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#11
Nov 10 2019 09:51am
Quote (EndlessSky @ Nov 9 2019 08:14pm)
These people also vote, we should stop letting these people vote. If you don't own property you shouldn't be allowed to vote. That would solve 80% of society's problems in the long term.

On a side note never buy a car new, you can get it half price if its only a year old used.


I bought my third car brand new and fully loaded and have no regrets 🤷‍♂️
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#12
Nov 10 2019 10:46am
Quote (duffman316 @ Nov 10 2019 10:51am)
I bought my third car brand new and fully loaded and have no regrets 🤷‍♂️


By this time next year I will have no car payment...that is pretty great :)
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#13
Nov 10 2019 11:51am
Quote (duffman316 @ Nov 10 2019 09:51am)
I bought my third car brand new and fully loaded and have no regrets 🤷‍♂️


Did something I never thought I would do and brought a brand new car. Had 500 miles, last years model and they couldnt get rid if it because nobody wants a new car with over 100 miles. Got it way below blue book with full warranty. Still, I only advocate buying brand new if you find a similar deal.
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#14
Nov 10 2019 12:09pm
at the end of the day just gotta be smart . most brand new car models you can get @ 0% financing while a used car most of the time start at 5.9% financing ( i wont go higher than that). if buying a 3-4 year old car that has already depreciated alot with a interest % compared to buying a brand new car that holds its value still at 0% financing the end of the day your talking only a few dollars a month difference on car payments and insurance.
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#15
Nov 10 2019 12:50pm
Quote (kalelvszod @ Nov 9 2019 07:38pm)
People are dumb and make bad financial decisions. Nobodies fault but their own.

Quote (Thor123422 @ Nov 9 2019 07:38pm)
Its on the lender to do their due dilligence on the borrower. If they cant afford to pay the loan back and default I have no sympathy for the institution taking on the risk.

both of these are true. there is an issue with the latter though.

the borrower needs to pay what is owed.
the lender needs to profit (and) have the money to pay operation fee's and payroll.

https://www.dmv.com/auto-financing/auto-loan-financing-laws-regulations
Quote
Equal Credit Opportunity Act
Creditors offering an auto finance deal to car buyers cannot discriminate due to features of race, gender, religion, marital status, age or nationality. When auto loan rates are presented, it is illegal for the creditor to discriminate against a car buyer based on the characteristics of his or her credit report, including the prerogative of the buyer to receive public assistance. If a car loan is denied by a creditor, this act requires the creditor to present a valid and legal reason for denying the loan.

they are forced to "take the risk" by federal law.

to fix this... we would have to raise the credit requirement for receiving auto-loans. (2nd edit: without needing a co-sponsor)
or we could lower the amount of money able to be loaned to people without good credit.
(not that simple, but 2 general i.e.'s) edit: both would not be popular i'm sure. (and would somehow become a race issue)

This post was edited by tagged4nothing on Nov 10 2019 12:53pm
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#16
Nov 10 2019 12:53pm
Quote (tagged4nothing @ Nov 10 2019 12:50pm)
both of these are true. there is an issue with the latter though.

the borrower needs to pay what is owed.
the lender needs to profit (and) have the money to pay operation fee's and payroll.

https://www.dmv.com/auto-financing/auto-loan-financing-laws-regulations

they are forced to "take the risk" by federal law.

to fix this... we would have to raise the credit requirement for receiving auto-loans.
or we could lower the amount of money able to be loaned to people without good credit.
(not that simple, but 2 general i.e.'s)


Crap credit history, bad income to debt ratio, and too large of a balance compared to the value of the collateral are all valid reasons to not take the loan. There is no forcing to take risk in that wording.
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#17
Nov 10 2019 01:01pm
Quote (Thor123422 @ Nov 10 2019 01:53pm)
Crap credit history, bad income to debt ratio, and too large of a balance compared to the value of the collateral are all valid reasons to not take the loan. There is no forcing to take risk in that wording.

seriously, you can't even read what isn't bolded. i'll bold another section of the same statement till you get some glasses on.

https://www.dmv.com/auto-financing/auto-loan-financing-laws-regulations
Quote
Equal Credit Opportunity Act
Creditors offering an auto finance deal to car buyers cannot discriminate due to features of race, gender, religion, marital status, age or nationality. When auto loan rates are presented, it is illegal for the creditor to discriminate against a car buyer based on the characteristics of his or her credit report, including the prerogative of the buyer to receive public assistance. If a car loan is denied by a creditor, this act requires the creditor to present a valid and legal reason for denying the loan.


Quote
Credit Practices Rule
This car finance law requires the creditor to inform any co-signer of their legal liability to the contract. Bad credit car loans are more likely to need a co-signer and he or she can be held accountable if the car buyer misses a payment or is consistently late with payments. When financing a car, if a co-signer is required, he or she will receive written notice to review the liability and responsibility due if the car buyer is late or refuses to make payments.
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#18
Nov 10 2019 01:05pm
Quote (tagged4nothing @ Nov 10 2019 01:01pm)
seriously, you can't even read what isn't bolded. i'll bold another section of the same statement till you get some glasses on.

https://www.dmv.com/auto-financing/auto-loan-financing-laws-regulations


Dude, ive personally been denied an auto loan for the reasons I gave. If you think the reasons I listed arent used to deny credit youre a damn moron.
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#19
Nov 10 2019 01:27pm
Quote (Santara @ Nov 9 2019 09:09pm)
Good luck with that.



Now. It wasn't always like that. Progressives went and fucked things up for everyone.


What progressive legislation and policy do you believe created the current trend of personal debt being essential to capitalism? Not national debt funding capitalism, mind you--private debt and loans.
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#20
Nov 10 2019 01:32pm
Another cultural difference, buying a car on loan is a big nono here.

Pretty much everyone I know has bought their car (if they own one!) with cash. Buying on credit is generally frowned upon.
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