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Once again, someone has to buy new cars, or the car companies go out of business, and the remaining supply of used cars will end up like Cuba in 30 years
Cuba has cool cars though.
I'd love to get a ton of Toyota's Hondas Kias Nissans etc and swap even for their stuff.
Aside from maybe 3 or 4 cars? The majority of what we have is throw away junk.
They at least have real steel with a body style cars that actually look good.
Meanwhile. At cookie cutter look alike over priced plastic all the things feeble wheel drive America...
Hahahaha, so true. This forum is seething with moral superiority, the usual suspects who have never had a late or missed payment, who never splurge on fun things, who always pay off their full balance on their credit card every month, who all have superior credit ratings, they all own businesses & houses, they all have huge savings accounts, they never live paycheck to paycheck, their retirement plans are solid, etc. etc. etc. These people are a total joke & we all know they're lying thru their teeth.
They're the 10% who own 70% of the wealth, and you just described exactly how they did it, with the exception that their savings are invested.
I haven't been able to pay my car payments because I was cut off disability and employers still, even all these years later, refuse to employ me. My father wrote a letter to SSA claiming I was a fraud and from the beginning the SSA treated me as guilty in the investigation. They even held stuff against me that they knew about me all along, including my college education. The ALJ dismissed my college education when she approved me for disability in 2011. My college education never impressed employers. Instead, I've been told I was "overeducated" or "overqualified" and never even been given a chance. I'd probably been fired from them jobs because of my health problems as well though.
I have attached a screenshot of the PDF file of the letter that started the fraud investigation against me, with my SSN, addresses, and phone numbers and other identifying information removed. The vocational expert during the ALJ hearing even ended up saying I couldn't do any jobs after taking everything into account, but the ALJ ruled against me anyway. See, when fraud is alleged the SSA doesn't have to show you can work a job anymore. It's a loophole they have for themselves. And a letter like what is attached is all someone has to send in on you to "prove" to the SSA that you are a fraud. They will ignore all of your medical records that prove you have problems from that point on and kick you off disability. My daughter even signed an affidavit in front of a notary that she did not write the letter and no one cared. I knew before I even got a copy of the letter (days before the hearing) that my father was behind it. And in the beginning he kept wanting me to get a copy of it saying how I'd be surprised who wrote it. He was behind my losing my daughter from 2011 to 2015 and he was mad that she came back and we were reconnecting. Since he found out I was pregnant with her he has tried to get her out of my life. He was assuming that I'd be stupid enough to believe that my daughter wrote it and that I'd stop talking to her like he wanted.
I appealed to the appeals council, and if they rule against me I will be effectively given a death sentence. I am in my 40s and no employer has ever wanted me because of all of my documented medical problems. I will not even be able to have housing anymore if I lose my appeal because my housing is for disabled people. I will die in the streets or I can put myself out of my misery before being thrown into the streets, but I will not survive if I lose my case. If I were to refile, it would take years to get it again even if I am approved (which will be hard to do since my permanent file will list me as a fraud), and there's no way I can survive in the streets for a few years. If the job fairy was going to give me a job to support myself it would have happened by now. All of my attempts at working, or even applying to be working more like it, were in vain.
I pretty much have lost my car. There's no way for me to pay the money to keep driving it. It will be repoed any day now. And if I lose the rest of the appeal I am dead anyway, so I guess it's all a moot point. But anyway, that's why this American is behind on her car payments.
A red flag of our ensuing economy. Last recession, the canary in the cave was mortgage defaults. Today, even with our supposed economic growth, low unemployment, and trump's yuge tax cuts, 7 million are at least 3 months behind on their car payments.
At some point, people are going to have to stop blaming everything else and start blaming themselves. I've had people make their little comments at me about the fact that I have a 2004 car. When I need to get repairs done on it, I always hear the same crap. "It's not worth it, get a new car."
Really? It's not "worth it"?
Here's the thing: As long as you maintain your car, regularly, it can last a very long time. Even if some of those repairs are expensive, like when my timing belt broke and destroyed my engine, it still works out far less expensive than getting a new car. The new engine was put in 4 years ago. That engine is running along very well right now.
Had I purchased a new car, I would probably have just finished making payments on it either this year or last year. Instead, I had the money for the new engine, got the car fixed, and spent far less than I would have on a new car. The money that I used for the new engine, on a car that I own outright, would have gone towards a down payment, not even the full down payment, on a new car. In addition, I would have had higher insurance. I would have had higher registration fees. I would have had to pay for license all over again.
It's not the economy that is causing people to live beyond their means. It stems completely and totally from their own choices. They chose to buy that new car. They chose to have car payments. They signed the deal promising to make their payments, and on time.
I got my 2004 in 2006, second owner. I got it from a repo place - so the price was under BlueBook value - because I know better than to walk onto a dealership lot and lose about $5 grand off the value of the car the moment I drive it off their lot. I also got it when I knew, for a fact, that I could pay for that car, right then and there, in full. Instead, because I had no credit, which is worse than bad credit, I made payments on it for just over a year, then I paid for the rest of it, in full, because I already had the money to pay for it, outright.
Now 7 million people are behind on car payments - 7 million people out of 300+ million people in the country - and you think that by blaming it on the economy that people are going to fall for that? They choose their debt. Same with college. People chose that debt. They signed that agreement. Some of them borrowed far more than was necessary to pay for school, because they wanted extra spending money while in college - didn't want to have work while going to school. And now they want everyone to feel sorry for them.
I feel sorry for absolutely NO ONE who puts something on credit and then later cannot pay it down. They chose it. It's not the economy, it's not the president, it's not where they live, it's not higher taxes, it's not anything but their own fault that they can't pay their car payment or their student loan debt payments.
The "feelings" nonsense doesn't override reality. And the reality is: It's their own fault.
A red flag of our ensuing economy. Last recession, the canary in the cave was mortgage defaults. Today, even with our supposed economic growth, low unemployment, and trump's yuge tax cuts, 7 million are at least 3 months behind on their car payments.
At some point, people are going to have to stop blaming everything else and start blaming themselves. I've had people make their little comments at me about the fact that I have a 2004 car. When I need to get repairs done on it, I always hear the same crap. "It's not worth it, get a new car."
Really? It's not "worth it"?
Here's the thing: As long as you maintain your car, regularly, it can last a very long time. Even if some of those repairs are expensive, like when my timing belt broke and destroyed my engine, it still works out far less expensive than getting a new car. The new engine was put in 4 years ago. That engine is running along very well right now.
I have a 2008 Equinox, runs great, so why would I sell it?
Hahahaha, so true. This forum is seething with moral superiority, the usual suspects who have never had a late or missed payment, who never splurge on fun things, who always pay off their full balance on their credit card every month, who all have superior credit ratings, they all own businesses & houses, they all have huge savings accounts, they never live paycheck to paycheck, their retirement plans are solid, etc. etc. etc. These people are a total joke & we all know they're lying thru their teeth.
I can't speak for the rest of them, but I can say that you're damn straight I'm going to gloat that I'm not a sucker for credit and the idea that I must own things to impress other people.
First of all, I've never cared one whit what others think about what I own. If they want to buy me what they think I should own, then by all means, go ahead. Until then, their opinion means nothing.
Second, I learned very early on that credit cards are crap. I had a credit card when I was young. I had a $300 balance. I made a purchase so that I could start "building credit", as I was told was the right thing to do. I realized, quickly, that it can be very easy to keep making purchases, keep making minimum payments, and never get out of the cycle while throwing money away - because that's what you're doing if you don't pay that off immediately. You are throwing your money away.
Well. I've been extremely poor. The very last thing I want to do is throw my money away - giving it to people who don't need it more than I do. So, I lived for quite some time without any credit whatsoever.
I got my car in 2006, as I posted above. It was a 2004. I didn't go to a dealership, because I'm not a moron. I got the car $2000 under Blue Book value. And I had the money to pay for it, right then and there. I chose to "build credit", BUT, I had the money already.
People are living off of credit cards, not keeping them to the side for emergencies. They go out shopping for anything and everything, including restaurants, and put that on their cards. Then they get the bill and are shocked that they also owe interest.
People seem to think that if they have a credit card, they have money. Well, if you lose your job, if you get in an accident, if you get sick, whatever, can you pay that card, in full, right now? Can you pay all of your bills, in full, right now - full balance. If not, you can't afford whatever it is that you're buying.
If you think being smart makes someone "holier than thou", okay, I'll gladly wear that label. It's far better than "sucker" and "idiot" that those who live off of credit, and buy things to appear a certain way to others, completely and totally deserve.
I haven't had a car note in a number of years, and I'm a millennial so still fairly young.
Dumb people make dumb choices with money.
That will always be the case.
And 'murica has a lot of dumb people.
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