that’s what my dad does. He’ll cop a used car. Drive it around while fixing it up. Then sell it for more then he bought it for.
Seven-Year Car Loans: America’s Middle Class Can’t Afford Its Cars; own cars after the brakes brehs
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that’s what my dad does. He’ll cop a used car. Drive it around while fixing it up. Then sell it for more then he bought it for.
Ezekiel 25:17
Veteran
yeah some peace of mind when you get off work for the weekend and have no money in your savings and no extra money to do anything on the weekendPeace of mind alright
As long as you not spending $600/month you all good. There's 2018s out there for $15,000
BunchePark
Coli N Calisthenics
Bruh help me when did this shyt start
I jumped in the game 90 jetta totaled that hoe
1994 Mazda 626 that bytch broken down
1997 accord
2004 accord (first car i paid cash for)
Traded for a 2006 maxima (paid for cash)
Rode that bytch to 2017 got two more maximas one lease one i paid cash
Got totaled in mine in March of this year lol im gucci
I never get blame any wrecks for the rec just unlucky
Then i went and kept wifey maxima and got her the qx60 (lease)
So currently i one lease with like 7 months left and the new inifnit is like 33-34 months
Lol literally waiting for this one to run out so i can cop the 2020 maxima or i might go up to infiniti as well
When tf did they start doing 7 year car loans and whose dumb enough to do that smfh
Never been above driving a older car but wtf never again im off that repair life lease one buy one fukk that
I jumped in the game 90 jetta totaled that hoe
1994 Mazda 626 that bytch broken down
1997 accord
2004 accord (first car i paid cash for)
Traded for a 2006 maxima (paid for cash)
Rode that bytch to 2017 got two more maximas one lease one i paid cash
Got totaled in mine in March of this year lol im gucci
I never get blame any wrecks for the rec just unlucky
Then i went and kept wifey maxima and got her the qx60 (lease)
So currently i one lease with like 7 months left and the new inifnit is like 33-34 months
Lol literally waiting for this one to run out so i can cop the 2020 maxima or i might go up to infiniti as well
When tf did they start doing 7 year car loans and whose dumb enough to do that smfh
Never been above driving a older car but wtf never again im off that repair life lease one buy one fukk that
I financed 15k back in 2017. Four year term but buckled down this time last year, got a second job, and paid it off in exactly two.
Im off car notes, these new millennials and Gen Zs can have that. Actually that isn't fair because I know plenty of people in their 40s and 50s with car notes killing their wealth and retirement.
My short term plan for the next 2-4 years is to pull up to a house with some equity in it with the same car I'm driving now.
Im off car notes, these new millennials and Gen Zs can have that. Actually that isn't fair because I know plenty of people in their 40s and 50s with car notes killing their wealth and retirement.
My short term plan for the next 2-4 years is to pull up to a house with some equity in it with the same car I'm driving now.
Wake up early
Take the bus
Save money to buy a used shyt all cash
A loan for a car will always be the dumbest thing imaginable to me
Cant do that for the rest of your life. You be losing 2 to 3 hours of sleep PER DAY. After some point, you gotta get a reliable car for the sake of your sanity.
Or god forbid, you have a job where your hours are outside the standard 9-5 window. 11pm in the winter, trying to get to work and your car won't start.
Yes, I've been there before.
Had a 98 Civic That I was driivng everywhere.....had basic repairs, but in the end of 2016, it broke down and the mechanic wanted to do $1200 in repairs on a car that was pushing nearly 20 years old. I decided to go to a year-end sale at my local Toyota and copped me a Highlander that was only 1.5% interest rate and I put massive amounts of money on my down payment (well over 10k). Thank God I did, cause I was tired of being stranded in the snow and worry if it broke down in any random location with the beater 98 Civic.
But yeah, if you gonna buy a used car, use Carfax and get it from the dealership. Dont ever buy it from some strange person you never met before.
Drove my 98’ lex down to Memphis in July no issues
Lord_nikon
Veteran
Anyone know the average price range you can get a dealer to knock off o a new or used car.
I heard some white dude on YouTube said he paid just a little over 30k for new 2018 mustang GT premium
or 
or 
I heard some white dude on YouTube said he paid just a little over 30k for new 2018 mustang GT premium
or or people are keeping smart phones longer too
People Are Keeping Their Phones Longer Because There's Not Much Reason To Upgrade, Study Finds - SlashdotSecure Da Bag
Veteran
That's really a scam right? That 0% is actually more than the agreed upon price, correct?
Youtubers get deals from dealers (Anyone know the average price range you can get a dealer to knock off o a new or used car.
I heard some white dude on YouTube said he paid just a little over 30k for new 2018 mustang GT premium
) to promote and review as "influencers"
.
No its legit. You just don't get any rebates. But it is cheaper than the rebates anyway.
A $45,000 Loan for a $27,000 Ride: More Borrowers Are Going Underwater on Car Loans
As cars become more expensive, buyers are getting hampered by burdensome loans
John Schricker bought this Jeep Cherokee last year to accommodate his growing family. Kristian Thacker for The Wall Street Journal
By
AnnaMaria Andriotis and
Ben Eisen
November 9, 2019
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Text
In two years, the 40-year-old electrician signed up for four auto loans, each time trading in the previous car and rolling the unpaid balance into the next loan. He recently bought a $27,000 Jeep Cherokee with a $45,000 loan from Ally Financial Inc.
Consumers, salespeople and lenders are treating cars a lot like houses during the last financial crisis: by piling on debt to such a degree that it often exceeds the car’s value. This phenomenon—referred to as negative equity, or being underwater—can leave car owners trapped.
Some 33% of people who traded in cars to buy new ones in the first nine months of 2019 had negative equity, compared with 28% five years ago and 19% a decade ago, according to car-shopping site Edmunds. Those borrowers owed about $5,000 on average after they traded in their cars, before taking on new loans. Five years ago the average was about $4,000.
Rising car prices have exacerbated an affordability gap that is increasingly getting filled with auto debt. Easy lending standards are perpetuating the cycle, with lenders routinely making car loans with low or no down payments that can last seven years or longer.
Borrowers are responsible for paying their remaining debt even after they get rid of the vehicle tied to it. When subsequently buying another car, they can roll this old debt into a new loan. The lender that originates the new loan typically pays off the old lender, and the consumer then owes the balance from both cars to the new lender. The transactions are often encouraged by dealerships, which now make more money on arranging financing than on selling cars.
Consumer lawyers say borrowers are typically trading in their vehicles because they have to—often because their needs change, or because the vehicles have problems.
“These aren’t Rolls-Royces,” said David Goldsmith, a lawyer who defends consumers in auto cases. “They’re Ford Escapes.”
John Schricker adjusts his daughter's car seat in the back of his Jeep Cherokee. Photo: Kristian Thacker for The Wall Street Journal
Mr. Schricker would like to get a new car because the Jeep Cherokee started having mechanical problems this year. He recently discovered the vehicle was in an accident before he bought it, a fact he said the dealership didn’t disclose. The dealership, Rotolo Motors, didn’t return requests for comment.
Mr. Schricker hired a lawyer, who is trying to resolve the issue with the dealership. He estimates that even if he sold the vehicle, he would still owe Ally up to $18,000. Ally said it couldn’t comment.
Mr. Schricker, who lives in Bethel Park, Pa., said he didn’t intend to cycle through so many vehicles. He replaced one because it had 100,000 miles and another when he went through a divorce, and he changed cars again when his family was expanding.
Borrowers with negative equity at the time of purchase tend to get longer loan terms, higher interest rates and higher monthly payments, according to Edmunds. The higher rates and longer repayment periods mean a smaller share of their monthly payments goes toward paying down principal in the first few years of the loan. The result for some consumers is a cycle in which each new trade-in leaves them deeper underwater.
Underwater car loans are more prevalent among subprime borrowers, according to ratings firms. That is in part because consumers with lower credit scores often don’t have the means to pay off the remaining balance on one car loan before buying their next vehicle.
If borrowers default, lenders generally repossess the cars and try to resell them, then apply that money to the unpaid balance. Often, though, that isn’t enough to cover the borrower’s unpaid balance.
Yolanda Finley drives a GMC Yukon with more than 188,000 miles on it. She still owes thousands on a car that was repossessed. Photo: Michal Czerwonka for The Wall Street Journal
Yolanda Finley of Pomona, Calif., bought a used 2011 Chevy Traverse with a loan of $25,585 from Santander Consumer USA Holdings Inc. in 2014. The loan included a nearly $2,200 balance she owed on her Dodge Durango after she traded it in.
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The Chevy broke down in 2017 shortly after Ms. Finley took it for an oil change and she couldn’t afford the repairs. She says that Valvoline installed a faulty oil filter and she is suing the company. Valvoline said it was aware of her allegations and had no comment.
Ms. Finley, a 38-year-old legal-support assistant, stopped making payments. Santander repossessed the Chevy in 2017 and resold it for $2,400. The lender soon after informed her that she still owed around $27,000, which she hasn’t paid. Santander said it couldn’t comment on a specific customer’s experience.
Ms. Finley currently drives a GMC Yukon with more than 188,000 miles. She bought it from a family friend for $3,500 out of pocket.
Yolanda Finley drives her car to pick up her dad in Pomona, Calif. Photo: Michal Czerwonka for The Wall Street Journal
She would like to buy another car, but the only loans she has been offered have high interest rates she can’t afford. Her credit reports state she defaulted on her car loan.
Most auto loans are originated at dealerships, which assign loans to a variety of lenders, including banks, credit unions and the finance arms of car manufacturers.
Lenders are typically willing to make the underwater loans, though they often charge high interest rates. Many of the loans are bundled into bonds and snapped up by Wall Street investors.
The added debt can make it difficult for borrowers to stay current. Some 5.2% of outstanding securitized subprime auto-loan balances were at least 60 days past due on a rolling 12-month average during the period ending in June, up from 4.8% the year before and 4.9% two years before, according to Fitch Ratings.
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The rollover debt helped drive up the new loan balance to more than $66,000. The friends now split the payment of more than $900 a month, which they owe to Pearl Hawaii Federal Credit Union for 84 months. Their old loan was about $500 a month.
Pearl Hawaii said in a statement that the dealership and the borrower worked out the sale agreement. The dealer, Cutter Buick GMC, declined to comment.
The friends have had to cut back elsewhere to pay for the truck.
Write to AnnaMaria Andriotis at annamaria.andriotis@wsj.com and Ben Eisen at ben.eisen@wsj.com