Forum Register TCG Mobile Casino Live Posting Feed Garage Arcade Members List Calendar Search Today's Posts Mark Forums Read
Go Back   The Chicago Garage > General Discussion > On Topic

User Tag List

Like Tree145Likes

Reply
 
LinkBack Thread Tools Search this Thread Display Modes
Old 02-12-2019, 09:24 PM   #1
 
Mook's Avatar
 
Join Date: May 2007
Location: Elgin
Posts: 160,036
Casino cash: $93025000
36.02 per day
Default Americans aren't paying their car loans

Das a lot of deadbeats.

__________________
- TCG Owner & Operator -
Mook is offline   Reply With Quote
Old 02-12-2019, 09:26 PM   #2
I haz dat teddy bear smile.
 
10sec's Avatar
 
Join Date: Jul 2008
Posts: 23,022
Casino cash: $89213925
5.74 per day
Default

Starts with the cars and then it's the houses. Heads up to you people that bought a house in this state.
Mook, b00sted and 01GTvert like this.
__________________
2005 S2000
10sec is online now   Reply With Quote
Old 02-12-2019, 09:27 PM   #3
Go ahead. I'll catch up.
 
Flyn's Avatar
 
Join Date: Mar 2004
Location: Selling homes on the Gulf Coast of Florida
Posts: 45,630
Casino cash: $231362900
8.12 per day
Default

I saw that. Not a good thing. It's one of the signs of problems with an economy. Mortgage companies are loosening their lending policies, too.

At least, we'll see a lot of used cars hitting the market which may cause a dip in prices.
01GTvert and DEEZUZ like this.
Flyn is offline   Reply With Quote
Old 02-12-2019, 09:27 PM   #4
 
Mook's Avatar
 
Join Date: May 2007
Location: Elgin
Posts: 160,036
Casino cash: $93025000
36.02 per day
Default

The next depression is gonna be a wild ride.
Chester Copperpot likes this.
Mook is offline   Reply With Quote
Old 02-12-2019, 09:28 PM   #5
Go ahead. I'll catch up.
 
Flyn's Avatar
 
Join Date: Mar 2004
Location: Selling homes on the Gulf Coast of Florida
Posts: 45,630
Casino cash: $231362900
8.12 per day
Default

Probably won't be anything like 2007. That was a generational dip.
Flyn is offline   Reply With Quote
Old 02-12-2019, 09:35 PM   #6
 
Ryan02Stang's Avatar
 
Join Date: Aug 2004
Location: Mount Prospect
Posts: 9,939
Casino cash: $112282000
1.82 per day
Default

Too many people taking out mega car loans... basically mortgages.
__________________
2015 Ford Explorer Sport
2012 Lincoln MKS Ecoboost
2002 Mustang GT
Ryan02Stang is offline   Reply With Quote
Old 02-12-2019, 09:37 PM   #7
I haz dat teddy bear smile.
 
10sec's Avatar
 
Join Date: Jul 2008
Posts: 23,022
Casino cash: $89213925
5.74 per day
Default

I have ZERO interest in politics, economy, news, etc. But just living life and being around what we're around, this state is going to be FUCKED in 5yrs. People are going to leave, people are going to get tired of being taxed to death, it's only a matter of time. I'm liquidating all of my shit so I can get out of here ASAP, hopefully in a year or two. Fuck this state, fuck their taxes, and mostly, fuck this weather.

10sec™out.
10sec is online now   Reply With Quote
Old 02-12-2019, 09:42 PM   #8
Escrow shortage crew
 
DEEZUZ's Avatar
 
Join Date: Nov 2008
Location: NWI
Posts: 43,014
Casino cash: $98608001
11.04 per day
Default

Mhhmm
__________________

Quote:
Originally Posted by Mr.bu View Post
I had a girl like that once. Everytime I put my hand down her pants, it felt like feeding oats to a horse.
Quote:
Originally Posted by Eagle View Post
THIS IS TCG, DOES IT LOOK LIKE WE CARE WHAT IT COSTS!??!?!
Quote:
Originally Posted by Mook View Post
That's a nice dick.


DEEZUZ is online now   Reply With Quote
Old 02-12-2019, 09:44 PM   #9
 
Tight Lines's Avatar
 
Join Date: Jan 2014
Location: Missouri
Posts: 1,611
Casino cash: $24694500
0.80 per day
Default

I know a couple of deadbeats., it’s a shame.
__________________
2014 Shelby GT500


Fuck Photobucket
Tight Lines is offline   Reply With Quote
Old 02-12-2019, 09:46 PM   #10
 
Marko's Avatar
 
Join Date: Feb 2005
Posts: 16,381
Casino cash: $78583175
3.11 per day
Default

Dummies “buying”these cars they can’t afford in the first place
MrDragster1970 and Spectragod like this.
Marko is offline   Reply With Quote
Old 02-12-2019, 09:46 PM   #11
WOW.
 
IDAFC21's Avatar
 
Join Date: May 2007
Location: Avondale, AZ
Posts: 39,004
Casino cash: $111602529
8.78 per day
Default

Wait, you can get a loan and not pay it? Damnit! I've been doing it all wrong.
Fish, Gav'sPurpleZ and ragingclue like this.
__________________
2014 ///M235i_____________________________________________ _____2004 Monaro
IDAFC21 is offline   Reply With Quote
Old 02-12-2019, 09:47 PM   #12
 
Ryan02Stang's Avatar
 
Join Date: Aug 2004
Location: Mount Prospect
Posts: 9,939
Casino cash: $112282000
1.82 per day
Default

Sign and drive baby!!
DEEZUZ likes this.
Ryan02Stang is offline   Reply With Quote
Old 02-12-2019, 09:48 PM   #13
I haz dat teddy bear smile.
 
10sec's Avatar
 
Join Date: Jul 2008
Posts: 23,022
Casino cash: $89213925
5.74 per day
Default

ZERO liability. Bad credit cause you didn't pay your mortgage? Here's a loan that works for you anyways, buy this $50k car.
Spectragod and frank like this.
10sec is online now   Reply With Quote
Old 02-12-2019, 10:06 PM   #14
He's Still Your President
 
b00sted's Avatar
 
Join Date: Oct 2010
Location: Not paying plastic bag taxes
Posts: 3,038
Casino cash: $24401760
0.95 per day
Default

Quote:
Originally Posted by Ryan02Stang View Post
Too many people taking out mega car loans... basically mortgages.
It's insane. Everything I've looked at(Mustang GT, F150) is a $550+ payment. I make pretty good money and I still just can't stomach the idea of taking on a payment like that for 60 months, not counting insurance.


The funny part with this graph is that it peaked in 2009...The exact same time I was Repo'ing cars for a living. On good weeks we'd grab 25-30 cars, and that was without a tow truck.
b00sted is offline   Reply With Quote
Old 02-12-2019, 10:09 PM   #15
Go ahead. I'll catch up.
 
Flyn's Avatar
 
Join Date: Mar 2004
Location: Selling homes on the Gulf Coast of Florida
Posts: 45,630
Casino cash: $231362900
8.12 per day
Default

My cars are paid for. I'd like to upgrade but I'm not going to go into debt to do so.
Knowklew likes this.
Flyn is offline   Reply With Quote
Old 02-12-2019, 10:10 PM   #16
I'm not one of your 'shit-hole' buddies!
 
blakbearddelite's Avatar
 
Join Date: Jun 2007
Location: South Elgin, IL
Posts: 24,476
Casino cash: $12455504
5.55 per day
Default

Is it a sign of a bad economy or just a new generation of idiots with no concept of money?
PANDA, SaturdaysGS, Angus and 10 others like this.
__________________
2015 Mustang GT - KB2.8 and other goodies
2015 Infiniti Q50
blakbearddelite is offline   Reply With Quote
Old 02-12-2019, 10:11 PM   #17
 
Mook's Avatar
 
Join Date: May 2007
Location: Elgin
Posts: 160,036
Casino cash: $93025000
36.02 per day
Default

Both
Aircal and Great White Drake like this.
Mook is offline   Reply With Quote
Old 02-12-2019, 10:13 PM   #18
Go ahead. I'll catch up.
 
Flyn's Avatar
 
Join Date: Mar 2004
Location: Selling homes on the Gulf Coast of Florida
Posts: 45,630
Casino cash: $231362900
8.12 per day
Default

I lean towards idiots thinking they can afford more car than they really can. They get some money and decide to spend a lot.
DEEZUZ, Spectragod and Tight Lines like this.
Flyn is offline   Reply With Quote
Old 02-12-2019, 10:29 PM   #19
 
Pressure Ratio's Avatar
 
Join Date: Nov 2005
Posts: 15,804
Casino cash: $80319076
3.16 per day
Default

Quote:
Originally Posted by blakbearddelite View Post
Is it a sign of a bad economy or just a new generation of idiots with no concept of money?
It is an interesting point. As from what I can see by that graph, hard to kind of see the colors on my laptop, the highest groups in default are the youngest and go down as the age group increases with age.

Highest number delinquent ----------------> lowest number delinquent

18-29 >>> 30-39 >>> 40-49 >>> 70+ >>> 50-59 >>> 60-69
Pressure Ratio is offline   Reply With Quote
Old 02-12-2019, 10:32 PM   #20
He's Still Your President
 
b00sted's Avatar
 
Join Date: Oct 2010
Location: Not paying plastic bag taxes
Posts: 3,038
Casino cash: $24401760
0.95 per day
Default

Quote:
Originally Posted by blakbearddelite View Post
Is it a sign of a bad economy or just a new generation of idiots with no concept of money?
Moreso the latter. Most people hear "auto loan" and think of someone buying a new car at a Ford dealership. They don't think of the countless buy here-pay here lots out there that are financing $2500 shitboxes. When I was repo'ing cars, it was just a way of life for a lot of people...Business as usual. We'd knock on the door and ask for the keys, they'd hand them over because they didn't give a fuck, and we'd be on our way. More than once, someone said "You can have it, I'll just go get another one next week".

The buy here-pay here places have been using that business model for decades. Buy a shitbox at auction and sell it. The buyer's down payment usually covers most of what they have into the car...any payments the buyer makes after that is profit. Once they default, which they will, they take the car back and start over...except now it's 100% profit. They sell the car a handful of times before it's too beat up to put back on the lot, and then they go and run in through the auction to get rid of it. lol
SaturdaysGS and Spectragod like this.
b00sted is offline   Reply With Quote
Old 02-12-2019, 10:40 PM   #21
 
Pressure Ratio's Avatar
 
Join Date: Nov 2005
Posts: 15,804
Casino cash: $80319076
3.16 per day
Default

More info for your viewing pleasure.









50% of auto loans that are past due are subprime

Pressure Ratio is offline   Reply With Quote
Old 02-12-2019, 10:50 PM   #22
rumble baby rumble
 
Blood on Blood's Avatar
 
Join Date: Apr 2005
Posts: 35,840
Casino cash: $114540300
6.87 per day
Default

Quote:
Originally Posted by DEEZUZ View Post
Mhhmm
You and I are going to sit back, share a bag of popcorn, drink our cherry cokes and watch this whole shit house burn to the ground.

Get ourselves a front row seat.
DEEZUZ likes this.
__________________
Dave
17 Mustang GT
17 Pilot AWD
15 Elantra
Blood on Blood is offline   Reply With Quote
Old 02-12-2019, 10:55 PM   #23
 
shockerracing.com's Avatar
 
Join Date: Jun 2006
Location: Dundee, IL
Posts: 2,583
Casino cash: $13158600
0.54 per day
Default

My family is in the buy here pay here business and I want to say my dad was telling me that something like 1/3rd of all the loans end up going bad at some point and that’s with weekly payments and GPS trackers on the vehicles that allow us to shut the vehicles off if they don’t make their payments.

Besides the subprime market we deal with, I think another big part of the problem is that they are extending auto loans for super long terms. It used to be that 5 years was the max and a long auto loan but now I’m seeing 8 year auto loans. A lot can happen to a person in 8 years to change their situations.
Gav'sPurpleZ likes this.
__________________
TCG Tour 2017
2018 Jeep Wrangler Rubicon - aka @MojitoJeep
2020 Jeep Gladiator Rubicon - On Order
shockerracing.com is offline   Reply With Quote
Old 02-13-2019, 12:29 AM   #24
 
Outlaw's Avatar
 
Join Date: Jul 2009
Location: Johnsburg
Posts: 15,585
Casino cash: $142910401
4.27 per day
Default

Cost of vehicles/ ease of loan acquisition. Lots of "young money" ballers with 84mo loans on new F250 Platinums with 24x14 American Forces spread across two credit cards.
Outlaw is offline   Reply With Quote
Old 02-13-2019, 01:16 AM   #25
 
Ron Vogel's Avatar
 
Join Date: Jul 2007
Location: Bolingbrook
Posts: 3,647
Casino cash: $13807355
0.83 per day
Default

Quote:
Originally Posted by shockerracing.com View Post
My family is in the buy here pay here business and I want to say my dad was telling me that something like 1/3rd of all the loans end up going bad at some point and thatís with weekly payments and GPS trackers on the vehicles that allow us to shut the vehicles off if they donít make their payments.

Besides the subprime market we deal with, I think another big part of the problem is that they are extending auto loans for super long terms. It used to be that 5 years was the max and a long auto loan but now Iím seeing 8 year auto loans. A lot can happen to a person in 8 years to change their situations.
I never understood the long terms past 60 months. Most people need someone else to work on their cars for them...most cars are trashed at the 5 year mark. Why put that kind of money into an old car?
tinfoilhat likes this.
Ron Vogel is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -5. The time now is 07:51 AM.


Powered by vBulletin® Version 3.8.1
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
SEO by vBSEO 3.6.0
User Alert System provided by Advanced User Tagging v3.0.6 (Lite) - vBulletin Mods & Addons Copyright © 2019 DragonByte Technologies Ltd.
no new posts