How do I make my auto loan distressed?
Yeah we were saps and paid cash for one car and paid off the other one. One is a little rattly and needs AC work, maybe I should trade it in and get a “free” one.
OKAY: We can agree that there are plenty of things that need “bailing out”. Why? Let me propose that it is not “bubbles” that have occurred in housing, car financing, and ALL other assets. Let me propose that the root cause of falling prices is too much supply for current demand. Its so simple that we can’t see it. It’s true that crooks inflated the true value of houses, but the final results indicate income can not support current prices of products. “Easy credit” was introduced to supplement demand and americans income in order to allow the continued purchase of goods. It all started with NAFTA, then outsourcing of manufacturing jobs, replaced by hamburger flipper jobs, and now we cannot inflate our economy fast enough to stabilize prices. ITS AN INCOME PROBLEM, pure and simple. I am a Ford dealer. Have been for 36 years. Let me explain to you what outsourcing has done. A couple of months ago we had a recall on diesel trucks. A sensor needed replacing. In our parts price book it sold to the public for $172.00. When the recall was announced, we were to add 30% to Fords price of $2.30. Now please explain to me how a corporation can sell something that costs them $2.30 for $172.00? By moving the manufacturing of the sensor offshore, paying slave wages, and then importing it back into the country and selling it for the same thing it sold for when it was made in america!! Worked for a while but now the chickens have come home to roost. Everyones upside down in their vehicles. I suspect the negative equity in cars approaches $500 billion. To fix our current financial problems we must create good paying american jobs. That is the only answer. More national income.