Underwater

Well duh.. when the prices spike during covid due to supply chain issues and the interest rates also go up... you have people that still want a new car even when the numbers don't make sense... I have a friend that works for Nissan in the funding dept. Some of the loan apps she sees come across are crazy.... truck prices for a sentra or altima and they trade in a car that probably could have got them past a few more years 'til things settle down but the urge is too much.

When you make dumb choices, they come back to bite you.
 
Really a shame folks feel the need to spend so much for transportation. Back in the early ‘90’s I worked for ford credit for a short time as a customer service rep I.e. collector. Horrible contracts with crazy interest and all kinds of “protection packages” thrown in.

I remember being eligible for a discounted vehicle as an employee but my supervisor at the time kept stalling and lecturing me about needing good credit etc etc always an excuse to not give me the paperwork needed obtain a discount. My credit was top notch. Weird place to work.

Bought a Toyota at a discount lol.

I don’t know what those folks thought I was working with financially but when I rolled up in the most basic of new Toyotas everyone freaked out and wondered why I didn’t buy a Ford lol.

Idiots.
 
Mellow said:
Well duh.. when the prices spike during covid due to supply chain issues and the interest rates also go up... you have people that still want a new car even when the numbers don't make sense... I have a friend that works for Nissan in the funding dept. Some of the loan apps she sees come across are crazy.... truck prices for a sentra or altima and they trade in a car that probably could have got them past a few more years 'til things settle down but the urge is too much.

When you make dumb choices, they come back to bite you.
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I think the real answer is much more complex. People from my generation just didnt get stoopid over 50 years. Ignorant, yes, and uneducated for sure...no teaching fiscal hygene for sure. Saw an article in the WSJ about lots of people with family incomes over $150,000 living paycheck to paycheck. I think lots of parents now enable their kids instead of teaching them about life and saving and not spending. They get college loans and then they go skiing in Aspen during winter break. Credit cards made it easy for people to not have a cash reserve on hand....look at the average credit card debt. When I retired, I was driving an old 4 door Isuzu Trooper , 4 cyl, and I really loved that car/truck/suv....we kept cars a long time and I cant remember the last time I had a car loan.....1976? And it was a small chevy product called a citation, IIRC. We got so tired of the banks selling our mortgage that we just paid off the house with cash in circa 1994. The cars were paid for...no debt, and we just banked the money. Now, people seem to think they are entitled to have a $50K pickup. My last PU was a chevy short bed straight 6 with three on the tree.
 
Coyote Chris said:
....we kept cars a long time and I cant remember the last time I had a car loan.....1976? And it was a small chevy product called a citation, IIRC. We got so tired of the banks selling our mortgage that we just paid off the house with cash in circa 1994. The cars were paid for...no debt, and we just banked the money. Now, people seem to think they are entitled to have a $50K pickup. My last PU was a chevy short bed straight 6 with three on the tree.
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Yes, but everybody knows you are tighter than a bull's ass in fly season...!
:rofl1:
Mike
 
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