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(Jalopnik)   You know, taking out a 30% interest loan for 96 months on that 2010 Dodge might not have been a good idea   (jalopnik.com) divider line
    More: Sad, Debt, Loan, Predatory lending, short-term trend, Credit, subprime borrowers, Personal finance, Wall Street Journal  
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3709 clicks; posted to Main » on 20 May 2022 at 12:39 PM (5 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2022-05-20 10:00:19 AM  
Well, we've been hearing that 'carmageddon' on higher-risk auto loans was coming for a while, that it would be somewhat similar to the housing crisis.

But you know, every bit of economic future can be an opportunity.

This news means now is the time to enter the soon-to-be very lucrative field of repo, soon-to-be to be in high demand.  You can even do it as a second job, because you can do it in the middle of the night.

Fark user imageView Full Size


/if you're really ambitious, be a repo owner.  Your "salary can reach several hundred thousand dollars each year if you set high rates and have a steady influx of clients"
 
2022-05-20 12:46:13 PM  
The fact that the Chrysler Corporation still exists is an indictment of human intelligence

Yeah I know, Hellcat go vroom. That represents like a quarter of a percent of all Mopar sales. The fact that you can make cars and trucks this shiatty for 25 years and people keep buying them... good god damn
 
2022-05-20 12:47:57 PM  
Who would've known that maxing out your budget at the peak of low interest rates and low costs would backfire on you when things suddenly go up in price?
 
2022-05-20 12:48:15 PM  
Sub-prime on a car?  WTF?
 
2022-05-20 12:49:46 PM  
I DRIVE A DODGE STRATUS
 
2022-05-20 12:50:54 PM  

Dr.Fey: if you're really ambitious, be a repo owner.


Fark user imageView Full Size


"I called bullsh*t on that."
 
2022-05-20 12:51:51 PM  

The Brains: The fact that the Chrysler Corporation still exists is an indictment of human intelligence

Yeah I know, Hellcat go vroom. That represents like a quarter of a percent of all Mopar sales. The fact that you can make cars and trucks this shiatty for 25 years and people keep buying them... good god damn


Jeep, trucks, and the Journey is the cheapest non- minivan that can comfortably hold 5 adults in the US
 
2022-05-20 12:53:10 PM  

functionisalwaystaken: The Brains: The fact that the Chrysler Corporation still exists is an indictment of human intelligence

Yeah I know, Hellcat go vroom. That represents like a quarter of a percent of all Mopar sales. The fact that you can make cars and trucks this shiatty for 25 years and people keep buying them... good god damn

Jeep, trucks, and the Journey is the cheapest non- minivan that can comfortably hold 5 adults in the US


Spotted the 84 month note at 6%
 
2022-05-20 12:54:24 PM  
Cheap cars (or even used cars) are more reliable than ever, and you can get a car that takes you from point A to point B, fairly cheaply.
But the average price people are paying for cars is in the $40-$50k range.
People are buying cars they can't afford.
 
2022-05-20 12:54:39 PM  
Let me tell you all about my fully paid off, well maintained, 12 year old car.
 
2022-05-20 12:56:24 PM  

El_Dan: Let me tell you all about my fully paid off, well maintained, 12 year old car.


My '88 Celica (convertible, of course) chuckles in your direction.
 
2022-05-20 12:57:18 PM  

Dr.Fey: Well, we've been hearing that 'carmageddon' on higher-risk auto loans was coming for a while, that it would be somewhat similar to the housing crisis.

But you know, every bit of economic future can be an opportunity.

This news means now is the time to enter the soon-to-be very lucrative field of repo, soon-to-be to be in high demand.  You can even do it as a second job, because you can do it in the middle of the night.

[Fark user image 300x168]

/if you're really ambitious, be a repo owner.  Your "salary can reach several hundred thousand dollars each year if you set high rates and have a steady influx of clients"


We're all set up here:
narcity.comView Full Size



I have been noticing a lot of gas hungry trucks going for cheap on marketplace recently. Dumbass buying a truck because they move big stuff once a month. Buy a damn trailer.

Maybe we will finally see diesel cars become more popular. Sadly, people here seem to have no concept of them. Yeah, diesel costs more, but I was getting 60MPG on my TDI vs 30MPG with my current gas car. My scooter got 100MPG...

Maybe this will take the housing market too? All those people who moved out of the city during covid not have a huge expense and can't afford that mortgage now.
 
2022-05-20 1:00:28 PM  

Dr.Fey: Well, we've been hearing that 'carmageddon' on higher-risk auto loans was coming for a while, that it would be somewhat similar to the housing crisis.

But you know, every bit of economic future can be an opportunity.

This news means now is the time to enter the soon-to-be very lucrative field of repo, soon-to-be to be in high demand.  You can even do it as a second job, because you can do it in the middle of the night.

[Fark user image 300x168]

/if you're really ambitious, be a repo owner.  Your "salary can reach several hundred thousand dollars each year if you set high rates and have a steady influx of clients"


comb.ioView Full Size
 
2022-05-20 1:02:33 PM  
You know, taking out a 30% interest loan for 96 months on buying that 2010 Dodge might not have been a good idea
Slightly simplified.
 
2022-05-20 1:04:22 PM  

freidog: You know, taking out a 30% interest loan for 96 months on buying that 2010 Dodge might not have been a good idea
Slightly simplified.


You know, taking out a 30% interest loan for 96 months on buying that 2010 Dodge might not have been a good idea
Slightly simplified again.
 
2022-05-20 1:06:40 PM  
Assuming the 2010 Dodge was purchased for 25K with zero down, the monthly payment is ~690.00 a month (for 8 years). The total interest paid ~41,200. Congratulations ... you paid ~66,200 for a car whose value has dropped ~80% to 90%. Of course, this doesn't take into account the car insurance premiums for those 8 years (where the lender requires you carry full coverage).

If you add a 100 a month, I = ~ 25,200, paid off in 5 years

If you add 500 a month, I = ~ 10,900, paid off in 2 years

Alternatively, if you take out a non-idiotic, grown up loan for 3 years at 4%, I = ~ 1400

I only mention the maths because this is what loans are going to look like as we inevitably descend into an Idiocracy timeline. Those of us that can still read greater than at a Tic-Toc level should get real familiar with the amortizations ...
 
2022-05-20 1:09:53 PM  

MelGoesOnTour: El_Dan: Let me tell you all about my fully paid off, well maintained, 12 year old car.

My '88 Celica (convertible, of course) chuckles in your direction.


Hey, more power to you, although to clarify I'm talking about a daily driver. At any rate, a car is a depreciating asset, so the best approach is to hold on to one as long as possible, until the maintenance expenses start to outweigh the expense of a new car, or people start looking askance at what has slowly become a shiatbox.
 
2022-05-20 1:17:04 PM  

The Brains: The fact that the Chrysler Corporation still exists is an indictment of human intelligence

Yeah I know, Hellcat go vroom. That represents like a quarter of a percent of all Mopar sales. The fact that you can make cars and trucks this shiatty for 25 years and people keep buying them... good god damn


My dad really liked his 1995 Ram pickup, so he got a 2004 one when it finally reached its end in like 2020. He continued liking it until it broke and left caustic chemicals all over my mom's feet while she was driving.

/Forgot what he replaced it with, but it wasn't a Dodge.
 
2022-05-20 1:17:14 PM  

The Brains: The fact that the Chrysler Corporation still exists is an indictment of human intelligence

Yeah I know, Hellcat go vroom. That represents like a quarter of a percent of all Mopar sales. The fact that you can make cars and trucks this shiatty for 25 years and people keep buying them... good god damn


Chrysler ain't a car company, it's a financial services company that owns an assembly line or two.
 
2022-05-20 1:17:36 PM  

Snort: Sub-prime on a car?  WTF?


A testament to the dire need of public transportation infrastructure
 
2022-05-20 1:18:10 PM  

El_Dan: Let me tell you all about my fully paid off, well maintained, 12 year old car.


I almost died when my 11-year-old car died for the first time ever, so I am really getting a kick out of some of these replies.
 
2022-05-20 1:18:14 PM  

emersonbiggins: functionisalwaystaken: The Brains: The fact that the Chrysler Corporation still exists is an indictment of human intelligence

Yeah I know, Hellcat go vroom. That represents like a quarter of a percent of all Mopar sales. The fact that you can make cars and trucks this shiatty for 25 years and people keep buying them... good god damn

Jeep, trucks, and the Journey is the cheapest non- minivan that can comfortably hold 5 adults in the US

Spotted the 84 month note at 6%


F and no.  I drive a company car, and we paid cash for the minivan, didn't even start looking for it until we could cut the check without flinching.
We did look at the Pacifica, but the wife didn't like it.
 
2022-05-20 1:19:05 PM  
Does this mean the proce of used cars will finally decline?
 
2022-05-20 1:19:34 PM  

El_Dan: MelGoesOnTour: El_Dan: Let me tell you all about my fully paid off, well maintained, 12 year old car.

My '88 Celica (convertible, of course) chuckles in your direction.

Hey, more power to you, although to clarify I'm talking about a daily driver. At any rate, a car is a depreciating asset, so the best approach is to hold on to one as long as possible, until the maintenance expenses start to outweigh the expense of a new car, or people start looking askance at what has slowly become a shiatbox.


Heh, I wasn't being snarky at all!   ;)   Mine, too, is a daily driver...luckily my commute is only about 5 miles, so that's pretty good. It used to be the "weekend car" (indeed, it's in near-perfect condition) until my '87 El Camino...the former daily driver...was stolen.
I've been looking to replace the Elky (I want nothing to do with a new car) but, man, finding cars from the 80's in decent shape is all but impossible these days where I live...unless, of course, you're willing to shell out $20K+ for one.
 
2022-05-20 1:23:40 PM  
There's way too many dipshiats who don't make enough income tooling around in machinery way above their means. How is it not a recipe for disaster?
 
2022-05-20 1:24:03 PM  

MelGoesOnTour: El_Dan: MelGoesOnTour: El_Dan: Let me tell you all about my fully paid off, well maintained, 12 year old car.

My '88 Celica (convertible, of course) chuckles in your direction.

Hey, more power to you, although to clarify I'm talking about a daily driver. At any rate, a car is a depreciating asset, so the best approach is to hold on to one as long as possible, until the maintenance expenses start to outweigh the expense of a new car, or people start looking askance at what has slowly become a shiatbox.

Heh, I wasn't being snarky at all!   ;)   Mine, too, is a daily driver...luckily my commute is only about 5 miles, so that's pretty good. It used to be the "weekend car" (indeed, it's in near-perfect condition) until my '87 El Camino...the former daily driver...was stolen.
I've been looking to replace the Elky (I want nothing to do with a new car) but, man, finding cars from the 80's in decent shape is all but impossible these days where I live...unless, of course, you're willing to shell out $20K+ for one.


90s Toyota

I have a 2000 Solara with 280k. Runs like a scalded ape.

If I can sell my investment for enough, getting a Toyota van to replace my F150
 
2022-05-20 1:24:19 PM  
There's a level of poor where you can't get a loan or afford to cash buy a cheap used car but can get approved for a shiatty high interest loan on a newer used car. I was in that boat myself once where I needed a new motor and couldn't afford it but I could get financed for a newer car. It really sucked adding a new payment and just made me slightly poorer.
 
2022-05-20 1:24:41 PM  
I own a 2006 Scion xA which I bought new in August 2005.  It probably has another 17 years or so of life on it still.
 
2022-05-20 1:25:40 PM  

The Brains: The fact that the Chrysler Corporation still exists is an indictment of human intelligence

Yeah I know, Hellcat go vroom. That represents like a quarter of a percent of all Mopar sales. The fact that you can make cars and trucks this shiatty for 25 years and people keep buying them... good god damn


Not just buy them but swear by them.... smh
 
2022-05-20 1:26:14 PM  
d1nslcd7m2225b.cloudfront.netView Full Size

I like surgery AND repo... is there a job that combines both my interests?
 
2022-05-20 1:31:10 PM  
You gotta come to terms with what you can actually afford.... NOT what the salesman or bank tell you what you can afford. They don't have your best interests in mind.

My personal guidelines have been:

If any car costs more than six months gross pay, you can't afford it.

New car: If you have to finance it more than 5 years, you can't afford it.
Used car (up to 7 years old): If you have to finance it more than 3 years, you can't afford it.
Used car (8+ years old): If you have to finance it at all you can't afford it.
 
2022-05-20 1:32:35 PM  
Anyone not living in a metro area generally either has extremely limited public transportation, or none whatsoever. They aren't paid enough to afford a move without a job, and they can't work at any job without a car.

This isn't a case of "keep renting until you're sure you can deal with the mortgage", it's a case of "buy a ride by any means available, or you're going to be broke and homeless". Since credit rating depends strongly on things like how much credit you have (almost entirely a function of income), and what percentage of it you're using (which means normal monthly expenses can put a poor person in a bad bracket, even if they rarely carry a balance), this generally means that the people who NEED a loan work are also the ones being offered the worst rates on those loans, and since they had to resort to this in the first place, they also don't have the savings to eat a month or two if their company goes tits up, they're one shiatty corporate exec decision away from being repoed, then thrown on the street..

It's like when people complain about people getting a payday loan. Nobody thinks a payday loan is a good thing... but when the choices are that as a last-ditch effort or straight into homelessness, they're going to roll those dice.

The more people who's lives are ruined by our broken system, the worse things are going to get in this country. There's a breaking point, we're rapidly approaching it, and shiat needs to change ASAP.
 
2022-05-20 1:36:57 PM  
My 2000 Toyota Camry and 2004 Toyota Highlander continue to serve their primary purpose.

Total chick magnets!
 
2022-05-20 1:47:54 PM  
My 1978 AMC Jeep.  304 V8 AMC motor, Chevrolet tilt steering column, Chevy front disc brakes, Ford ignition, carburetor and 9 Inch Ford Currie axles front and rear with ARB air lockers.
Fark user imageView Full Size


/why post....I am bored on a job site far from home
 
2022-05-20 1:51:49 PM  

Fireproof: The Brains: The fact that the Chrysler Corporation still exists is an indictment of human intelligence

Yeah I know, Hellcat go vroom. That represents like a quarter of a percent of all Mopar sales. The fact that you can make cars and trucks this shiatty for 25 years and people keep buying them... good god damn

My dad really liked his 1995 Ram pickup, so he got a 2004 one when it finally reached its end in like 2020. He continued liking it until it broke and left caustic chemicals all over my mom's feet while she was driving.

/Forgot what he replaced it with, but it wasn't a Dodge.


Seems a bit much to trade in his wife just because she got chemicals on her feet.
 
2022-05-20 1:57:18 PM  
I said I was bored.
So here is my ferret, RIP.  If you have never had a ferret, they are so fun.  He got along with all my cats.

Fark user imageView Full Size
Fark user imageView Full Size
 
2022-05-20 2:03:58 PM  

functionisalwaystaken: The Brains: The fact that the Chrysler Corporation still exists is an indictment of human intelligence

Yeah I know, Hellcat go vroom. That represents like a quarter of a percent of all Mopar sales. The fact that you can make cars and trucks this shiatty for 25 years and people keep buying them... good god damn

Jeep, trucks, and the Journey is the cheapest non- minivan that can comfortably hold 5 adults in the US


Inexpensive.  Cheap is how they're made.

You get what you pay for in all the plastic parts that should have been some metal right from the beginning.
 
2022-05-20 2:09:15 PM  

Geotpf: I own a 2006 Scion xA which I bought new in August 2005.  It probably has another 17 years or so of life on it still.


I would love to keep a car longer than 12 years but I live in a salt state. Even with frequent washing I would be lucky to get 15 years, but here's hoping.
 
2022-05-20 2:13:23 PM  
"That scary trend is happening on debts ranging from credit cars to vehicle loans."

Credit cars?
Auto correct has screwed me many, many times but when you're trying to publish an article you'd think you'd proof read it once.
 
2022-05-20 2:23:23 PM  

functionisalwaystaken: emersonbiggins: functionisalwaystaken: The Brains: The fact that the Chrysler Corporation still exists is an indictment of human intelligence

Yeah I know, Hellcat go vroom. That represents like a quarter of a percent of all Mopar sales. The fact that you can make cars and trucks this shiatty for 25 years and people keep buying them... good god damn

Jeep, trucks, and the Journey is the cheapest non- minivan that can comfortably hold 5 adults in the US

Spotted the 84 month note at 6%

F and no.  I drive a company car, and we paid cash for the minivan, didn't even start looking for it until we could cut the check without flinching.
We did look at the Pacifica, but the wife didn't like it.


I was just messing with ya ;)  I still feel like Kia and Hyundai represent good values in the new car/van segment, but don't know if they've crept upward faster than the legacy makes.  I know Kia can't sell enough of those Tellurides.
 
2022-05-20 2:28:42 PM  

Death Rocket: The Brains: The fact that the Chrysler Corporation still exists is an indictment of human intelligence

Yeah I know, Hellcat go vroom. That represents like a quarter of a percent of all Mopar sales. The fact that you can make cars and trucks this shiatty for 25 years and people keep buying them... good god damn

Not just buy them but swear by them.... smh


My 14-year-old Charger still runs like a top, is comfortable, looks great, and is fun to drive. What's not to swear by? .. smh
 
2022-05-20 2:47:01 PM  
The current stable is a 1999, a 2002, and a whopping new used 2015. Over 600,000 between them. Still pretty good condition, but I'd like a backup cam on the SUV.
I'm planning on getting a NEW new SUV soon, it'll be interesting to have a payment in the first time in over a decade. Sometimes you gotta splurge and order an exactly what you want car, especially when you plan on having it for a couple of decades.
 
2022-05-20 3:09:02 PM  

El_Dan: Let me tell you all about my fully paid off, well maintained, 12 year old car.


I have 3 such in the driveway.
The youngest is 15 yo.
The eldest was old enough to get his own DUI, 5 years ago.
 
2022-05-20 3:17:41 PM  

The Brains: The fact that the Chrysler Corporation still exists is an indictment of human intelligence

Yeah I know, Hellcat go vroom. That represents like a quarter of a percent of all Mopar sales. The fact that you can make cars and trucks this shiatty for 25 years and people keep buying them... good god damn


Overlook the douchebags who drive them* and the current Ram is a great truck. Fleet reliability reports don't lie.

*Dumbo ear tow mirrors = twat. 100% of the time.
 
2022-05-20 3:34:25 PM  

DigitalDirt: My 1978 AMC Jeep.  304 V8 AMC motor, Chevrolet tilt steering column, Chevy front disc brakes, Ford ignition, carburetor and 9 Inch Ford Currie axles front and rear with ARB air lockers.
[Fark user image 500x332]

/why post....I am bored on a job site far from home


That thing is quality.
I kept my first gen Montero as a project after I upgraded and retired it from daily duty, I need to fabricate a sway bar frame mount before a Telluride drone shot trip this summer.
Fark user imageView Full Size
 
2022-05-20 3:52:28 PM  

MelGoesOnTour: El_Dan: Let me tell you all about my fully paid off, well maintained, 12 year old car.

My '88 Celica (convertible, of course) chuckles in your direction.


I miss my 86 Celica GT-S.  I'd probably still be driving it if a deer hadn't folded the raised headlights back into the engine compartment.  My Tiburon GT looked sleeker and was fun to drive but just not the same.  They both had incredibly good hydraulic idiot-proof clutches that engaged the split second you started to raise your foot and let you hold the car on gentle slopes without ever burning out.  Every American clutch I tried at the time, the clutch pedal had to travel back up more than half of its throw before it even thought of engaging, allowing rollback on hills, jerky shifting, and occasional stalling.

Fark user imageView Full Size
encrypted-tbn0.gstatic.comView Full Size
 
2022-05-20 4:37:45 PM  

Aleksandr Solzhenitsyn: Assuming the 2010 Dodge was purchased for 25K with zero down, the monthly payment is ~690.00 a month (for 8 years). The total interest paid ~41,200. Congratulations ... you paid ~66,200 for a car whose value has dropped ~80% to 90%. Of course, this doesn't take into account the car insurance premiums for those 8 years (where the lender requires you carry full coverage).

If you add a 100 a month, I = ~ 25,200, paid off in 5 years

If you add 500 a month, I = ~ 10,900, paid off in 2 years

Alternatively, if you take out a non-idiotic, grown up loan for 3 years at 4%, I = ~ 1400

I only mention the maths because this is what loans are going to look like as we inevitably descend into an Idiocracy timeline. Those of us that can still read greater than at a Tic-Toc level should get real familiar with the amortizations ...



Wait, you think people have a choice on which type of loan they get?
 
2022-05-20 4:42:45 PM  

Zeroth Law: Geotpf: I own a 2006 Scion xA which I bought new in August 2005.  It probably has another 17 years or so of life on it still.

I would love to keep a car longer than 12 years but I live in a salt state. Even with frequent washing I would be lucky to get 15 years, but here's hoping.


Yet another advantage to living in California.
 
2022-05-20 5:36:07 PM  

El_Dan: Let me tell you all about my fully paid off, well maintained, 12 year old car.


I drove my 1991 Geo Prizm for 25 years. Did all the repairs myself: new timing belt, brakes, struts, radiator, etc.

Developed an oil leak around the main shaft seal, and I didn't have the tools to fix that.

Transmission finally gave out, so time for a "new" car. Got a 2013 Scion SD 5-speed manual with 85k miles for $5k on a 4-year, 6% note from my credit union. Had it paid off in less than a year.

Love driving a stick shift.
 
2022-05-20 5:49:03 PM  
I've paid cash for every vehicle I've ever owned.  If you only buy eight in almost 50 years, you can do that. The tough part is making "payments" to the next car fund and leaving it alone.
 
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