My first car had a 23% interest rate on the loan. I had no credit history and was relying on people I thought knew enough about car buying with me to help me know if I was getting shafted. That dealership has remained on my do not buy list ever since, even after changing ownership due to the previous owners practices of fraud
Honestly the biggest problem was not that I wasn’t shown the interest rate, but that they carefully avoided any financial talk (I never actually saw the final price of the vehicle, only the monthly payment and only learned the exact details, including the several extra thousand dollars of extended service plans when I was going to refinance the loan at my bank) and carefully flipped through the paperwork to encourage jumping straight to signing without reading, even joking “oh no you don’t want to read that” at one stage
Every car I’ve bought since I’ve been extremely diligent to read through all of the paperwork before signing anything, and one of the times caught the permission to sell data for marketing purposes form which I declined (the salesperson seemed surprised when I spotted that one and said “oh that looks like one to decline”)
yeah that’s my point. the truth in lending laws don’t cover that level of obfuscation, so that monthly payment hides the actual burden in one small omission.
Because cars are status symbols and people are fucking stupid. So of course capitalists exploit these dumdums. There are even companies where you can rent-to-own tire rims. And of course those companies make hundreds of millions a year.
And on top of that for most government workers their paychecks have been remarkably stable. Assuming you’ll always be employed plus easy credit and bad financial habits are a bad combination
Pretty much this. For many, up until basically right now, working in the federal government all but guaranteed employment for years. I tried very, very hard to be employed at my local NIOSH branch (sadly didn’t make the cut) because of this fact.
Man, that’s tragic. I was poor most of my early life, and when I finally started to make enough money to be comfortable, I knew that the thing I couldn’t do was fall into the lifestyle trap. Living well below my means saved me so much hardship when things weren’t going well. I know that many don’t ever get to the point of comfortable, though, and there’s a bit of luck and effort, to that.
Oh for sure. I had one good run with a company that went public. I leveraged that into long term investments rather than buying expensive stuff I didn’t need.
Doesn’t seem likely unless he was renting. Even if you miss one mortgage payment, your bank can’t take your house that fast. If he was renting, he might have been threatened with eviction and chose to leave.
Doesn’t seem likely unless he was renting. Even if you miss one mortgage payment, your bank can’t take your house that fast.
If it was posted for sale it likely wasn’t a foreclosure that fast. Perhaps the owner did the math and saw very quickly that they wouldn’t be able to keep up with the mortgage, or no longer had any reason to live in that city because they were there only for the job. With the job gone, the need of the house in that city goes with it. I’m just speculating.
If their whole financial system is built on getting the next paycheck or else, this is quite to be expected. He might even be smart (for a magahead) putting it on the market as early as possible instead of clinging to it.
It’s kind of scary that 3 weeks is all it took for them to list their home.
Bet he also had a $100k truck parked in front of that home. Bought with a loan with 12% interest
12% is pretty insane for an asset that depreciates as fast as a vehicle does.
My first car had a 23% interest rate on the loan. I had no credit history and was relying on people I thought knew enough about car buying with me to help me know if I was getting shafted. That dealership has remained on my do not buy list ever since, even after changing ownership due to the previous owners practices of fraud
It’s such a sham that the “truth in lending” laws still didn’t go far enough to simplify the Financials of loan interest.
Honestly the biggest problem was not that I wasn’t shown the interest rate, but that they carefully avoided any financial talk (I never actually saw the final price of the vehicle, only the monthly payment and only learned the exact details, including the several extra thousand dollars of extended service plans when I was going to refinance the loan at my bank) and carefully flipped through the paperwork to encourage jumping straight to signing without reading, even joking “oh no you don’t want to read that” at one stage
Every car I’ve bought since I’ve been extremely diligent to read through all of the paperwork before signing anything, and one of the times caught the permission to sell data for marketing purposes form which I declined (the salesperson seemed surprised when I spotted that one and said “oh that looks like one to decline”)
yeah that’s my point. the truth in lending laws don’t cover that level of obfuscation, so that monthly payment hides the actual burden in one small omission.
Because cars are status symbols and people are fucking stupid. So of course capitalists exploit these dumdums. There are even companies where you can rent-to-own tire rims. And of course those companies make hundreds of millions a year.
The neighbor is part of the (in 2019) 51%.
“Most Working Americans Would Face Economic Hardship If They Missed More than One Paycheck”
source
And on top of that for most government workers their paychecks have been remarkably stable. Assuming you’ll always be employed plus easy credit and bad financial habits are a bad combination
Pretty much this. For many, up until basically right now, working in the federal government all but guaranteed employment for years. I tried very, very hard to be employed at my local NIOSH branch (sadly didn’t make the cut) because of this fact.
Man, that’s tragic. I was poor most of my early life, and when I finally started to make enough money to be comfortable, I knew that the thing I couldn’t do was fall into the lifestyle trap. Living well below my means saved me so much hardship when things weren’t going well. I know that many don’t ever get to the point of comfortable, though, and there’s a bit of luck and effort, to that.
I wish we could do that. Renting and buying houses today makes it incredibly difficult to live very far below your means.
Oh for sure. I had one good run with a company that went public. I leveraged that into long term investments rather than buying expensive stuff I didn’t need.
Doesn’t seem likely unless he was renting. Even if you miss one mortgage payment, your bank can’t take your house that fast. If he was renting, he might have been threatened with eviction and chose to leave.
If it was posted for sale it likely wasn’t a foreclosure that fast. Perhaps the owner did the math and saw very quickly that they wouldn’t be able to keep up with the mortgage, or no longer had any reason to live in that city because they were there only for the job. With the job gone, the need of the house in that city goes with it. I’m just speculating.
Honestly might just be that, especially if they were working in DC proper.
Well if he was renting, his house being up for sale wouldn’t really matter.
If their whole financial system is built on getting the next paycheck or else, this is quite to be expected. He might even be smart (for a magahead) putting it on the market as early as possible instead of clinging to it.