Record number of defaults on auto loans

[suprf1y]

Originally Posted by IllusionX

I'm in a situation right now where I need a bigger vehicle

Need or want?

[IllusionX]

Originally Posted by suprf1y

Need or want?

Got 3 kids. Needs bigger.

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[tmontague]

Originally Posted by IllusionX

I'm in a situation right now where I need a bigger vehicle (35-45k) for the growing family, which I can't afford.

I'm a year or so to finish paying for my 2010 Mazda 5, and I also spent a fuckton on repairs.

It's a huge debate for me now to get another used car vs spending more on a new car.

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Go used, let the original owner be a sucker and take the loss of it being driven off the lot. Find a used Toyota Sienna and learn as much as you can about them and their potential albeit small issues. You will have a reliable family move for a while.

[DarkShadowFox]

Originally Posted by KALISPEL II

Most people seem to need a $30-50K new vehicle in order to fit their ego comfortably - and are willing to drown in debt & interest-charges for that ego comfort. Same with their credit cards likely. I personally prefer to be 100% debt free & not paying interest charges to anyone, outside of a reasonable, modest house mortgage perhaps (or auto loan less than $15K over 36-48 months maximum). Better yet, get 1.5 to 5% cash back on your credit cards each month by charging everything possible that you normally would purchase each month & paying it all off each monthly statement cycle.

say your average expenses like me, charging a credit card would only net me like 30$ extra a month, dont forget you also have interest tacked on each month.

[myfirstyota]

Originally Posted by tmontague

Go used, let the original owner be a sucker and take the loss of it being driven off the lot. Find a used Toyota Sienna and learn as much as you can about them and their potential albeit small issues. You will have a reliable family move for a while.

+1. I couldn't ever seeing myself buying a vehicle off the lot. Well, maybe with lottery winnings.

A few years ago my mom bought a mini. 3500km on it. Hadn't seen it's first oil change. Called another dealer and asked for the history. Came back clean. Someone bought it, didnt like it and traded it in. She saved $13000 off the out-the-door purchase price.

[KALISPEL II]

Originally Posted by DarkShadowFox

say your average expenses like me, charging a credit card would only net me like 30$ extra a month, dont forget you also have interest tacked on each month.

You aren't charged any credit card interest if you pay off your monthly statement balance in full each month. $30 (or whatever) cash-back free money per month is better than $0 free money per month. That is extra free funds that I can donate to various animal rescue organizations, instead of letting the bank keep it for their shareholders.

[WeeYari]

Originally Posted by KALISPEL II

Better yet, get 1.5 to 5% cash back on your credit cards each month by charging everything possible that you normally would purchase each month

+1

My wife rolls her eyes at me each month when she views the statement and sees $1.78 charge for something like a McDonald's coffee. I charge EVERYTHING. She on the other hand is of the mindset that under $20 she'll pay cash, and I roll my eyes at her for leaving rewards on the table.



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[Dodge Aries K]

Originally Posted by KALISPEL II

That is extra free funds that I can donate to various animal rescue organizations, instead of letting the bank keep it for their shareholders.

That is a good idea. I donate and volunteer for the Midwest Shiba Inu Rescue so I'll start doing the same.

[IllusionX]

Originally Posted by tmontague

Go used, let the original owner be a sucker and take the loss of it being driven off the lot. Find a used Toyota Sienna and learn as much as you can about them and their potential albeit small issues. You will have a reliable family move for a while.

Yeah, I've been looking at used cars as well to get an idea what to expect. I wish to be able to find some almost new car and save 10k. But so far what fits out budget are mostly 5-6 years old. We have to live with what we have until the last car is paid off first, so it's not going to be another year or so..

What I really like is a Kia Sorento right now. We'll see down the road what comes up.

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[ern-diz]

Originally Posted by suprf1y

You could be right.

And you could be wrong.

Even the 'experts' can't predict it accurately and nobody saw the 08 crash coming. We all think we'll be smarter this time around, but we always think that, and we're always wrong

There were people that saw the 08 crash coming and some of those same folks are piping up again. Never stopped, really.

[suprf1y]

Who?

[KALISPEL II]

All the signs are there.

- Crazy Auto loan bubble.
- Crazy College loan bubble.
- Middle-class pretty much extinct as a single-income household.
- Consumer-driven-economy full of mostly lower-income, debt-ridden consumers.
- Cost of living becoming untenable for most Americans - most especially those in 'single-income households', and/or with children.
- Deficits as a country beginning to reaching the point of no return.

It's like watching a balloon fill with air & waiting for that bursting point. A tiny tiny segment of the population is getting richer & richer in a rigged/corrupted system, while everyone else sinks or barely stays afloat. That never tends to end well, from a historical perspective.

[antiquantum]

Thanks for the information.