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Making Car Payments in Hard Times

49 messages,  Last post on Mar 01, 2009 at 11:26 AM

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Messages Page 4 of 5

#30 of 49 jocuto by qbrozen

Jan 27, 2009 (9:06 am)

Thank you for your well wishes. I appreciate it. I too hope I don't have to face financial adversity.
 
If I do, however, I would only blame myself for my financial situation. I chose to have the mortgage payment and 2 car payments I currently have. I chose not to save as much as I should have. I'll be saying to myself that I should have gotten cheaper vehicles, a cheaper home, cheaper coffee, etc, etc. Nobody forced me into it and I don't expect help from, nor will I disparage, the financial institutions that loaned me the money I asked for.
 
In this country we tend to live to excess, unfortunately, and expect handouts when we can no longer do so. Maybe if we had been more prudent, collectively, we wouldn't be facing this situation.

#31 of 49 Re: jocuto [qbrozen] by jocuto

Jan 27, 2009 (9:41 am)

Replying to: qbrozen (Jan 27, 2009 9:06 am)
I DO agree with you on that. We live in exess when things are good and freak out when they are bad and we can't sustain. I learned that lesson in my early 20's. Aside from a car loan and student loans, I don't have any other debt. I should have purchased a cheaper car. My reasoning at the time was to have a reliable one in real estate and the salesman did his job well! lol, but I COULD have chose another profession. Which eventually I did. After being layedoff from that position I quickly and eagerly re-thought a long term choice in careers. I took a pay cut for long term stability, and will probably pick up a 3rd job to catch up with the car loan. My beef was simply pointing out the fact that in this country we seem to reward the irresponsible and penalize the people who are trying to improve themselves through hard work. I do not want to have my car re-possesed, file for bankruptcy, or take th easy way out. I just wanted a break on my interested rate because after paying on my car for 2 years and increasing my credit score I thought it was a reasonable thing to ask from an institution that just got bailed out and received 1.5 BIllion. My point was, they got their help, now they should help their customers. They obviously screwed up somewhere, and perhaps I did by signing those papers. The goverment is only adding to a circle of problems and although I don't believe in too much regulation, there should be some. My point was that Chrysler would still make money off my loan, and over a longer period. I could keep my car, and there would be no loss to anyone. I had a 94 year old grandmother that lived simply. (she went through the depression) She taught me many things about conserving, the basic neccesities. I don't soley blame myself for the financial situation that I am in. I made great money in RE because I worked so hard, earned customer loyalty and did my job well. It was not my fault the market tanked. It was not my fault that the company I worked for after that folded. However you pick up the peices and keep going. I have always been a fighter, a worker and a good person. I know that doesn't earn free credit, but the point I was making was directed at a pretty simple request, denied from an institution that just received help when they needed from our government. I guess I could go get knocked up, then get wel-fare, medicaid, and free food.....lol...
Maybe I didn't correlate my thoughts well.
 
It's a frustrating time, and I am not happy with Chrysler, but I don't expect everyone else to feel the same.
 
Take care

#32 of 49 Re: jocuto [jocuto] by qbrozen

Jan 27, 2009 (10:37 am)

Replying to: jocuto (Jan 27, 2009 9:41 am)
That made alot more sense to me, jocuto, and I agree with you on many points.
 
I do hope things look up for you soon. Sounds like you have made a good long-term career move and you'll make it through.

#33 of 49 Re: jocuto [qbrozen] by verdugo

Jan 27, 2009 (10:55 am)

Replying to: qbrozen (Jan 27, 2009 10:37 am)
I do hope things look up for you soon. Sounds like you have made a good long-term career move and you'll make it through.
 
+1
 
Do stick around, we're not a bad bunch of people.

#34 of 49 Re: jocuto [jocuto] by euphonium

Jan 27, 2009 (11:05 am)

Replying to: jocuto (Jan 27, 2009 9:41 am)
It's my nature to ask, "When your broker went out of business, why didn't you start you own RE agency? I'm now confident you would have passed the Brokers exam.
 
The exciting world of commission only, beats the cocoon of a steady salary.

#35 of 49 Re: jocuto [jocuto] by dtownfb

Jan 27, 2009 (11:53 am)

Replying to: jocuto (Jan 27, 2009 9:41 am)
I feel like we all went through therapy on this one...
 
jocuto: Agree with your points. I think your last post expressed the frustration a lot of Americans are feeling now. Unfortunately, we (individuals) have to tighten our belts and work through this the old fashion way like you are. if it makes you feel better, even with the bailout, I don't think Chrysler will survive.
 
these guys/gals are good people on these forums. Most are just looking to help. Some get opinionated but mean well.
 
Hopefully you keep coming back, we need fresh faces.

#36 of 49 Re: jocuto [dtownfb] by fezo

Jan 27, 2009 (12:56 pm)

Replying to: dtownfb (Jan 27, 2009 11:53 am)
You have to be built a particular way for life on commission. I had an uncle who sold real estate. When things were good he lived great but when the market slumped he'd be in pickle. He eventually got a job with the state that made great use of his skills in appraising and negotiating and turned that into a steady income. Not necessarily easy.
 
I don't think Chrysler Financial is doing things any differently than other lenders. They set a rate at loan origination and the only way they'll change it is renegotiating the loan. Unfortunately they won't do that for you because of the value of the car isn't more than the loan balance. There are a lot of folks in your boat.
 
Best of luck.

#37 of 49 Re: jocuto [fezo] by dtownfb

Jan 27, 2009 (2:24 pm)

Replying to: fezo (Jan 27, 2009 12:56 pm)
I don't have a positive opinion of chrysler financial, but that is another story. You're right that many lenders will not re-finance car loans. I've only seen it happen on less than one year old cars.

#38 of 49 Re: jocuto [dtownfb] by fezo

Jan 27, 2009 (4:25 pm)

Replying to: dtownfb (Jan 27, 2009 2:24 pm)
Oh, I'll leave where Chrysler Financial is in all of this for others. I've never dealt with them myself.
 
I think the only lender attached to a car manufacturer I've dealt with is American Honda Finance. They've been OK. I've dealt with them three times.

#39 of 49 Re: jocuto [fezo] by verdugo

Jan 27, 2009 (5:17 pm)

Replying to: fezo (Jan 27, 2009 4:25 pm)
I've dealt with VW Financial twice. Positive experience all around. Interest rates were subsidized and no hassle/complications from paying off the loan early.

Messages Page 4 of 5

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