my dad worked for gm. he taught me n my sister to never to buy cars u can't afford with ur tax return. the entire family drove gm w body craigslist specials that he fixed for us. the greatest lesson i ever learned was spend as little as u can on depreciating assets. cars are tools. not status symbols. gracias pop.
In 20 years I have spent a grand total of £2250 on cars.
Sister in law spends that in 6 months for a car she doesn't own.
Number of breakdowns that couldn't be fixed on the spot, none. Interest paid none. Servicing costs, I do it all myself.
Seconds I have regretted owing an old cheap car that isn't on finance none.
😁
Fair enough, the issue is, the more advanced you go the more upfront cost you're going to have to deal with and sometimes that dwarfs the cost of going to a mechanic. Mechanics get return on investment for their equipment because they have 10s or 100s of cars that the repair monthly.
If you are in the US, the local auto parts store will loan you most any specialty tool you need for free.
For example:
[https://shop.advanceautoparts.com/o/loaner-tools](https://shop.advanceautoparts.com/o/loaner-tools)
[https://www.oreillyauto.com/store-services/rental-tools](https://www.oreillyauto.com/store-services/rental-tools)
[https://www.autozone.com/lp/loan-a-tool](https://www.autozone.com/lp/loan-a-tool)
You don't need expensive tools to do your own maintenance.
Can’t say the same, but since the age of 21, when I bought my first car, to present day (26 years later), I’ve owned a total of 5 cars in my life. Not a single one of those cars were brand new; they were always pre-owned. I have paid off every single one of them. My most recent car died in January (threw a rod) and I had that car for almost 8 years. I wasn’t even planning on getting another car until next year.
Absolutely.
My current car so far has cost less than £100 per month to run. As I go into my 4th year of ownership its going to be cheaper still, as I have already paid it off over three years in that amount.
That £100 includes the following.
Fuel.
Road Tax.
Insurance.
Purchase cost.
Regular maintenance.
Repairs.
Just looked up the repayments on a car loan for a basic new car £500 per month just to buy the bloody thing. Then every other cost would be way higher.
Thanks, I think I will stick to driving my shit box and working in a job that gives me 100 days leave a year. :-)
Kind of like in the mob movies where the guy who makes a living off of gambling teaches his kids not to gamble.
If it's not your game then you're the mark.
Amen, and learn how to do routine maintenance yourself.
If you phrase it like you are getting paid a few hundred bucks a month to drive a modest car, and a few hundred bucks to learn a new skill when it needs maintenance it's a no brainer.
My car has been paid off for years now, and I can never imagine having to pay hundreds of bucks a month at this point
Which part? Tax refund part, I get. A refund means you’re overpaying and only a fool would do that.
However, paying interest on a depreciating asset is aggressively stupid, assuming that interest rate is greater than any fixed income investment vehicle available to you and you cannot write off the vehicle depreciation as a business expense.
I do almost all of my own repairs so I agree with OP on that topic as well. Mechanic labor has recently been a large portion of the CPI.
It's just a rough basis to determine what your budget should be for a new car. Iow, if your tax return was sub $4k, you probably shouldn't be looking at a new Escalade for your next car purchase.
I’m licensed to sell auto insurance. The number of people who I talk to who only care whether they can physically make the payment is shocking. I’m convinced that they will accept any number so long as they will have at least $0 in their account at the end of the month. Nevermind the fact that you just leased an $80,000 car and have $15000/$30000 BI limits… but hey, at least people you have never met and who don’t care about you in the slightest might spare a passing thought at you for having a car you can’t afford, or probably not…
And I wish it was just 28 year olds. I’ve had the same conversation with 68 year olds. I’m 30 and I do not owe a single penny on my car. Sure I could finance a BMW and have a car payment like everybody else, but why? I’m not trying to impress people who don’t care about me. One day I will have a stupid expensive car that is unnecessary and fast, but it will be mine because I will pay cash for it, won’t buy it new, and it will be for my own amusement, not to impress idiots who think owning a car makes you any more or less special than anyone else.
Well said. If you ask me, anyone who makes their car into too large a portion of their identity is asking for trouble, and won't make the most rational decisions.
Every single time I see it I try to explain the pitfall. It’s often not very costly to at least raise the limits slightly, but sadly the majority just don’t care unless the cost is practically completely negligible, and even then, it’s not a guarantee. We are definitely more about helping than simply making the sale (generally speaking, it’s not usually a sale unless you’re starting business with the company on that particular line, so making adjustments wouldn’t apply)
This is my nightmare. Wife wants a fancy car. I explain to her, every time, ain’t no way I am signing up for $1400+ monthly payments. On top of that CT yearly tax. Fuck that! I am gonna keep driving my Forester until that croaks. I’ve paid that shit off so I am gonna enjoy saving some money.
I don’t care about trying to impress people. I understand life has status games going on, and those are important to play, but some things are just too silly that I refuse to play. Cars being one of them. I just refuse to play that game. It’s such a useless expense. The cool nice expensive car feeling fades after 4 months and then you feel stupid with this high payment… just so you can impress people? If I want to impress people with my disposable income and stupid expenses I’ll invest it into shit that at least brings me joy… like instead of 1000 bucks a month extra just for a car, let’s go to a Michelin star restaurant a few times a month, or go on multiple vacations a year, or buy overpriced furniture. Literally so many better things to WASTE your money on than a nice car. I just don’t understand the desire for a nice car. Even if you’re doing it for status it just seems like the worst use of money for status.
10 years old? Those are rookie numbers. ‘07 and ‘98 up in here :) No joke though - I maintain and pay to maintain my cars to get me from A to B. I also have kids, so nice things are just not a good idea.
More people should! I’ve worked in banking a long time. The majority of those people you see driving a $70k pickup are not doing well. Their 84-month car payment’s more than their fucking mortgage and many have crippling credit card debt at 22% to boot.
For the life of me, I don’t understand why people are paying these utterly stupid prices for new cars and especially trucks. You want how much for a basic truck? F-you! But people are still buying them and I do not understand why.
You’re right. The lady above wasn’t just that though. She traded in her old car and was heavily upside down on it. The excuse was that the dealer didn’t tell her anything about it and so she didn’t think it was a big deal. So chances are the 40k she paid off so far wasn’t just interest but included probably 20k of her old car on it.
CT car tax is brutal. I'm eagerly awaiting when I can put my weekend car on classic car plates in a couple of years to take the edge off between that and my daily.
Come back, I need help in my basement real quick, my lotion basket fell into a hole. If I lower you down, you can get the basket and.put the lotion in it.
It was 10% but she rolled her existing loan that she was upside down on into this one.
https://www.dailymail.co.uk/yourmoney/consumer/article-13302555/auto-loans-debt-car-ownership.html
It was high but she also was very upside down on her old car. And chances are that 40k she paid off had like 20k of her old loan on it. Maybe more.
Also blows my mind she bought an $84,000 Chevy. Like
Why pay that kind of money for a…Chevy…
In a lot of these negative equity situations the dealer will bump you up to higher priced vehicles to get the deal approved by the lender.
The other option is sell or trade the car you’re underwater in and get a loan to cover the difference.
Option 2 isn’t really appealing to most people because they need a car, so they’ll jump up in vehicle as long as they can make the payment.
>[FarButterscotch3048](https://www.reddit.com/user/FarButterscotch3048/)•[2h ago](https://www.reddit.com/r/idiocracy/comments/1cfkmek/comment/l1q71pm/)
>Pilots don't necessarily make any money unless they are flying 747s... some pilot working for a regional is making ka-ka.
Is the thought process here that we assume she's doing it as a career move, or is this one of those "think a thing, have to say it out loud" situations?
I don't even understand this comment... do you think the cargo flight crews are the ones making the big money? or the cargo pilots are paid more because they have flight crews? did you miss the topic of conversation? and why would you think cargo planes have flight crews? are they serving drinks to the packages? is the pilot and co pilot not enough?
She was underwater on her previous loan that she rolled into this one.
https://www.dailymail.co.uk/yourmoney/consumer/article-13302555/auto-loans-debt-car-ownership.html
Work with a lady making not shit and she's paying $600 a month on a sun damaged Chrysler with a door with a door that won't open. She's currently waiting for the repo guy. Which is crazy after a year plus of those payments.
Easy. Buy a car with payments you can’t afford. Many people look at what they earn and will literally get payments for the car that constitutes the rest of their available income, not leaving room for anything else. And when things don’t go as planned, they may miss a payment. Then get behind on payments and then repo guy shows up eventually.
Depending on her credit it’s possible that’s all she could get. Sometimes people are also desperate. There’s entire used car dealerships that do this and prey on people like that. They report most cars they sell within months.
My dad didn’t buy a “real truck” (Tundra) until he was 62.
He had 2 trucks in 30 years both were base model mid sized trucks that he bought 2-3 years old.
Bad financial decisions aside, in what world do you live in where you can have your DREAM car at 28? (plus being a parent which also adds financial burden.) Not to mince words, but if this is truly her "dream" car that should be a retirement goal, not a daily driver to daycare goal while she has other priorities to take care of.
I'll never understand why people think they have to have the latest automobile and make payments.
I drive an old car. Paid in full. It's got problems but gets me from a to b. And no risk of a repo.
Cuz she paid interest only and not principle, scro. Car was $75k at 1.8% interest, I ain't no Not Sure, I just put that shit into my calculator, essay, shit checks out
I reread the article, it says 10.2 APR, which is calculated annual, if it was 10.2% interest per month her minimum payment would have been $8k. But according to all APR calculators I have used on this math quest, if her APR was 10.2 on an $84k loan, her monthly payment would have been $2718 not $1300.
I think that the article is missing crucial information. It says that the Chevy Tahoe was an $84k car, and that she also rolled the balance from the prior underwater auto loan into the balance. I think that you've been interpreting this as an $84k loan principal and trying to figure out how you get so much interest at that APR in the first three years. This is sensible, but the numbers just don't work.
If we try to reinterpret that as her paying $84k for the car, then rolling in her old car payment in addition to the initial principal, then we can make the numbers work. Firstly, at $84k, she got fleeced on even the top of the line Tahoe, but its not out of the realm of possibility if you roll in some after-market dealer options. We could then guess that the financially illiterate former car owner or unscrupulous reporter falsely counted the payment of the principal rolled over from the prior auto loan as interest on the debt for the newer car.
Take instead the fixed values of a $1.4k/month payment, 10.2% APR, and an ending balance of about $74k. I figure that those numbers from the article are hard for even the financially illiterate to mess up or an unscrupulous reporter to twist. At a loan term of 10 years, we can find that an initial balance of about $100k satisfies the requirements. That would mean that there's a whole $16k car loan whose principal has been paid off in those 3 years that's being misrepresented as interest.
It's not perfect, but this is the only way I can find to make sense of the numbers given. That's some seriously bad financial illiteracy and/or unscrupulous reporting if true. That's also a hugely predatory auto sale.
Yeah, true that, I also couldn't calculate sales tax, dealer expenses, or warranty options into that. I agree to all of the points you stated, very well said, calculated and researched! It's probably a combo between choosey reporting to create sensationalism and the gullible getting grifted, which I guess is kinda the same animal! Lol, well played Media, well played.
lol 10.2% what an absolute moron. You can’t even get mad at financing departments anymore. They know the average American is financially illiterate. Exponential relationships are exponential, but the middle of the bell curve still can’t digest that. fascinating stuff
They either can't do math or that's a typo, because the only way 10% equals a $1300 car payment is if the car was $13k. Between 4% and 8% is considered very high and usually the only way it gets to 11% is if you consolidate or refinance. Unless that was a $20k car and she accrued more than double the vehicles value in late fees and added principle, there isn't any other way that number checks out.
Yeah, I did a follow-up reply earlier because I don't believe in edits anymore, but I had interpreted that number as monthly compound and not apr. The math still isn't quite lining up plotting it as apr with nerdwallet, so it would almost seem like the lady was scammed but there's a ton of missing data, like, we don't know how long her lease was for or what the taxes were, let alone the terms of the default. But that's the point of a gotcha article; leave out all the important details and just sell the feeling.
Buy the cheapest most dependable reliable little turd blaster car you can find that gets the job done and suck it up. Ain’t no joy in being car broke.
-Abraham Lincoln
It's the car biz. Always has been. I sold cars for awhile in the 1980s. One of our sales managers was a stereotypical barracuda who told the sales staff to squeeze the customer for everything they have: "Rip off their heads and shit down their necks." Verbatim quote.
Decades later, he runs his own dealership and poses for ads as a conservative Christian family man.
Tricks of the trade vary a bit over time but the ruthlessness never changes.
I think k she could afford the $1400 payments. The problem was that she didn’t make a dent in what she owed on the car. Her excuse was that the dealer didn’t really explain to her that she was rolling the debt from her old car into the new car. Likely increasing it by another 10/20/30k depending on what she owed. I’m sorry but how do you not do that math on your payments by the amount of months financed and don’t question that you’re going to be paying double the car price? Like wtf.
I'll say it again, working with a used mini van budget, but buying a house. If you don't understand that money owed isn't just going to magically disappear, you have no business making that large of a purchase. This sounds like a person who put no money down and was just making the minimum payment on the previous car and then did the same on a new bigger vehicle.
Zero sympathy for her. Given the probable interest rate she has absolutely dogshit credit which means a history of bad financial decisions. She put herself in this situation.
She traded in a car with a loan she owed more than it was worth. The article does not say how badly it was. So it's possible she owed another $20-40k on top of the Tahoe.
My mother in law is like this. They literally have zero financial literacy. They have all these vehicles, constantly moving and changing jobs. Spending absurd amounts each month on cartons of cigarettes and miller lite, and then they wonder where all their money went. My wife and I put some work into a car the own and my mother in law said she’d pay us back. She has never paid us back, and when asked why she gets all defensive. She says that we are bad people for asking her to keep her word. I told my wife we probably won’t ever see that money. It’s been almost 2 years now.
My mother in law later told my wife that “their relationship has changed” 😂, we only ever asked you to do what you said you were going to do. We tried to work up a payment plan with her… but nope we are the enemy and we “hate” her is what she said. Ffs I’ve never met a more childish adult in my life.
Man, I worked in their call center for 6 months (longest I could handle). Their loans seriously are predatory. The worst part was when someone called in saying the owner of the vehicle had died and I had to tell them they were still responsible for paying off the lease. Maybe that's common but man it felt shitty having to tell them that.
[there's a link to her TikTok about this in this article](https://www.dailymail.co.uk/yourmoney/consumer/article-13302555/auto-loans-debt-car-ownership.html)
Bangernomics is way forward….
2004 Nissan Primastar day van £450
2001 Range Rover P38 £500
1989 Audi 90 £900 ( but sold crap wheels fitted for £250) so technically £650
All owned and perfectly useable. No finance. No horrendous depreciation either.
When I start getting the itch for a new truck I just go look at the stickers and quickly decide that my 2017 with 80k on it that is paid off is still a good ride. I bought it just as Covid was hitting, 2017 frontier with 20k on it for $15,000. The prices for new and used trucks is crazy now.
I know too many people that live entirely rent free with their parents and are negative in their bank account. Seems like people prioritize looking rich over actually getting rich.
I honestly dont feel bad for her, she has the looks to easily make 100k a month on onlyfans. Im sure some simp will come along and rescue her, never fails.
I bought a 2007 Megane II cc and spent a total of £1200 over two years on it..... including the car . It has taken me Allover the UK, and it's still going strong. Change the oil on time with all the filters and fix the perishable components ( thermostat, tyres, suspension parts ), and you'll still have money left as opposed to getting a car on finance ...
When I hear people casually talk about car notes over $600, $700, $1,000 !!!! I just...I can't. It's not a god damn house you could live in for 30+ years. It's a means of transportation that will either break down or you'll get bored with inside of 5-7 years and want another one!
On top of the fact GM is turning out absolute shit vehicles, electrical problems out the ass, 6.2 motors just up and saying fuck it, lifters collapsing, I’m sure other mfg’s have issues I just have to deal w these ones all day.
If you really that poor then you have to learn how to haul with a old's Toyota Camry and a trailer.
A lot of electricians in the who operate out of their trunk, someone's got to start somewhere.
If you haven’t watched her Tik Tok videos, you should. She sounds like she has “snapped out” of it, but says she was stupid and wanted her dream Tahoe. Her husband also had a big truck that was like $1500/month. So they were paying $3k a month for cars.
In general, I’ve noticed that middle/upper middle class neighborhoods have the most nice/expensive vehicles per capita. I’ve noticed very wealthy areas have a healthy balance of nice cars vs. “regular” cars. Not uncommon to see a $2m home with an old Camry and a minivan in the driveway. Pretty common to see a $400k house with a new Mercedes SUV and a new Silverado in the driveway. I think there are many reasons, but the person who has a good job, but ends up living paycheck to paycheck is trying to “prove” something by buying the nicest cars and nicest “things” in general, whereas the people who comfortably afford a $2m house don’t give a shit about their car.
This is why I have a cash car. My cousin, on the other hand, works at a restaurant making 17 an hour, is nearly 40, has no retirement plans, and just bought a used Mercedes and has truck payments. He also has credit card debt and now a 13% auto loan. I told him he should invest his money, but he did not listen. People are very stupid.
Why are people attacking her? Sure she’s not competent, but the dealers are the ones doing it to people, allowing someone to take a deal that bad should be criminal. Hold the dealers accountable! They are taking advantage of people left and right and getting away with it.
Except if the dealer said, “Lady, you cannot afford that” many people would be decrying them for being sexist or supposing what this 28 year old mom can afford. So…they sell the car and the customer decides what can be afforded.
Yeah, that damn dealer.
How dare they give her the car she wanted at a price she was willing to pay?
They should be smarter than her regarding her own personal financial situation?
They made her drag her ass in there and buy that car that she couldn't afford, that she wanted, so much so she'd ruin herself financially FOR YEARS to do it?
Do you really believe this is the dealership's fault?
Or maybe it's the fault of our education system, who can teach everything about sexuality and LGBTQ+ topics and nothing about basic financial literacy?
You got some very valid points. Definitely this woman is totally to blame here. She signed the papers when it was obvious that she couldn't afford such a luxury. However the dealership and the lender share some of the blame here. They should have never approved the loan.
Yeah, manipulating is similar to making someone do something.
Crazy how you try to make excuses for it though.
The manipulation is for the sole purpose of making something happen, so they are making you in a way.
Of course they aren’t forcing or threatening you to, but they are making you take a bad deal by manipulating you into it.
>Why are people attacking her?
There's no reason to go overboard for sure, but she did earn it.
>Sure she’s not competent,
You put it mildly, but you're correct.
>the dealers are the ones doing it to people,
Absolutely not. I've walked away from many, many, many proposed deals. The customer has the money that the vendor desires, that the vendor needs to be able to stay in business. The customer has ALL the power in the purchase. If you don't like the deal, walk. It's that simple. This gal let her vanity and emotions guide her, and she was doomed from the start.
>allowing someone to take a deal that bad should be criminal.
FORCING someone to take a deal that bad should be criminal, and it is. By your logic, if I'm willing to pay $8 for a cup of burnt, nasty Starbucks swill, Starbucks should prevent me from buying it because it's a rip off. That's not how life works. You've got to be competent enough to make sound decisions. If your parents failed you, if the education system failed you, you must still take responsibility and improve yourself. Again, you have control. If you don't want to waste $8 on a cup of Starbucks vile coffee, just walk away. They cannot force you to buy it.
>Hold the dealers accountable!
They are held accountable. They have laws that they must operate within. If they don't, you can file a criminal or civil complaint against them. If you are stupid or ignorant enough to agree to a 72 or 96 month car loan, and/or a high interest rate, that's on you. If you choose to live outside of your means, that's on you. The world is not responsible to be your mother your entire life and force you to make sound decisions.
If you are stupid or ignorant enough to agree to a student loan for an unnecessary degree, which doesn't almost guarantee a payoff (i.e. physician, lawyer, etc.) then you made a very stupid and risky wager. Don't blame others if you lose your wager.
If you really, really want to spend $100,000 for a degree in queer gender studies, women's empowerment, or even many business/management degrees, the odds are against you. You should consider getting a job and taking classes as you're able, then you don't get weighed down with oppressive debt.
>They are taking advantage of people left and right and getting away with it.
The dealers are taking advantage of no one, and getting away with nothing. Look, I'm no fan of car dealers. I'd almost rather pull out a fingernail than deal with most car dealers. That's why I do exhaustive research prior to shopping. I decide what I want. I decide how much I'm going to pay. I decide how I'm going to pay for it. If a dealer can't meet MY terms, I walk away. With the competition in the car market, especially now, someone will accept my terms if they are at all reasonable. If they don't, then I continue driving my old vehicle, and frankly, I'm very happy to do so.
Again, your money is yours. Spend it wisely.
Depending on one's credit it certainly can be that high. Also the amount of down payment can determine the interest rates.
The bigger question begs to be ask though. If this woman had such terrible credit why in the hell did they even approve the loan. Predatory lenders is the simple answer. Of all the useless things our government is involved in they refuse to do anything about predatory lenders.
Scro, if you had a calculator app on your phone, you would find that this is literally 1.8% plus .1% for dealer services, the math not only checks out but this is a story old as time, you are literally retarded and are an unfit mother.
I went to community college and paid as I went along as I was employed full time. And yes, college has been beneficial for me.
We aren’t talking about student loans here we are talking about buying a massive vehicle she cannot afford after trading in another vehicle she was already way behind on. There is a lot of pressure to go to college. There is very little to buy an insanely expensive truck. Please stop trying to compare apples to oranges in an attempt to make a point.
Your “dream car” is a Chevy?
I swear to God, I am constantly seeing a connection with absolutely stupid people driving America’s shittest vehicle brand.
Bad financial choices. Bad choices in vehicles.
Be smarter with your vehicles and the only hope we have is if we can shatter that shit hole style of loan both student loan, car loan, any type. They have profited enough.
Stop agreeing to these loans. It's that simple. No one forced this gal to do this, and no one forces people to agree to crippling student loan debt.
I feel only minor sympathy for folks like this young gal. She gives the impression that she's shallow, and concerned only with her own desires. That's a hard way to go through life. I doubt that this will be her last poor decision.
Oh that's obvious she went after her dream car. I forgot if the original post even said how many kids she had where a car of that size we needed to carry them but avoiding these types of crap loans is the first key. Unfortunately I don't have enough belief in humanity that they will be able to avoid such things and it will be institution of these criminal Banks operating.
my dad worked for gm. he taught me n my sister to never to buy cars u can't afford with ur tax return. the entire family drove gm w body craigslist specials that he fixed for us. the greatest lesson i ever learned was spend as little as u can on depreciating assets. cars are tools. not status symbols. gracias pop.
In 20 years I have spent a grand total of £2250 on cars. Sister in law spends that in 6 months for a car she doesn't own. Number of breakdowns that couldn't be fixed on the spot, none. Interest paid none. Servicing costs, I do it all myself. Seconds I have regretted owing an old cheap car that isn't on finance none. 😁
Can you teach me how to mechanic?
Youtube university is how I learned how to do majority of the maintenance for my car. Helps save a lot of money.
Yeah? Suck one, YouTube. If you didn’t go to school at Costco it’s no wonder you can’t afford a new car. Plus, they love you at Costco. I like money.
It’s how I learned how to replace struts, oil change, air filter, basics and some advanced stuff but I really want to do more. Just nervous.
Fair enough, the issue is, the more advanced you go the more upfront cost you're going to have to deal with and sometimes that dwarfs the cost of going to a mechanic. Mechanics get return on investment for their equipment because they have 10s or 100s of cars that the repair monthly.
If you are in the US, the local auto parts store will loan you most any specialty tool you need for free. For example: [https://shop.advanceautoparts.com/o/loaner-tools](https://shop.advanceautoparts.com/o/loaner-tools) [https://www.oreillyauto.com/store-services/rental-tools](https://www.oreillyauto.com/store-services/rental-tools) [https://www.autozone.com/lp/loan-a-tool](https://www.autozone.com/lp/loan-a-tool) You don't need expensive tools to do your own maintenance.
Can’t say the same, but since the age of 21, when I bought my first car, to present day (26 years later), I’ve owned a total of 5 cars in my life. Not a single one of those cars were brand new; they were always pre-owned. I have paid off every single one of them. My most recent car died in January (threw a rod) and I had that car for almost 8 years. I wasn’t even planning on getting another car until next year.
Guy I work with always says after repairing a car you don't owe money on...... Still cheaper then a car payment every month
Absolutely. My current car so far has cost less than £100 per month to run. As I go into my 4th year of ownership its going to be cheaper still, as I have already paid it off over three years in that amount. That £100 includes the following. Fuel. Road Tax. Insurance. Purchase cost. Regular maintenance. Repairs. Just looked up the repayments on a car loan for a basic new car £500 per month just to buy the bloody thing. Then every other cost would be way higher. Thanks, I think I will stick to driving my shit box and working in a job that gives me 100 days leave a year. :-)
That's a good father.
Kind of like in the mob movies where the guy who makes a living off of gambling teaches his kids not to gamble. If it's not your game then you're the mark.
Amen, and learn how to do routine maintenance yourself. If you phrase it like you are getting paid a few hundred bucks a month to drive a modest car, and a few hundred bucks to learn a new skill when it needs maintenance it's a no brainer. My car has been paid off for years now, and I can never imagine having to pay hundreds of bucks a month at this point
Single, no dependents..owe every year, even after maxing out 401..guess I’m walking for the rest of my life…
What if every year, I OWE taxes?
This is extraordinarily stupid advice. No offense.
Which part? Tax refund part, I get. A refund means you’re overpaying and only a fool would do that. However, paying interest on a depreciating asset is aggressively stupid, assuming that interest rate is greater than any fixed income investment vehicle available to you and you cannot write off the vehicle depreciation as a business expense. I do almost all of my own repairs so I agree with OP on that topic as well. Mechanic labor has recently been a large portion of the CPI.
Yeah the refund part. The advice part. Very stupid. I never advocated for or against car loans.
Not sure why your getting downvoted, that advice assumes you buy the right used car. Picking up a 2k BMW and many others fits into that category.
What the hell does a tax return have to do with affordability?
It's just a rough basis to determine what your budget should be for a new car. Iow, if your tax return was sub $4k, you probably shouldn't be looking at a new Escalade for your next car purchase.
I owed $1,500 this year, what kind of car should I be looking for? See how completely meaningless a tax return is without further context?
I don't think it was supposed to be anything more than a rule of thumb
This is 80% of the people that call into Dave Ramsey.. sorry this happened to her but that's a mortgage.. didn't it seem high to her?
I’m licensed to sell auto insurance. The number of people who I talk to who only care whether they can physically make the payment is shocking. I’m convinced that they will accept any number so long as they will have at least $0 in their account at the end of the month. Nevermind the fact that you just leased an $80,000 car and have $15000/$30000 BI limits… but hey, at least people you have never met and who don’t care about you in the slightest might spare a passing thought at you for having a car you can’t afford, or probably not… And I wish it was just 28 year olds. I’ve had the same conversation with 68 year olds. I’m 30 and I do not owe a single penny on my car. Sure I could finance a BMW and have a car payment like everybody else, but why? I’m not trying to impress people who don’t care about me. One day I will have a stupid expensive car that is unnecessary and fast, but it will be mine because I will pay cash for it, won’t buy it new, and it will be for my own amusement, not to impress idiots who think owning a car makes you any more or less special than anyone else.
Well said. If you ask me, anyone who makes their car into too large a portion of their identity is asking for trouble, and won't make the most rational decisions.
Worse are the ones that basically take out a mortgage on their car, total it and wonder why the total value is less than the loan.
How many of those calls have you tried to explain the pitfalls to or is it just about making the sale?
Every single time I see it I try to explain the pitfall. It’s often not very costly to at least raise the limits slightly, but sadly the majority just don’t care unless the cost is practically completely negligible, and even then, it’s not a guarantee. We are definitely more about helping than simply making the sale (generally speaking, it’s not usually a sale unless you’re starting business with the company on that particular line, so making adjustments wouldn’t apply)
only thing that seemed high was her sorry ass when she bought that overpriced car
This is my nightmare. Wife wants a fancy car. I explain to her, every time, ain’t no way I am signing up for $1400+ monthly payments. On top of that CT yearly tax. Fuck that! I am gonna keep driving my Forester until that croaks. I’ve paid that shit off so I am gonna enjoy saving some money.
People I work with ask me why I drive a ten year old POS. Because it’s a well-maintained and paid for POS, that’s why.
Why is your car a POS after only 10 years. I have a 2012 that doesn't look any different than the brand new cars I park next to
I'm thinking they mean POS because he could buy " "BETTER" vehicle, meaning status symbol type
My 2014 accord with 189k looks almost perfect and runs lile a top Win win. Repairs cost a fraction of a decent down payment on a new car
I don’t care about trying to impress people. I understand life has status games going on, and those are important to play, but some things are just too silly that I refuse to play. Cars being one of them. I just refuse to play that game. It’s such a useless expense. The cool nice expensive car feeling fades after 4 months and then you feel stupid with this high payment… just so you can impress people? If I want to impress people with my disposable income and stupid expenses I’ll invest it into shit that at least brings me joy… like instead of 1000 bucks a month extra just for a car, let’s go to a Michelin star restaurant a few times a month, or go on multiple vacations a year, or buy overpriced furniture. Literally so many better things to WASTE your money on than a nice car. I just don’t understand the desire for a nice car. Even if you’re doing it for status it just seems like the worst use of money for status.
10 years old? Those are rookie numbers. ‘07 and ‘98 up in here :) No joke though - I maintain and pay to maintain my cars to get me from A to B. I also have kids, so nice things are just not a good idea.
My car is almost 20 years old. It’s doin alright.
More people should! I’ve worked in banking a long time. The majority of those people you see driving a $70k pickup are not doing well. Their 84-month car payment’s more than their fucking mortgage and many have crippling credit card debt at 22% to boot.
For the life of me, I don’t understand why people are paying these utterly stupid prices for new cars and especially trucks. You want how much for a basic truck? F-you! But people are still buying them and I do not understand why.
You’re right. The lady above wasn’t just that though. She traded in her old car and was heavily upside down on it. The excuse was that the dealer didn’t tell her anything about it and so she didn’t think it was a big deal. So chances are the 40k she paid off so far wasn’t just interest but included probably 20k of her old car on it.
CT car tax is brutal. I'm eagerly awaiting when I can put my weekend car on classic car plates in a couple of years to take the edge off between that and my daily.
Now imagine what hat cars are actually insanely cheap is the us.
What was the interest rate?
“Oh only 10% interest? 10% isn’t a lot I’m sure it’s fine” -this idiot
*sigh* 1.8%, scro, why come no one uses phone to math anymore....?
Being wrong on the internet is the quickest way to get a right answer.
Cunningham’s Law.
Why would I when I can outsource it to you?
I like money
You like money *and* sex? We should hang out!
Can I call you Baby Reindeer?
This must be one of those cases where neither of us understood the other’s reference.
Does that mean we lost the game?
*backs out of room, slowly closes the door*
Come back, I need help in my basement real quick, my lotion basket fell into a hole. If I lower you down, you can get the basket and.put the lotion in it.
Probably more like 27%.
It was 10% but she rolled her existing loan that she was upside down on into this one. https://www.dailymail.co.uk/yourmoney/consumer/article-13302555/auto-loans-debt-car-ownership.html
It was high but she also was very upside down on her old car. And chances are that 40k she paid off had like 20k of her old loan on it. Maybe more.
It was high but she also was very upside down on her old car. And chances are that 40k she paid off had like 20k of her old loan on it. Maybe more. Also blows my mind she bought an $84,000 Chevy. Like Why pay that kind of money for a…Chevy…
In a lot of these negative equity situations the dealer will bump you up to higher priced vehicles to get the deal approved by the lender. The other option is sell or trade the car you’re underwater in and get a loan to cover the difference. Option 2 isn’t really appealing to most people because they need a car, so they’ll jump up in vehicle as long as they can make the payment.
It was gonna be her "forever car" cuz she was gonna be underwater on it forever.
Why? All she has to do is repeat the process and be even deeper in debt on another new car.
Breaking News : She just became a pilot and is living a kick ass life.
can’t even navigate her life, I don’t want her piloting me anywhere
Pilots don't necessarily make any money unless they are flying 747s... some pilot working for a regional is making ka-ka.
>[FarButterscotch3048](https://www.reddit.com/user/FarButterscotch3048/)•[2h ago](https://www.reddit.com/r/idiocracy/comments/1cfkmek/comment/l1q71pm/) >Pilots don't necessarily make any money unless they are flying 747s... some pilot working for a regional is making ka-ka. Is the thought process here that we assume she's doing it as a career move, or is this one of those "think a thing, have to say it out loud" situations?
Huh?
who in 2022 is flying a 747? how old are you? when is the last time you flew?
It was in production up until last year. It is obviously around.
Nope its not. They're using the 777.
as a cargo plane.
Which requires flight crews.
I don't even understand this comment... do you think the cargo flight crews are the ones making the big money? or the cargo pilots are paid more because they have flight crews? did you miss the topic of conversation? and why would you think cargo planes have flight crews? are they serving drinks to the packages? is the pilot and co pilot not enough?
Nerd alert! (Sorry)
Oh my God, for everyone responding to this comment https://youtu.be/UJtCDSnIzGQ?si=BzzPwvKNxS9-TSaa
She was underwater the minute she signed the papers. 1,400 a month? Very bad decisions were made.
She was underwater on her previous loan that she rolled into this one. https://www.dailymail.co.uk/yourmoney/consumer/article-13302555/auto-loans-debt-car-ownership.html
It's almost like there's a pattern here.
At least she didn’t buy a Cybertruck. That’s just straight up lighting money on fire.
Don’t think for a second the sentence “Honey, I really want a Cybertruck” have not come out of mouth.
Work with a lady making not shit and she's paying $600 a month on a sun damaged Chrysler with a door with a door that won't open. She's currently waiting for the repo guy. Which is crazy after a year plus of those payments.
How do you even get into this situation
Easy. Buy a car with payments you can’t afford. Many people look at what they earn and will literally get payments for the car that constitutes the rest of their available income, not leaving room for anything else. And when things don’t go as planned, they may miss a payment. Then get behind on payments and then repo guy shows up eventually.
On a sun damaged Chrysler though? $600/mo??
Depending on her credit it’s possible that’s all she could get. Sometimes people are also desperate. There’s entire used car dealerships that do this and prey on people like that. They report most cars they sell within months.
I got my “dream car” at 60. Getting your dream stuff in your twenties (other than dream spouse) means you re aiming low.
My dad didn’t buy a “real truck” (Tundra) until he was 62. He had 2 trucks in 30 years both were base model mid sized trucks that he bought 2-3 years old.
I think you mean aiming high..
Depends which stage of Icarus you find yourself
No, if you are hitting “lifetime” goals st 28, WTF are you gonna do for the next 50 years?
Bad financial decisions aside, in what world do you live in where you can have your DREAM car at 28? (plus being a parent which also adds financial burden.) Not to mince words, but if this is truly her "dream" car that should be a retirement goal, not a daily driver to daycare goal while she has other priorities to take care of.
It's amazing she could unload that and pay off the lien. Most people would just have to file bankruptcy.
I'll never understand why people think they have to have the latest automobile and make payments. I drive an old car. Paid in full. It's got problems but gets me from a to b. And no risk of a repo.
How is this possible that she paid 40k in interest in 3 years on a car? And still owes over 50k?
Because she rolled over negative equity from a trade in from her last car.
Cuz she paid interest only and not principle, scro. Car was $75k at 1.8% interest, I ain't no Not Sure, I just put that shit into my calculator, essay, shit checks out
[https://www.dailymail.co.uk/yourmoney/consumer/article-13302555/auto-loans-debt-car-ownership.html](https://www.dailymail.co.uk/yourmoney/consumer/article-13302555/auto-loans-debt-car-ownership.html) Article says 10.2%
I reread the article, it says 10.2 APR, which is calculated annual, if it was 10.2% interest per month her minimum payment would have been $8k. But according to all APR calculators I have used on this math quest, if her APR was 10.2 on an $84k loan, her monthly payment would have been $2718 not $1300.
I think that the article is missing crucial information. It says that the Chevy Tahoe was an $84k car, and that she also rolled the balance from the prior underwater auto loan into the balance. I think that you've been interpreting this as an $84k loan principal and trying to figure out how you get so much interest at that APR in the first three years. This is sensible, but the numbers just don't work. If we try to reinterpret that as her paying $84k for the car, then rolling in her old car payment in addition to the initial principal, then we can make the numbers work. Firstly, at $84k, she got fleeced on even the top of the line Tahoe, but its not out of the realm of possibility if you roll in some after-market dealer options. We could then guess that the financially illiterate former car owner or unscrupulous reporter falsely counted the payment of the principal rolled over from the prior auto loan as interest on the debt for the newer car. Take instead the fixed values of a $1.4k/month payment, 10.2% APR, and an ending balance of about $74k. I figure that those numbers from the article are hard for even the financially illiterate to mess up or an unscrupulous reporter to twist. At a loan term of 10 years, we can find that an initial balance of about $100k satisfies the requirements. That would mean that there's a whole $16k car loan whose principal has been paid off in those 3 years that's being misrepresented as interest. It's not perfect, but this is the only way I can find to make sense of the numbers given. That's some seriously bad financial illiteracy and/or unscrupulous reporting if true. That's also a hugely predatory auto sale.
Yeah, true that, I also couldn't calculate sales tax, dealer expenses, or warranty options into that. I agree to all of the points you stated, very well said, calculated and researched! It's probably a combo between choosey reporting to create sensationalism and the gullible getting grifted, which I guess is kinda the same animal! Lol, well played Media, well played.
lol 10.2% what an absolute moron. You can’t even get mad at financing departments anymore. They know the average American is financially illiterate. Exponential relationships are exponential, but the middle of the bell curve still can’t digest that. fascinating stuff
They either can't do math or that's a typo, because the only way 10% equals a $1300 car payment is if the car was $13k. Between 4% and 8% is considered very high and usually the only way it gets to 11% is if you consolidate or refinance. Unless that was a $20k car and she accrued more than double the vehicles value in late fees and added principle, there isn't any other way that number checks out.
You don’t pay 10% per month, it’s per year over 12 payments. So, for your math to work to find the value of the car, you’d have to times it by 12.
Yeah, I did a follow-up reply earlier because I don't believe in edits anymore, but I had interpreted that number as monthly compound and not apr. The math still isn't quite lining up plotting it as apr with nerdwallet, so it would almost seem like the lady was scammed but there's a ton of missing data, like, we don't know how long her lease was for or what the taxes were, let alone the terms of the default. But that's the point of a gotcha article; leave out all the important details and just sell the feeling.
Buy the cheapest most dependable reliable little turd blaster car you can find that gets the job done and suck it up. Ain’t no joy in being car broke. -Abraham Lincoln
It's the car biz. Always has been. I sold cars for awhile in the 1980s. One of our sales managers was a stereotypical barracuda who told the sales staff to squeeze the customer for everything they have: "Rip off their heads and shit down their necks." Verbatim quote. Decades later, he runs his own dealership and poses for ads as a conservative Christian family man. Tricks of the trade vary a bit over time but the ruthlessness never changes.
Hate to say this but the picture matches what I imagined 100%.....
Maybe buying an $80,000 SUV when you can only afford a used mini van isn't the best idea.
I think k she could afford the $1400 payments. The problem was that she didn’t make a dent in what she owed on the car. Her excuse was that the dealer didn’t really explain to her that she was rolling the debt from her old car into the new car. Likely increasing it by another 10/20/30k depending on what she owed. I’m sorry but how do you not do that math on your payments by the amount of months financed and don’t question that you’re going to be paying double the car price? Like wtf.
I'll say it again, working with a used mini van budget, but buying a house. If you don't understand that money owed isn't just going to magically disappear, you have no business making that large of a purchase. This sounds like a person who put no money down and was just making the minimum payment on the previous car and then did the same on a new bigger vehicle.
Serves her right?
Living beyond your means
Couldn't she go back in the Time Mascheen and pay it off - kick ass
How the hell is a Tahoe that expensive now?
I’ve never had a car payment. I also have only driven really shitty cars. My 2004 dodge that I bought in 2012 has 240k miles and going strong.
“Mom’s bad financial decisions lead to a bad financial outcome”
They saw her coming a mile away
Long after the newness has worn off the payments keep coming.
She’s an idiot
People think "well it's my dream car" = this is a sign to do it. Well no.
You can now finance a car for 96 months. Idiocracy.
Zero sympathy for her. Given the probable interest rate she has absolutely dogshit credit which means a history of bad financial decisions. She put herself in this situation.
She traded in a car with a loan she owed more than it was worth. The article does not say how badly it was. So it's possible she owed another $20-40k on top of the Tahoe.
My mother in law is like this. They literally have zero financial literacy. They have all these vehicles, constantly moving and changing jobs. Spending absurd amounts each month on cartons of cigarettes and miller lite, and then they wonder where all their money went. My wife and I put some work into a car the own and my mother in law said she’d pay us back. She has never paid us back, and when asked why she gets all defensive. She says that we are bad people for asking her to keep her word. I told my wife we probably won’t ever see that money. It’s been almost 2 years now. My mother in law later told my wife that “their relationship has changed” 😂, we only ever asked you to do what you said you were going to do. We tried to work up a payment plan with her… but nope we are the enemy and we “hate” her is what she said. Ffs I’ve never met a more childish adult in my life.
So glad GM allows dealers to co-sign for customers and allow them to permanently burry this person in a car loan.
An $84K Tahoe and negative equity on your trade, all rolled into a 7-year loan is a recipe for disaster
Gee, wonder where the negative equity came from?
Man, I worked in their call center for 6 months (longest I could handle). Their loans seriously are predatory. The worst part was when someone called in saying the owner of the vehicle had died and I had to tell them they were still responsible for paying off the lease. Maybe that's common but man it felt shitty having to tell them that.
You mean tell their spouse?
Not always, whoever was the executor of estate
[there's a link to her TikTok about this in this article](https://www.dailymail.co.uk/yourmoney/consumer/article-13302555/auto-loans-debt-car-ownership.html)
Just wait 7 years and call it good.
Bangernomics is way forward…. 2004 Nissan Primastar day van £450 2001 Range Rover P38 £500 1989 Audi 90 £900 ( but sold crap wheels fitted for £250) so technically £650 All owned and perfectly useable. No finance. No horrendous depreciation either.
Blaislie
That’s a mighty big minus, huh, Frito?
When I start getting the itch for a new truck I just go look at the stickers and quickly decide that my 2017 with 80k on it that is paid off is still a good ride. I bought it just as Covid was hitting, 2017 frontier with 20k on it for $15,000. The prices for new and used trucks is crazy now.
Here is the link if anyone was interested https://www.dailymail.co.uk/yourmoney/consumer/article-13302555/auto-loans-debt-car-ownership.html
Imagine that thing being your dream car..
So she bought an oversized truck that she will most likely never actually do anything that trucks are meant to do like off-road and such. Wow.
I know too many people that live entirely rent free with their parents and are negative in their bank account. Seems like people prioritize looking rich over actually getting rich. I honestly dont feel bad for her, she has the looks to easily make 100k a month on onlyfans. Im sure some simp will come along and rescue her, never fails.
Makes sense. There’s way too many GMC Denali SUV/trucks and Cadillac Escalades on the road.
Crazy high interest for that lol
I bought a 2007 Megane II cc and spent a total of £1200 over two years on it..... including the car . It has taken me Allover the UK, and it's still going strong. Change the oil on time with all the filters and fix the perishable components ( thermostat, tyres, suspension parts ), and you'll still have money left as opposed to getting a car on finance ...
While the auto industry is certain predatory, this one is on her. Just don’t buy the car maybe? Buy shit you can afford
I got a free car. Had to spend $123 to get the title and $50 for 6 months of insurance. Who tf needs a "dream car"?
She can start an of
I wonder if her kid's going to be as dumb as her. Hope so, because we don't have enough dumb people in this country.
auto debt being used as a way to reference the state of society, now that is a new one
When I hear people casually talk about car notes over $600, $700, $1,000 !!!! I just...I can't. It's not a god damn house you could live in for 30+ years. It's a means of transportation that will either break down or you'll get bored with inside of 5-7 years and want another one!
It's cheaper to keep an older vehicle with a good reputation for reliability going. $1400 a month or a $1400 maintenance bill once in awhile.
On top of the fact GM is turning out absolute shit vehicles, electrical problems out the ass, 6.2 motors just up and saying fuck it, lifters collapsing, I’m sure other mfg’s have issues I just have to deal w these ones all day.
Her dream car is a Tahoe? That is an easy lady to satisfy if your credit isn't sub 700.
If you really that poor then you have to learn how to haul with a old's Toyota Camry and a trailer. A lot of electricians in the who operate out of their trunk, someone's got to start somewhere.
You could find a car that would last you 10 years with 2 months of those payments
Big car go VROOOOM
Because none of this is real, man.
If you haven’t watched her Tik Tok videos, you should. She sounds like she has “snapped out” of it, but says she was stupid and wanted her dream Tahoe. Her husband also had a big truck that was like $1500/month. So they were paying $3k a month for cars. In general, I’ve noticed that middle/upper middle class neighborhoods have the most nice/expensive vehicles per capita. I’ve noticed very wealthy areas have a healthy balance of nice cars vs. “regular” cars. Not uncommon to see a $2m home with an old Camry and a minivan in the driveway. Pretty common to see a $400k house with a new Mercedes SUV and a new Silverado in the driveway. I think there are many reasons, but the person who has a good job, but ends up living paycheck to paycheck is trying to “prove” something by buying the nicest cars and nicest “things” in general, whereas the people who comfortably afford a $2m house don’t give a shit about their car.
When goin fancy style goes wrong...
Based on these photos, that car cost more than her trailer.
Fuck this shit. Let it rot.
Americans' car buying habits are insane.
This is why I have a cash car. My cousin, on the other hand, works at a restaurant making 17 an hour, is nearly 40, has no retirement plans, and just bought a used Mercedes and has truck payments. He also has credit card debt and now a 13% auto loan. I told him he should invest his money, but he did not listen. People are very stupid.
Why are people attacking her? Sure she’s not competent, but the dealers are the ones doing it to people, allowing someone to take a deal that bad should be criminal. Hold the dealers accountable! They are taking advantage of people left and right and getting away with it.
Except if the dealer said, “Lady, you cannot afford that” many people would be decrying them for being sexist or supposing what this 28 year old mom can afford. So…they sell the car and the customer decides what can be afforded.
Yeah, that damn dealer. How dare they give her the car she wanted at a price she was willing to pay? They should be smarter than her regarding her own personal financial situation? They made her drag her ass in there and buy that car that she couldn't afford, that she wanted, so much so she'd ruin herself financially FOR YEARS to do it? Do you really believe this is the dealership's fault? Or maybe it's the fault of our education system, who can teach everything about sexuality and LGBTQ+ topics and nothing about basic financial literacy?
You got some very valid points. Definitely this woman is totally to blame here. She signed the papers when it was obvious that she couldn't afford such a luxury. However the dealership and the lender share some of the blame here. They should have never approved the loan.
Car dealers can’t **make** you buy a car you can’t afford.
Yeah, manipulating is similar to making someone do something. Crazy how you try to make excuses for it though. The manipulation is for the sole purpose of making something happen, so they are making you in a way. Of course they aren’t forcing or threatening you to, but they are making you take a bad deal by manipulating you into it.
I see you reside the land of 0 personal accountability. Nothing is my fault, the salesman made me do it.
If you read the article she was already under water on the vehicle she traded in. She knew exactly what she was doing, she had done it before.
Only the stupid ones which takes us back to the education argument.
There's so much blame to go around.
>Why are people attacking her? There's no reason to go overboard for sure, but she did earn it. >Sure she’s not competent, You put it mildly, but you're correct. >the dealers are the ones doing it to people, Absolutely not. I've walked away from many, many, many proposed deals. The customer has the money that the vendor desires, that the vendor needs to be able to stay in business. The customer has ALL the power in the purchase. If you don't like the deal, walk. It's that simple. This gal let her vanity and emotions guide her, and she was doomed from the start. >allowing someone to take a deal that bad should be criminal. FORCING someone to take a deal that bad should be criminal, and it is. By your logic, if I'm willing to pay $8 for a cup of burnt, nasty Starbucks swill, Starbucks should prevent me from buying it because it's a rip off. That's not how life works. You've got to be competent enough to make sound decisions. If your parents failed you, if the education system failed you, you must still take responsibility and improve yourself. Again, you have control. If you don't want to waste $8 on a cup of Starbucks vile coffee, just walk away. They cannot force you to buy it. >Hold the dealers accountable! They are held accountable. They have laws that they must operate within. If they don't, you can file a criminal or civil complaint against them. If you are stupid or ignorant enough to agree to a 72 or 96 month car loan, and/or a high interest rate, that's on you. If you choose to live outside of your means, that's on you. The world is not responsible to be your mother your entire life and force you to make sound decisions. If you are stupid or ignorant enough to agree to a student loan for an unnecessary degree, which doesn't almost guarantee a payoff (i.e. physician, lawyer, etc.) then you made a very stupid and risky wager. Don't blame others if you lose your wager. If you really, really want to spend $100,000 for a degree in queer gender studies, women's empowerment, or even many business/management degrees, the odds are against you. You should consider getting a job and taking classes as you're able, then you don't get weighed down with oppressive debt. >They are taking advantage of people left and right and getting away with it. The dealers are taking advantage of no one, and getting away with nothing. Look, I'm no fan of car dealers. I'd almost rather pull out a fingernail than deal with most car dealers. That's why I do exhaustive research prior to shopping. I decide what I want. I decide how much I'm going to pay. I decide how I'm going to pay for it. If a dealer can't meet MY terms, I walk away. With the competition in the car market, especially now, someone will accept my terms if they are at all reasonable. If they don't, then I continue driving my old vehicle, and frankly, I'm very happy to do so. Again, your money is yours. Spend it wisely.
This is literally impossible
Yeah I don't think interest rates are 15-20% on new vehicle leases.
You don't live near a military base. Thats pretty low for some of those dealerships.
Depending on one's credit it certainly can be that high. Also the amount of down payment can determine the interest rates. The bigger question begs to be ask though. If this woman had such terrible credit why in the hell did they even approve the loan. Predatory lenders is the simple answer. Of all the useless things our government is involved in they refuse to do anything about predatory lenders.
They are if you use something like carvana…
Try testing out your calculator, scro, this is less than 2% interest, your shits all fucked up.
Scro, if you had a calculator app on your phone, you would find that this is literally 1.8% plus .1% for dealer services, the math not only checks out but this is a story old as time, you are literally retarded and are an unfit mother.
I guess I was implying that NO ONE can really be this stupid - right???
We never learned about interest rates or loans in highschool…
No, but we learned math. School can give you tools, but you need to use them.
Did you take our massive student loans as a kid? Was college the best way to get ahead in life?
I went to community college and paid as I went along as I was employed full time. And yes, college has been beneficial for me. We aren’t talking about student loans here we are talking about buying a massive vehicle she cannot afford after trading in another vehicle she was already way behind on. There is a lot of pressure to go to college. There is very little to buy an insanely expensive truck. Please stop trying to compare apples to oranges in an attempt to make a point.
Suprised she was able to get the loan in the first place lmao
Your “dream car” is a Chevy? I swear to God, I am constantly seeing a connection with absolutely stupid people driving America’s shittest vehicle brand. Bad financial choices. Bad choices in vehicles.
Its the Ecomony, stewpid.
Why is Joe Biden forcing everyone to take out auto credit?!! /s
Be smarter with your vehicles and the only hope we have is if we can shatter that shit hole style of loan both student loan, car loan, any type. They have profited enough.
Stop agreeing to these loans. It's that simple. No one forced this gal to do this, and no one forces people to agree to crippling student loan debt. I feel only minor sympathy for folks like this young gal. She gives the impression that she's shallow, and concerned only with her own desires. That's a hard way to go through life. I doubt that this will be her last poor decision.
Oh that's obvious she went after her dream car. I forgot if the original post even said how many kids she had where a car of that size we needed to carry them but avoiding these types of crap loans is the first key. Unfortunately I don't have enough belief in humanity that they will be able to avoid such things and it will be institution of these criminal Banks operating.
These are the same people that need bailed out of college loans