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Smart Shopper Making Car Payments in Hard Times
49 messages, Last post on Mar 01, 2009 at 10:26 AM
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Replying to: jocuto (Jan 25, 2009 7:31 pm) I would hope that some of the bailout money would go to provide some help to people in financial duress. Unfortunately, that does not appear to be in the cards. By the way, the bailout for Chrysler Financial was only announced less than than two weeks ago and I don't believe they have actually received any of it yet. Technically, it is a loan and it does come with some strings attached. First, the money is intended to help make loans to new car buyers and, second, the cars that they sell to those customers will become the collateral for the government loan. I'm sorry to say that doesn't do any good for people already out on a financial limb.  tidester, host SUVs and Smart Shopper |
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Replying to: jocuto (Jan 25, 2009 7:31 pm) we know we got you in to this HUH?? Did you not call the police when the rep from Chrysler was holding a gun to your head to make you sign the contract? Yes, that's sarcasm. I'm sorry for where you are financially, but you have nobody to blame but yourself. I am disheartened that someone could ok this loan YOU ok'd the loan! You ASKED for it! Face it, if you had been denied at the time, you would have come here screaming about how Chrysler financial is not sympathetic to the credit-challenged for NOT giving you the loan in the first place. Now they gave you what you wanted and you complain anyway. Again, yes, I feel bad for you. But blaming others is just not right and I find it deplorable.
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Replying to: qbrozen (Jan 26, 2009 9:18 am) Two sentences picked out of a 2-page letter. If you read the whole entire letter I'm quite aware that Nobody owes me anything. The government doesn't OWE Chrysler Financial anything either do they???? I was comparing a car deal with a housing deal. Sure, you can refinance in a year, just like all the ARM mortgages could in 7 right?. This is what your brokers and dealers tell you. Everything will be fine. So big guy, no one to blame but myself. Is that what you tell the auto workers who were layed off after 20-years of work too?? Is that what you tell people who tried to sell their homes (people who didn't buy into ARM mortgages) but only to realize the value had plummeted! Is that THEIR FAULT??? Again my point....Chrysler needed to be bailed out because the economy took a turn for the worse...EXAMPLE: PEOPLE ARE LOSING THEIR JOBS, SOURCES OF INCOME and ABILITY TO PAY FOR WHAT THEY COULD A YEAR AGO. THIS IS NOT THEIR or MY FAULT rather a set of circumstances WE ARE ALL TRYING TO OVERCOME!!!! So the government gives the bail out of Chrysler, but Chrysler won't so much as ease up on an interest rate for their customers. That's my point...they still make money, I like Chrysler and millions of every day hard working people have been effected by layoffs economy this and that. So if someone says....hey you have to a filet tonight instead of filet and lobster to keep things going...you would think a filet would be ok. Everyone still survives. Ignorance is bliss isn't it? I really don't want your sympathy or anyone else's. I'm not BLAMING anyone, just pointing out the facts. Yes, I OK'd the loan. Many people ok'd buying a home and didn't expect the value of that home to plummet. And to respond to your..."what I would have done assumption". You are incorrect. I would have been forced to look and purchase elsewhere. It's a simple observation, one that continues to prove corporate greed, and then the public has to hear their crying and whinning to the government to help them on every major new outlet. But when it comes time to channel that into building back a successful business, clientel, and employment...they are on the same path that led them to their "bail out" woes. Just think about it, maybe not from the perfect lifestyle or past you may have had in your life..,but in general. Remember in the end.... You and I are helping to pay for the "bail out".
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Replying to: jocuto (Jan 26, 2009 10:59 am) And what does your auto loan have to do with the auto workers?? Again, NOTHING! There is absolutely no connection between your bad credit and their jobs. So, to answer your question, would I tell someone who was laid off it was their fault? No, of course not. HOWEVER, would I tell someone with a mortgage they can't handle the same thing? YUP! I really don't want your sympathy or anyone else's. I'm not BLAMING anyone, just pointing out the facts. Yes, I OK'd the loan. Many people ok'd buying a home and didn't expect the value of that home to plummet. Huh. Ok, I apologize if I've misinterpreted your statements, but could you then explain what it is you meant when you wrote things like they "unethically" lent you money? or they "got you into this"? And, finally, what you meant when you implied that you would badmouth Chrysler financial? By the way, 13% is not bad for someone with poor credit. Just take a look at the standard rates allowed on credit cards (18%-21%), and those rates apply to folks with outstanding credit, too.
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Replying to: qbrozen (Jan 26, 2009 11:39 am) It's ALL related, it is ALL intertwined you should realize that much. It ALL pertains to our economy and the way business is conducted. I also love your assumption about bad credit. If you read my email, I said I DID have bad credit when I purchased the car. The credit is good now, but refinancing will not happen because the loan is set so far above market value no other institution will refinance that much for the car. So be careful before you rant about what you THINK and don't KNOW. I think it was unethical to ok a loan that should not, by company standards, be approved in the first place, I think it was unethical for mortgage company's to introduce the ARM. I'm entitled to those opinions. 13% is a good percentage rate? For an auto loan? You are comparing and auto loan with a credit card loan?? I wouldn't know, I don't have any credit cards. I have nothing good to say about Chysler Financial, my right, my experience, my choice.
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Replying to: jocuto (Jan 26, 2009 11:59 am) I'm curious about one more thing, though. What company standards state the loan shouldn't have been approved? And, yes, 13% is not all that bad for an auto loan for someone with questionable credit. My brother was staring down the barrel of 16% with a 650 credit score last month, and the dealer was having difficulty getting THAT past the bank. Yup. Your opinion and your right. No doubt. But when you state your opinion on the internet, I have every right to respond. And I'm sure you didn't think you could go on a public forum, state you've had a bad experience with a financial company because they lent you money when you asked and now won't give you a break, and not get some sort of backlash. I'm more than happy to discuss such issues. But we should try to not let it get so personal. |
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Replying to: jocuto (Jan 26, 2009 11:59 am) Regarding your car loan: You read the terms and conditions You understood those terms and conditions You agreed to those terms and conditions You are obligated to those terms and conditions Just like in the R E business when a buyer signs the Earnest Money Receipt and Agreement. |
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Replying to: euphonium (Jan 26, 2009 1:16 pm) and should the "terms and conditions" of your own contracts/financial obligations/homes or health be effected by the economy or otherwise. Don't complain, don't question, don't try, don't challenge,...remember what you've told me here. Nothing should be personal you are right. But be careful about personal judgements with so little knowledge. Life doesn't always go as planned. Just pointing out the hypocritical thinking process of our decision makers both in large corporations and in goverment. I still hold a real estate license, I know the "terms and conditions" of an 8 page contract that I explicity and thoroughly explain to each and every client until they fully understand. Do you honestly believe that both mortgage brokers and car dealers are doing the same? Do you think we (our economy) would be here now if that was the case? Very wise experience? Please explain in full detail how one obtains this and how you have chosen such a title? I do not know how wise, educated or intellectual either of you are, but we have a serious problem in the US right now. I am challenging the system. I posted my letter to Chrysler Financial, ...I made my opinion, thoughts and point. You have made yours. I don't have time to post in forums all day, but I really do wish you both the best. |
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Replying to: jocuto (Jan 26, 2009 2:51 pm) IMHO, you have some pent up anger. Need to take a deep breath and relax. Best of luck to you. A.
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Replying to: jocuto (Jan 26, 2009 2:51 pm) Be sure to attend the one on "Contract Law". I've entered into a lot of agreements over the years and am most proud of my Marriage Contract which has lasted over 54 years. Even the RE business didn't threaten it. 
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