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Posted on 7/25/23 at 9:38 am to CollegeFBRules
Car Manufacturers had a real time trial on what if we reduce the availability of cars and just be sticker sellers.
Volume selling is never coming back.
Volume selling is never coming back.
Posted on 7/25/23 at 9:40 am to BluegrassBelle
quote:
I can promise there’s no way my neighbor is sustaining two new truck notes. They’re house poor.
Yet he has two new truck notes.
Posted on 7/25/23 at 9:41 am to SlimTigerSlap
Even a 3 can make $1000/month on OnlyFans with a go get ‘em attitude.
Posted on 7/25/23 at 9:43 am to littleavery1948
quote:
I paid it off in three months to avoid the early pay penalty.
I'm sure someone has said something more dumb, but at the moment I'm drawing a blank
Posted on 7/25/23 at 9:44 am to CollegeFBRules
For the majority of buyers, the "price" of the car is a completely useless stat.
All they care about it the cost of the monthly payment.
And if they need an 8 or 9 year note, they don't care, because they have grown "accustomed" to always having a car note. So, they drive the car, the car dies around the time the note is paid off, rinse and repeat.
For many people, it's really a full price, full paid lease.
All they care about it the cost of the monthly payment.
And if they need an 8 or 9 year note, they don't care, because they have grown "accustomed" to always having a car note. So, they drive the car, the car dies around the time the note is paid off, rinse and repeat.
For many people, it's really a full price, full paid lease.
Posted on 7/25/23 at 9:45 am to CollegeFBRules
quote:
I have no idea how the majority of households can afford this
Two $60k vehicles with 9% interest rates, a $400k house with 8% interest rates, 3 kids in private school, 4 vacations a year, a boat, etc....
Where is all that money coming from?
Posted on 7/25/23 at 9:47 am to 50_Tiger
quote:
Car Manufacturers had a real time trial on what if we reduce the availability of cars and just be sticker sellers.
Volume selling is never coming back.
Capitalism in America, for many years, had a spirit of "what can we do to make everyone a winner".
COVID gave these companies the ability to change their mindset to "let's just screw the customer as badly as we can, they don't have any choice but to accept it, and we will make tons more money".
Business process changes introduced due to COVID will prove to be the largest wealth transfer from middle class to wealthy class this world has ever seen, especially when you add in the scams that are PPP and ERC.
This post was edited on 7/25/23 at 9:47 am
Posted on 7/25/23 at 9:47 am to CollegeFBRules
I might still buy a new family car, but my days of buying a new pickup are over.
Posted on 7/25/23 at 9:48 am to Thib-a-doe Tiger
quote:quote:
I paid it off in three months to avoid the early pay penalty.
I'm sure someone has said something more dumb, but at the moment I'm drawing a blank
Huh? Plenty of dealer financing rebates have prepayment penalties for x number of months.
Posted on 7/25/23 at 9:50 am to dcrews
quote:
Two $60k vehicles with 9% interest rates, a $400k house with 8% interest rates, 3 kids in private school, 4 vacations a year, a boat, etc....
Where is all that money coming from?
I have a distant family member that called me a few months ago in tears. They are a family of 6 and their income is less than $50K a year. THey are on food stamps and Medicaid and LaCHIP, etc. They own their home they inherited years ago so no mortgage note.
They had $118K in credit card / personal loan debt. I don't even know how TF that is possible. Oh, and they both drive beater cars that are paid off.
Posted on 7/25/23 at 9:56 am to LSUFanHouston
quote:
They are a family of 6
quote:
They had $118K in credit card / personal loan debt
That extra guac adds up baw
Posted on 7/25/23 at 9:57 am to LSUFanHouston
quote:
I have a distant family member that called me a few months ago in tears. They are a family of 6 and their income is less than $50K a year. THey are on food stamps and Medicaid and LaCHIP, etc. They own their home they inherited years ago so no mortgage note.
They had $118K in credit card / personal loan debt. I don't even know how TF that is possible. Oh, and they both drive beater cars that are paid off.
Other than student loans, I don't even see how they were able to procure $118k in loans with under $50k/yr salary.
Posted on 7/25/23 at 9:59 am to SlimTigerSlap
quote:
Other than student loans, I don't even see how they were able to procure $118k in loans with under $50k/yr salary.
Exactly. They have over a dozen credit cards / personal loans. Now, they are at INSANE interest rates... but they still got approved for them.
Posted on 7/25/23 at 10:00 am to LNCHBOX
(no message)
Posted on 7/25/23 at 10:01 am to LNCHBOX
quote:
Huh? Plenty of dealer financing rebates have prepayment penalties for x number of months.
You've just discovered someone who hasn't had an auto loan under 60 months.
Posted on 7/25/23 at 10:01 am to LNCHBOX
quote:
Huh? Plenty of dealer financing rebates have prepayment penalties for x number of months
Sure they do. I'm sure it has nothing to do with the finance manager telling you to make at least 3 payments so he doesn't get charged back on his reserve income
Posted on 7/25/23 at 10:04 am to 50_Tiger
quote:
Car Manufacturers had a real time trial on what if we reduce the availability of cars and just be sticker sellers.
I don't doubt that is happening, but it seems strange that this is how it ended up being the better option that volume sales.
Dealers make a lot of money on selling extended warranties and finances charges. I would think pushing more vehicles out the door would increase the profits on those two items vs having a better sold price on less vehicles.
Posted on 7/25/23 at 10:06 am to OysterPoBoy
Posted on 7/25/23 at 10:15 am to LSUFanHouston
quote:
I have a distant family member that called me a few months ago in tears. They are a family of 6 and their income is less than $50K a year. THey are on food stamps and Medicaid and LaCHIP, etc.
They own their home they inherited years ago so no mortgage note. They had $118K in credit card / personal loan debt. I don't even know how TF that is possible. Oh, and they both drive beater cars that are paid off.
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