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Smart Shopper Owe more than it's worth... I'm upside down and I can't get up!
1160 messages, Last post on Oct 22, 2009 at 7:11 PM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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Replying to: sky23213 (Dec 31, 2007 1:22 pm) But, once you move home to Kansas, and Daddy says, "Your car payment is HOW much!!", then you start to look like an idiot.. Good old Midwestern values.... can't beat 'em! 
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Replying to: kyfdx (Dec 31, 2007 1:26 pm)  That reminds me of Craig T. Nelson in "Coach" reacting to the price his daughter was paying for 1BR in NYC : 1600!!! Kelly, you can a get a little farm with a farmer for that in Minnesota!"  I'm still still amazed at an earlier post that you can't get anything under 650K in some parts of CA. That means that people have to make twice as much compared to other region, or hold multiple jobs. |
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Replying to: corvette (Dec 30, 2007 5:08 pm) Doesn't anyone pay attention to what is happening on this planet??? I admit that credit is too easy and the lenders must share the blame, but good grief people, THINK before you buy.  rant-off james
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the average amount financed hit $30,738 I thought the average new car purchase price was like $28k. So the average new car financed is for more than what it is worth ? If thats the case the credit arms of the manufacturers are going to be the next one to be looking for a government bail out for their customers. |
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Well, you have to take out all the non-financed (aka paid in cash) cars that are mixed into the 28K average. I assume the aveage price of financed cars is considerably higher! I wonder if they count self financing (say, a HELOC) as financed or not (probably not), and if they account for captive financing (or at least through the dealer) the same as bringing in a CU check? |
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Replying to: oregonboy (Dec 31, 2007 1:50 pm) Oh, I don't think that lenders must share blame so much as suffer the consequences. If they give away too much credit too easily to those who aren't good risks, then they go under. I don't believe that the customers who signed up for the bad loans "share the blame" for the lenders going under, in the same way that I don't believe lenders are responsible for consumer's foolish actions. I could probably be approved for a car loan at 3x my current car loan, but rather than make an impulsive decision based on "I deserve it, I want it," I took a real look at my overall budget and *I* decided what *I* could afford. People who cannot do this should, IMO, quite simply not go shopping without being accompanied by someone who can. |
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I'm with you about lenders being overly optimistic about how much debt you can handle. I'm guessing that I could go out tomorrow and buy a really nice car with a payment that would give me heart palpatations (maybe a nice S class benz?), and they would be happy to give me the loan just based on percentages. I could probably step up to a Maybach if my house was paid off! Actually, a few years ago (well, 11 now) when I bought my current house, I had to close before selling my prior house. Turns out that, even though I was nervous about taking on the higher (new) mortgage, the lender was perfectly happy to loan me enough to buy own both houses! So instead of a brdge loan of some kind, I just took out a mortgage on the new house. Of course, even though the bank said it was OK, I would have been a wreck being tied to that monthly nut on one house!
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Replying to: stickguy (Jan 03, 2008 6:19 pm)
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Replying to: lemko (Jan 04, 2008 9:18 am) Has anybody here had to personally change there life style drastically due to the "crisis"? Here where I live the news had a big thing how TN home sales are at there lowest point in 3 years. What the meat heads fail to mention is that 2005 and 2006 were record years in the state and that 2007 was the third best year ever. But to report that would not be sexy and have no wow factor. Don't look at the current market as a crisis, look at it as a opportunity. An opportunity to acquire some investment property. The only people it are a crisis for are the people who took out loans they could not afford, for the rest of us it just means that it is a buyers market and we may not want to sell for the next 6 months. Any one who thought the housing market would continue to climb at the rate it has been was fooling themselves anyhow. My owner told us this morning that the news is going to be talking about recessions and car sales falling in 08. he then pointed out that we Ford people have been in a recession since 01 anyhow so we are ready for it, and it will do nothing but benefit us because whenever this happens the manufacture panics and puts on crazy incentives. He went on to talk about how in this day in age the people hit hardest by the recessions are not the target demographic. "Imports are superior" . |
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Replying to: joel0622 (Jan 04, 2008 10:35 am) Great opportunity for folks who don't have to sell to pickup investment proporty or for folks renting to jump in and buy something. -mike |
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