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9-Year Auto Loans

Discussion in 'Political Discussion' started by weswelker#83, Mar 5, 2008.

  1. weswelker#83

    weswelker#83 In the Starting Line-Up

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  2. Real World

    Real World Moderator Staff Member

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    I'm not sure if this should be illegal, or if those who actually agree to take out a 9 year auto loan should be deemed legally dead. It's funny to think that people in here laughed at me when I first said that there is a 30-40% moron factor in the general public.
     
  3. weswelker#83

    weswelker#83 In the Starting Line-Up

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    School of sub-prime mortgages.
     
  4. Wildo7

    Wildo7 Totally Full of It

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    We finally agree on something:D

    Though I have a tendency to blame the shepherds first and the sheep second.
     
  5. wistahpatsfan

    wistahpatsfan Pro Bowl Player

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    #75 Jersey

    Unless it's a '75 Impala convertible, 350 c.i. 4-barrel with 25,000 original miles on it.....
     
  6. FreeTedWilliams

    FreeTedWilliams pfadmins PatsFans.com Supporter

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    #75 Jersey

    FYI, n Japan, a 60 year mortgage is the norm.

    But a 9 year auto loan is ridiculous, the problem here is goes back to the failed government schools. Imagine if anyone in school ever taught you the fianance business, you would have never applied for that first credit card! It always amazes me that every American needs to know basic accounting, how a loan works, how a mortgage works, how to file your taxes, how to balance a check book, how much a $100 purchase on a 22% interest credit card actually costs you in the end. Yet none of this is taught in school, amazing.

    You should see the "title loan" companies that surround the military bases and poor neighborhoods down here, they will give you a $500 loan on the title of your vehicle, charge you about 28% interest and fees, and people acutally do it. Of course, if they default on the loan, they take your car.

    Everyone wants to do something about stopping these kinds of "predatory lending practices", but the easiest way to stop it, is to properly educate the people. Would anyone here, pawn the title of your car for a $500 loan at 28%?

    Once again it all comes back to the poor are poor because they spend themselves poor. Go by any bus stop and count the number of people on cell phones, wearing gold jewlery. Dollars to dougnuts when you go into their apartment/trailer you will find a big screen Hi Def TV in there too.
     
  7. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    I am not sure 9 year loans are for the poor folk, to me the target audience might be young professionals who are trying to keep up and fit in.. or those is mid america who want to keep up with the jones's.. most inexpensive cars are not designed to last 9 years.. I also think corporate america, the bankers have some responsibility in this also.. isn't this what happened in the subprime mortgage mess.
     
  8. FreeTedWilliams

    FreeTedWilliams pfadmins PatsFans.com Supporter

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    #75 Jersey

    How else can you qualify to buy a $60,000 Escalade, when you work at McDonald's? Everyone with any money sense knows that a car is not an investment at all, and it will depreciate about 20% the minute you drive it off the lot. If you have good credit, they are giving cars away, I got my last new one with 0% financing, now I'll take a 9 year note at 0%. The link doesn't work, so I couldn't read the origianl story (of course it was CNBC, so most of it was probably unture anyway, but I'm sure it said that Obama would be able to fit it), but did you see Manny arriving at Spring training in his new Escalade? Sweet ride, and I'm sure Manny paid cash for it, but these cars are not being made to sell to stock brokers.
     
  9. Real World

    Real World Moderator Staff Member

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    I think education is key. Edcuation isn't only done in the schools. It's also done at home. The problem these days is that 40% of our children grow up in single parent homes. So it's a double whammy. Kids go to that lemon factory that is public education, and then they come home to a single parent who doesn't have the ability to steer their child in the right direction. What's sad in all this is that people then look to the government to help them out. They look to the government to step in and control their lives because they're too dumb to do it themselves. The government has to do something to prevent people from signing up for a $400,000 no money down, no interest 3 year ARM, on a $30,000 salary, because I don't know that I can't afford it. The government has to step in and stop 9 year auto loans because I'm not bright enough to know that agreeing to one is stupid. This isn't to say that common sense regulations aren't needed, or wouldn't make sense. They would. However, how often is anything the government does sensible? When toe government begins to restrict and regulate, it becomes a police state where the people personal choices become limited, and the masses end up subsidizing the stupid.
     
  10. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Here is the link, Ford does not make Escalades.. the obama stuff was real pertinent, try Google it can be your friend..

    http://www.cnbc.com/id/23483123
     
  11. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    #91 Jersey

    I wonder what the interest rate is? I could see it if I wanted to live in a shack and own a Masseratti, Bugatti, or Lambragini
     
  12. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    As you're suggesting, the problem lies with people who buy what they can't afford - then the blame the rich and the government for being in debt. If you can't afford a car with about a 3 year loan then you should be looking at a cheaper car.
     
  13. Wildo7

    Wildo7 Totally Full of It

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    I wonder what demographic is responsible for the sub-prime mortgage crisis right now? But the racist McDonalds Escalade myth persists. Again, poor, uneducated people will overspend and get taken advantage of because they don't ever learn how to manage money and are inundated with advertising and marketing that is trying to give them the idea that it's normal for them to buy something they can't afford.

    You can blame the people overspending, I understand that. But I also understand why they do it. And does Cadillac deserve any blame for irresponsibly marketing their product to a demographic that can't afford it? You can say that it's about "personal responsibility" and they are adults and are making their own decisions, and that's true. But it's also true that any advertising exec. would disagree with you about their influence.
     
  14. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    Well pick whatever adjective you choose. The point remains that it's the buyers' fault. I'm solidly middle class but have an $18K car which I'm happy with. It's 8 years old and I hope to keep it another 5. I'd love to get a new sports car every year but I have a reasonable amount of brain, patience and willpower that too many others seemingly don't have.
     
  15. Wildo7

    Wildo7 Totally Full of It

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    right. but the reality is that as poverty and lack of education increase, so do spending habits like this. That's why Cadillac pays Jay-z to put Escalades in his videos.
     
  16. FreeTedWilliams

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    #75 Jersey

    WOW, blame the Ad Execs, maybe I missed the buy this car you clearly can't afford Cadillac commerical. It is about personal responciblity!, If you can't afford it, don't buy it! We are not talking about bread here (we have food stamps for that), we are talking about high end cars.

    My car is a 1999 (bought it new for $12,000), it has 108,000 miles on it, but it has the two things that you like most about a car...

    It runs, and its paid for.
     
  17. FreeTedWilliams

    FreeTedWilliams pfadmins PatsFans.com Supporter

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    #75 Jersey

    Yet somehow, I have been able to not to buy a Ford F350 pickup with 19' inch rims, and a Satellite Dish, eventhough I saw Toby Keith driving one in his "Who's your Daddy" video, hell he even does their commericals, I must be some sort of robot to have resisted this incredible sublininal advertising directed right at me!
     
  18. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    I don't blame education on this one, I blame common sense. You don't need to be a finance expert to figure out you can't afford a $35K car if you're making $12 an hour (I'll move up from minimum wage).
     
  19. Real World

    Real World Moderator Staff Member

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    So now it's Cadillac's fault cuz they're advertising their vehicle to poor people? [​IMG]
     
  20. Wildo7

    Wildo7 Totally Full of It

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    critical thinking skills and decision-making abilities are fostered by education, both at school and in the home. These are two areas that are severely lacking in poor areas.

    Ok we get it, all of the super responsible middle class white guys in the thread can stop posting how sh!tty and sensible their car is.

    But I notice that the there's less complaining about lower middle class white families here buying vacation homes and taking out mortgages they can't afford, or white college kids who end up in insane amounts of debt because they are on average, $20k in debt coming out of college and move all of their debt from one credit card to another before they declare bankruptcy.
     

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