Democrats I bet ...
So I should be able to pick up a cheap, nearly new car in the coming months if I pay cash?
I feel like such a sucker...
I’ve thought for years that there are a lot of people rolling around in new cars that really couldn’t afford them. I’ve often wondered if there aren’t “Obama cars” to go with the “Obama phones.”
Okay. So doesn’t that equal a coming tidal wave of Repossessions? One would presume that much.
Repo-Men are not known for their compassion or willingness to negotiate.
Car loan defaults are an early indicator of economy downturn or massive crash coming soon.
Time to get my car repo license and a tow truck!
Hey, why should they pay? Those greedy bastards at the automobile companies have enough money. Why shouldn’t these deadbeats have the right to a nice car just like some rich jerk who earned his money and paid for his car?
Do the subprime auto lenders think that they will magically avoid the same pitfalls that sunk the subprime housing lenders?
Back around 2004, I stood within a military office and noted that some E4 I worked with...who was preparing to buy a $45,000 car. I asked about the down-payment....he and his wife worked...and they were putting down $10,000. This was to be a four-year loan ($775 roughly for each month). The thing that bothered me....the two had another loan for another upscale car (paying around $500 a month on it). It’s a heck of a lot of debt and you can’t afford to have any emergency occur.
GOOD CREDIT? BAD CREDIT? NO CREDIT!...WE CAN PUT YOU IN A SET OF WHEELS!
I have also stopped paying my car loans. My reason is that I paid off the loan.
Have the sub-prime lenders found a way to put the US taxpayer on the hook for the defaulted loans? That’s what they used Fannie Mae for during the 2008 recession.
“Oh Lord, won’t you buy me a Mercedes Benz.
All my friends are driving Porsches and I must make amends.”
.
Think of all the fools that have bought blister cars, and electric rolling coffin cars.
They have to be seeing the writing on the wall by now.
.
“Subprime”
Subprime is subprime because of the high risk of default.
It’s like junk bonds. There’s a reason they’re junk, and buyers beware. The current case reflects the relation between blacks and Cadillacs in the last century:
“We may not have them long, but we have them first.”
Hahaha.
Wow! That’s just Awful. Six million people?! The Obama Great Depression continues -—