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I agree. I also believe that good public transportation will provide the poor access to jobs and schools they would not have if they cannot afford to purchase a car. Just sayin.
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.
I'm not surprised. I live in a suburb of Detroit, and on my work commute , drive thru several others. Mostly low middle income to slightly below that. The number of Escalades, Audi's, Jaguars and Mercedes is astounding. Not surprised at all that people get behind on their payments. Living in a $75k house and driving a vehicle that cost more than that just doesn't make sense.
Painting this whole country as a bunch of whining people and making assumptions about the motivations of those who may be in debt despite their best efforts is not hateful?
Mmkay.
No, it is not, it is truth....I don't see all of this country like that, there are some very sensible hard workers out there....but most young people today, do not know how to do without....and if you take that comment personal, trust, me, it isn't directed at you....
I see pretty darn much while I'm still working, and get to talk to a lot of young people....mingling and sharing stories....and unfortunately a lot of parents have spoiled their kids....giving them everything....credit cards, paid for college, pay for their food and housing.
Matter of fact, one of my associates, lives in a very high end housing development, what we call here, Mega Mansions....
She tells me how young people come into these homes and how they don't own much furniture...they drive BMW's and the like....and then they whine
Let me tell you, jobs do not last forever in this day and age....in my day, you worked for a company or corporation all your life....not today...so in my mind, I'd much rather buy a small home, or live in an apartment, then over extend myself....way too many people in this country are over extended.
I paint it as I see it....
yes, there are people as yourself, who work very hard, but there are so many out there who expect everything to be given to them....want free college and be paid the big bucks right out of college.
I'm not surprised. I live in a suburb of Detroit, and on my work commute , drive thru several others. Mostly low middle income to slightly below that. The number of Escalades, Audi's, Jaguars and Mercedes is astounding. Not surprised at all that people get behind on their payments. Living in a $75k house and driving a vehicle that cost more than that just doesn't make sense.
The banks are at it again. This time they are giving sub-prime loans for cars, packaging those loans, and selling them as bonds.
Didn't take long after trump and the GOP removed the protective regulations.
Quote:
Subprime auto loans have been and are being bundled into auto loan asset-backed securities (“ABSâ€) and sold to the public as solid, income-producing debt investments similar to corporate bonds. They’re marketed as secure products offering above-average interest. But while a bond may be backed by an issuing company’s income and assets, these auto loan ABS products are backed solely by a pool of auto loans. The loans are bundled and the rights to receive the payments generated by the loans are sold to investors.
I think this is WAY off - unless you are talking a highly used machine...or the bottom of the line.
When we bought our first (and last) new Mercedes, I did chuckle are one RED one at the dealership (being repaired) with bling wheels....when a 300 lb dude stepped out of it. It was the C-Class, which doesn't exactly fit that type of person in it....but that aside.....
My dad drove a Benz. He could always easily afford it. My accountant drives a Benz - an E-Class, which I think he has owned for well over a decade. A friend and his wife in the medical business (Genetic Research and Sales) both drive leased Benz....and these don't make a dent in their take home.
I guess it depends on who you have hung with - but I don't know anyone who was "brought down" by their choice of a Benz. Personally I think the cars suck these days but that's another story.
Benz purchases had nothing to do with political party although I'm sure if you looked close they were owned more often by Democrats simply because of the locale - they were big Florida, California, the Northeast, etc. during the period when they were the height of luxury.
The very idea of financing a Benz would have been a joke to most earlier buyers. But marketing changed all that as car companies tried to appeal to every level of society. IMHO, Benz would have been better sticking with just their top machines and not trying to cheapen the brand.
In SE Florida you will see as many new Benzes (and NOT C-Class!) as you do corollas elsewhere...and I don't believe many are being repo-ed. More likely the owners pass away and the trophy wife gets them...or they are sold as part of the estate.
Yeah, try as I might, I can't think of a single family brought down by their car purchases. But each of us travels in different circles. I do know a Republican President of a Bank who was brought down from millionaire status to bankruptcy due to funny stuff....so there is that. But it wasn't his car (a Benz, of course) that sunk him.
Then I know another rich dude - not really political, but from a Jewish (prob liberal) family who went wild as he came into big money early in the computer daze. He bought one of those cigarette boats, a top line Corvette, a model wife (who turned out to be really nice and sweet...and he, of course, left her high and dry)....he went from many millions to a wheelchair and broke and then dead early because of Coke and Ho's. They could do a movie on that guy, but you've probably already seen it.
Lots of stories out there. But very few involve just a Benz. Usually it's drugs, women, booze, gambling and all the other known factors...sometimes gross stupidity, but those other things are often the cause/reason.
I agree--people don't finance Mercedes. They do finance BMWs--but quickly find out that the maintenance on these vehicles costs a lot more than a non-luxury sedan. For that reason alone, a lot of people aren't interested in overextending themselves for luxury cars.
I'm not surprised. I live in a suburb of Detroit, and on my work commute , drive thru several others. Mostly low middle income to slightly below that. The number of Escalades, Audi's, Jaguars and Mercedes is astounding. Not surprised at all that people get behind on their payments. Living in a $75k house and driving a vehicle that cost more than that just doesn't make sense.
you can live in a car but you can't drive a house....
How does one improve one's worth in the labor market and would this require a vehicle if there is no public transportation available?
Take on more opportunities at work. Go above and beyond. Assist those who have more/better skills and learn from them. A car is not a prerequisite to having a job. Many people walk, bicycle, etc., to work. Stop making excuses for those who won't invest the time or effort into improving their own situation.
I agree. I also believe that good public transportation will provide the poor access to jobs and schools they would not have if they cannot afford to purchase a car. Just sayin.
"Public" transportation isn't free. For example, the Chicago Metra (commuter passenger rail) monthly passes are available, and costs range from $116/month to $240/month, depending on the distance one usually rides. A 10-ride ticket cost ranges from $38 to $78.50, again, depending on the distance one usually rides.
You are simply looking to demonize those who do not live in a larger city.
That's an odd leap.
This thread is about people being behind on CAR payments, many of whom have to have car payments because they have no choice but to rely on cars for transportation.
No one cares where people choose to live, but let's not pretend that if people could either afford to live closer to work or live somewhere where more public transportation was available, this would be much less of an issue.
But this is the reality of life in this country and it breeds these continuing insidious cycles.
Seems almost by design.
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