The subprime auto loan crisis?

[Big A]

I'm a little surprised that we haven't seen Hyundai and Kia pickup trucks by now.

You keep that mess to yourself! Don't you put that bad juju on us

Won't happen. That market is too crowded for it to be profitable for them. Remember the Mazda B2000 (Ford Ranger)? It died before the actual Ford Ranger died. Same with the Dodge Dakota/ Mitsubishi Raider. Isuzu Hombre, anyone? Ford is supposedly bringing back the Ranger but we've been hearing that since they stopped production in 09.

Why doesn't Toyota make a 2500/3500 Tundra? It's not that they can't it's that the big 3 have that niche market locked up so it would take a few years before Toyota made a profit. Makes more sense to just keep making regular Tundras.

[AKDoug]

I never got asked for income verification for the last two vehicles I purchased. My credit is decent though...

Same for me. Our credit is stellar. We only buy used now. My wife needs mini-vans for her side business and for our main business. I recently purchased a 2015 Chrysler T&C with 20,000 miles on it from a local chain used car outfit for $18K, it has everything but leather. The sales guy turned out to be a good friend of one of my biggest customers. He was quite frank that they paid $16K for the car from the original purchaser. In the glove box, folded up in the owner's manual was the original buyer's paper work. He paid $36K for the car at the end of 2015. In 26 months and only 20K miles he lost $18K.

We drive them till they drop, my truck is a 2006. The $2400 worth of injectors is less than 4mths of payments. I have the blessing, though, that I can do my own work.

[Dienekes]

I picked this book up sometime around 1978. I had too much "stuff" then (and still do) but it's kept me from making a complete fool of myself.

https://www.amazon.com/Less-More-Ant...&sortBy=recent

[Arik]

When did vehicles get so expensive? Its a terrible investment (if that even makes sense). Put your $60k on this asset and it will be worth 50% in 4years!! Suckers...



...

Works because of the cool factor. How people see themselves. Got a coworker that judges car reliability by how many gadgets it has. Show him a older car that's bullet proof and it's a P.O.S because it doesn't have all those gizmos and a big screen. He car can spend half it's life on a flatbed and he'll still think it's better

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[THCDDM4]

I am in utter disbelief of what people pay for new vehicles!!! $90K for a new land cruiser?!?! $40K for a Honda Pilot!?!?

People are retarded. Especially with finances.

The only item one should amotorize is a house/property. Everything else should be saved up for and bought with cash.

People are so backwards in their finances. No savings, all debt, extravagant toys, cars, vacations, dinner out, Starbucks every day and expensive property's they can't afford- living paycheck to paycheck. Little to no investments.

It's pathetic.

People need a dose of reality big time. This countries economy is all smoke and mirrors. The piper will need to be paid one day.

[FromMyColdDeadHand]

People need a dose of reality big time. This countries economy is all smoke and mirrors. The piper will need to be paid one day.

The people that saved will be the ones to have to pay. You can't pay if you have nothing.

I know the story is that Wall Street took advantage of home buyers in the 2000s, but there were a lot of a-holes with leased cars, balloon loans and on multiple houses. Bubble pops and they walk away. It's been 10 years, so all that could be off your credit record by now, right?

You are talking about planning and stability from people that don't want that since it would preclude them from 'living the life'. They get the benefits from the churn while other people can hit their quarterly numbers.

Which guys went to jail after the GFC? Write a bad check and you go to jail. Write a bad economy and......

[chuckman]

I am in utter disbelief of what people pay for new vehicles!!! $90K for a new land cruiser?!?! $40K for a Honda Pilot!?!?

People are retarded. Especially with finances.

The only item one should amotorize is a house/property. Everything else should be saved up for and bought with cash.

People are so backwards in their finances. No savings, all debt, extravagant toys, cars, vacations, dinner out, Starbucks every day and expensive property's they can't afford- living paycheck to paycheck. Little to no investments.

It's pathetic.

People need a dose of reality big time. This countries economy is all smoke and mirrors. The piper will need to be paid one day.

While I am not a big spender, I will spend some money on play. My wife? Fuhhgetaboutit. She can squeeze a penny into making change.

We have no mortgage, both our (older) vans are paid off, and we have been sitting pretty. NOW....facing a $16K septic repair and 4 kids needing orthodontics....but because of our lifestyle, we can make it happen and not feel the pinch too bad....

[glocktogo]

GM SUVs are crazy, especially the Full Size Tahoe/Suburban/Escalades. Especially if you get anything worthwhile on them, The only thing crazier than their sticker prices is the resale after a couple of years being so low. I buy 2-3 year old Escalades from elderly drivers with low miles. Near half price isn't a stretch. It's funny how big American SUVs don't really get that much scrutiny, but a $70-100 foreign car does. Interestingly, here in CO, the families that are going up and down the mountain most weekends for skiing pretty much have Suburbans- and they run them 5-7 years.

Yep, the one I spec'd out was an LT in red with the luxury package (to get added safety options) and just a couple of other options (tow package, rubber mats and cargo area cover) and it was $35 shy of $60K. Even if I traded in my GS460, the 4Runner AND put 10% cash down, the payment for 60 months would still be over $500!

Works because of the cool factor. How people see themselves. Got a coworker that judges car reliability by how many gadgets it has. Show him a older car that's bullet proof and it's a P.O.S because it doesn't have all those gizmos and a big screen. He car can spend half it's life on a flatbed and he'll still think it's better

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The one thing I like about the newer cars is the multimedia integration and all the new safety features. When a hit & run driver totaled my wife's 2010 Lexus (one frigging week after it was paid off!), I got her a 2016 AWD with every safety option available. In it she can literally do everything from the steering wheel so she never has to take her eyes off the road. It's kind of amazing that she can have the car read her a text and take dictation for a reply, all while it alerts her to cars in her blind spots and automatically adjusts speed up or down based on traffic, even emergency braking if necessary.



That car is $350 a month for 60 months at 1.9%. I have some hard and fast rules on cars. Never finance for more than 60 months. Never finance with a balloon payment. Never finance over 5% APR and never pay more than $500 per month. I never tell a salesman what I'm willing to pay per month because that just isn't important in the deal process (to me). What am I getting, what's the total cost and how much will it be worth when it's paid off. If those numbers don't all add up, then I'm not a buyer.