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(Cleveland Plain Dealer)   If you want to stop your truck from being repossessed by trying to drive it off the boom of the repo man's tow truck, don't   (cleveland.com) divider line 4
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9323 clicks; posted to Main » on 08 Mar 2013 at 1:58 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-03-08 02:28:11 PM
3 votes:
Basically, unless you are VERY careful with your money, or are comfortably in the "upper-middle-class" income level, you shouldn't spend more than about $10000 on a vehicle. Hopefully less.

Vehicles are an *incredible* waste of money. You should try to go as cheap as possible (you still need a relatively reliable and safe vehicle, of course).

Americans have a huge blind spot when it comes to the cost of their vehicles. Especially in the last 20 years or so, people that DO NOT have the means are buying brand-new vehicles and spending enormous percentages of of their incomes on the payments. That's insane.
2013-03-08 02:46:50 PM
1 votes:

spmkk: jst07: "buzzcut73: realmolo: I don't know this guys financial situation, but I'm always amused when people that can't afford their vehicle house are surprised when it gets repossessed foreclosed.

Buy a cheaper vehicle home, dumbasses.

For some, it is because they bought what was an affordable vehicle at the time, but later on a job loss or whatever made the payments unaffordable. You can't sell the vehicle because usually you're upside down on the loan, so you're basically screwed.

Like I said, in SOME cases. In most, though, people get more vehicle than they can afford and fall behind relatively quickly, or are dealing with one of those shady buy here pay here places that will repo your shiat if you're a day late.

While you're probably quite often right about people being upside down on the loan and trapped, one would not be upside down if he/she bought a vehicle house they could afford with a sensible down payment and loan duration."


Why the double standard?

Why do we fight so hard for foreclosure reform to protect people who made majorly irresponsible decisions about borrowing for their homes (and blame the "predatory" banks), but so quickly and harshly condemn people who made minorly irresponsible decisions about borrowing for their cars (and cheer the lenders)?



The difference is that the banks WERE predatory. Yes, a lot of people made terrible decisions and bought more house than they could afford, but the banks knew that those terrible decisions where going to make them (the banks) money.

Car dealers might push you into buying a vehicle you can't afford, but when the holder of the loan is forced to repo your vehicle, they LOSE money. They don't want people to default on their car loan for that very reason. With the mortgage-lending crisis, they mostly didn't care if you made your payments or not. At least, they didn't care until it all came crashing down.
2013-03-08 02:46:47 PM
1 votes:
Brunswick is lovingly known as "Brunstucky" for a reason.
2013-03-08 02:07:13 PM
1 votes:

realmolo: I don't know this guys financial situation, but I'm always amused when people that can't afford their vehicle are surprised when it gets repossessed.

Buy a cheaper vehicle, dumbasses.


For some, it is because they bought what was an affordable vehicle at the time, but later on a job loss or whatever made the payments unaffordable. You can't sell the vehicle because usually you're upside down on the loan, so you're basically screwed.

Like I said, in SOME cases. In most, though, people get more vehicle than they can afford and fall behind relatively quickly, or are dealing with one of those shady buy here pay here places that will repo your shiat if you're a day late.
 
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