low interest rates. Seems common sense to me.
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Old 02-14-2019, 09:05 AM
  #44  
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Free money.

Yea. GM and the others are so nice to be giving these 0% loans and those "discounts". They're definitely not building that into the price.
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Old 02-14-2019, 09:07 AM
  #45  
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Originally Posted by Tri-Tip View Post
Unless the rate is < 2% for a loan, I would only pay cash for a car.
You aren't typical and I applaud you.
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Old 02-14-2019, 09:08 AM
  #46  
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Originally Posted by TBIRD57 View Post
sort of surprising...
I'm not surprised in the least. Economic sense is extremely rare in today's society.
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Old 02-14-2019, 09:10 AM
  #47  
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Originally Posted by Millenium Z06 View Post
Yes, bunch of DA's driving $70k 2500 and 3500 trucks as dailies, those 12 packs of diet Cokes are heavy ...
Though I agree with the thrust of your argument, it probably has more to do with population density.
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Old 02-14-2019, 09:22 AM
  #48  
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Originally Posted by RedLS1GTO View Post
Free money.

Yea. GM and the others are so nice to be giving these 0% loans and those "discounts". They're definitely not building that into the price.
I don't know how you buy cars, but I buy them already knowing what i'm going to pay before I go to the dealer. So if they are building it in, you are the fool paying for it without getting the advantage.
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Old 02-14-2019, 10:37 AM
  #49  
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Originally Posted by X-ZZ4 View Post
Not when you can borrow it at 0%. Why spend mine when I can use theirs?



I could pay cash. But why? It makes absolutely zero sense.

I pay cash for used cars. I finance new cars at stupid low interest rates. Seems common sense to me.
when I bought my Corvette I was offered over 8k off sticker or 0% financing. You often donít get both. But if you could it would obviously be benifical to take the 0%.
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Old 02-14-2019, 11:43 AM
  #50  
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Originally Posted by DSOMC6 View Post
Purchased 18 Tahoe when Chevy was offering 0% interest for 72mos. And that was STILL with 8k in discounts. Cannot beat free money.
There you go. I do not understand folks bragging about putting THEIR money into a depreciating item. Cheap (or free!) money is the way to go.
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Old 02-14-2019, 11:54 AM
  #51  
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Originally Posted by Tennis & Golf Nut View Post
WTF is with Texas?

Do they own lots of Trucks?
Pretty much, when I was looking for my truck there were 6 in the US and 4 of those in TX. I flew to Huston to get mine.
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Old 02-14-2019, 12:51 PM
  #52  
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Originally Posted by X-ZZ4 View Post
Link to repo auction clearing house???
https://www.manheim.com/

You will need someone with a dealer license,,, great deals to be had.
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Old 02-14-2019, 12:53 PM
  #53  
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I finance my cars, as an expense for the business,,, have done so on the last 4, never paid a rate higher than 2.00%, and 2 of them were used.
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Old 02-14-2019, 05:14 PM
  #54  
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Originally Posted by oemtech View Post
Bubba gotta have pickup truck.
I refuse to pay more than $40kish for a pickup truck. Insane.
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Old 02-14-2019, 05:26 PM
  #55  
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2017 Jeep 0% interest, 0 years finance, 100% down.
2017 Z51 Vette, 0% interest, 0 years finance, 100% down.

Not rich, just saved for a long time.
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Old 02-14-2019, 06:11 PM
  #56  
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Originally Posted by GARYFINN View Post
If I cant pay cash for a car then I dont buy it.
Amen. If you can't pay cash for a car, you can't afford it...
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Old 02-14-2019, 06:27 PM
  #57  
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Cool. We'll be in the market this summer and I never buy new so this means there will be a lot of low mileage late models to choose from. Thank you idiots.
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Old 02-14-2019, 06:36 PM
  #58  
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Originally Posted by KenHorse View Post
Put 50% down on my new '19 Grand Sport, financed the rest for 5 years and will pay it off in 2..
my next one will be either a C6 ZR1 or a C7 Z06.......either way, I will pay cash for it.
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Old 02-14-2019, 10:13 PM
  #59  
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It is because people drop $50-70k on a Tahoe and their annual income is around the same or slightly more. So one year of their salary in 7 years or so goes to the car. Add in stupid things like $1k cell phones and some vacations where you'll spend $100-200 per day for an amusement park or ski area they are broke. But heck if they have a few kids these days then they don't pay any income tax. I don't care how good of a deal you got on an expensive new car like a Corvette, you still lose your butt on it the first few years because the money is still gone. $85k sticker for example, sold 1 year old at $66k plus TTL ($73k). Even if you sold the car right away you would be lucky to get $60k.

I suggest those auto manufacturer employees that got the big bonuses put it away for a rainy day such as when they are fired due to restructuring because you won't find a job with the same skills that pays as much. Not with thousands of other workers looking for work at the same time.
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Old 02-14-2019, 11:39 PM
  #60  
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Originally Posted by maybelooking View Post
my next one will be either a C6 ZR1 or a C7 Z06.......either way, I will pay cash for it.
You're obviously buying USED cars, which have already taken the big hit on depreciation and financing is not as cheap (no 0% loans on used cars to my knowledge). So, cash it is.
Buying NEW with YOUR cash when no interest/low interest loans are available is just fiscally stupid.

Last edited by jimmyb; 02-14-2019 at 11:40 PM.
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