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I own a one year old Ford Explorer 4x4 which was reposed from its original owner. The vehicle cost about $32k when it was new and I purchased it for $17k with only 18k miles on it. The suv is in mint condition. Can you imagine what the original owner had to pay the finance company ever after in was reposed?
Congrats with your great deal....the previous owner might have wished that he was as smart as you!
One person I know has a car loan of $ 8,000.- (car broke down, and he doesn't have it anymore), he used to have a part time job and for the rest some money from the VA and some other small amount from the government due to the disabilities of his kids...now he has only 15 hours of work and has to take care of a family of 5 with a rent of $ 1400.-......
They never owned a credit card and the credit score is better not to be mentioned....so how could they ever give him a $ 8,000.- car loan....?
I have no problem with these people being hounded. What else do they want? For the rest of us to continue eating their bad debt? No thanks. Take these b*stards to task and make them own up to their responsibility.
I have no problem with these people being hounded. What else do they want? For the rest of us to continue eating their bad debt? No thanks. Take these b*stards to task and make them own up to their responsibility.
We have a person who just lost their home to foreclosure/auction (they owed the HOA almost $ 6,000.-) and the HOA is now the owner of the house. The HOA let them stay and pay rent until the home will be foreclosed by the bank.
Meanwhile they are having 2 other foreclosures on homes (maybe more, but these 2 we know for sure) and they drive a nice Honda and one of the most exspensive Mercedes which according to some experts cost $ 100 K.
I don't know if the paid cash or not but with their financials and all the mortgages they have I doubt they paid them cash.....so if they can get away with not paying the HOA, mortgage, property taxes and can walk away (they never ever maintained their yard), than at least I hope they will be responsible for the car loan!
I think car prices are over inflated, period. When gas was 4 dollars a gallon, I expected the big SUV prices to come down by at least 35%. They didn't. Now people are dumping cars they can't afford, not buying new cars, not selling or buying used cars. Is it unreasonable to expect to be able to buy a used car for 30 to 50% its blue book value?
I think car prices are over inflated, period. When gas was 4 dollars a gallon, I expected the big SUV prices to come down by at least 35%. They didn't. Now people are dumping cars they can't afford, not buying new cars, not selling or buying used cars. Is it unreasonable to expect to be able to buy a used car for 30 to 50% its blue book value?
If you think they are over priced than don't buy..you don't have to but if you buy and take out a loan and you don't pay, don't expect to walk away and don't pay...you will get sued!
Don't buy, means you don't have to pay.
Easy economics, you don't have to be a professor to figure that one out!
Except in California, where homes are exempt from this rule. I believe the "single action rule" is also the law in Florida. That is probably why so many people were surprised, you can't get sued after a foreclosed house, so why should you be sued after a repossesed car?
That also maybe a reason that California and Florida are in such trouble and look like they are facing alot more. There are very few countries were you can walk away from debt like many states here. I would expect for lenders to respond by changing there lending rules even More in these states.
How about the 72 month car loans (SIX YEARS!!) that are becoming popular now that car leasing is no more. (That long loan brings payments down to about what lease payments were)
Folks are upside down for 4 or 5 years with those loans!
If the car is totaled...the insurance payoff doesn't cover the outstanding loan balance, and you OWE. Same if it is stolen, and not recovered.
How about the 72 month car loans (SIX YEARS!!) that are becoming popular now that car leasing is no more. (That long loan brings payments down to about what lease payments were)
Folks are upside down for 4 or 5 years with those loans!
If the car is totaled...the insurance payoff doesn't cover the outstanding loan balance, and you OWE. Same if it is stolen, and not recovered.
CRAZY!
I saw it yesterday on the business channel....why are people so stupid..just to show off to their friends and neighbors?
If the car is totaled...the insurance payoff doesn't cover the outstanding loan balance, and you OWE. Same if it is stolen, and not recovered.
That's why a savvy borrower will carry gap insurance.
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