AUTO DEBT AWARENESS

Lunatick
Lunatick

American households are over $1 TRILLION in debt over their cars. This is a huge problem that can't continue to be swept under the rug.

It's not fair that I had to go into debt just to get a reliable form of transportation. Now I'm starting life $30,000 in the hole. I'll never be able to afford a house. How is this legal?

The high price of cars doesn't reflect the rising cost of tuition and books -- err.. I mean, cost of gasoline... uh...FREE CARS FOR EVERYONE!

Harmless_Venom
Harmless_Venom

fuck off ragelord

Sir_Gallonhead
Sir_Gallonhead

tfw I make $18/h and my co-workers all drive brand new cars

King_Martha
King_Martha

You can sell a car at any time. It's an asset.

You can't sell a degree you fuckin idiot.

SomethingNew
SomethingNew

You sell a degree every time you write it on a resume

SniperGod
SniperGod

I cant sell it therefore give it to me for free

girlDog
girlDog

Can your debtor take your degree as payment? No, the closest is either garnishing your pay if you ARE employed
The other way would be debt slavery.

Can always repo a car, it has to be fully insured and registered and taxes paid, all income streams for as long as it was borrowed

iluvmen
iluvmen

You buy a P.O.S. for your first car, or get a hand me down from your folks. You don't buy a new fucking car.

Flameblow
Flameblow

Car loans are the kryptonite to the middle and lower class.

A car lease to a wagecuck is like an ugly fat white woman to a black man. Irresistible

TurtleCat
TurtleCat

buying a car
get a bike or move to a city with decent public transit or rent a place right next to work.

debt
who would have guessed that americans who love buying shit but aren't getting pay raises are fucked.
are whole post-Fordist economy is based off of debt.

Stark_Naked
Stark_Naked

Op brings up a good point that I've been looking at for a while. The average length of a car loan these days is like 63+ months. Ford itself has $95 billion in receivables for these loans. A large percentage of that has to be worthless. The loans they take out to finance all of this is around 127 million. What do people think about shorting it? The second a recession hits Ford is going to sink.

lostmypassword
lostmypassword

Yes, so what is your point? Why should college debt be forgiven and not auto debt?

Crazy_Nice
Crazy_Nice

My point is auto debt isn't really "forgiven" an asset is collected, that even if destroyed, had to be insured. The bubble created by auto defaults will be just that.
Students are not fully insured, the bubbles gonna be worse, I approve of debt slavery for pic related, but honestly a useless slave isn't much of an asset

AwesomeTucker
AwesomeTucker

Cars are liabilities

PurpleCharger
PurpleCharger

Schiff is right again. Prepare for the recession my friends.

Stupidasole
Stupidasole

Most of the creditors are foreign companies such as Toyota and Honda
Implying getting busted on their incompetent financial decisions is something we should worry about

Their loss, not mine

Illusionz
Illusionz

Get car loan
Pay 40k total for a car worth 25k
Boast about it

They're idiots. A car is a tool to get from A to B, a well preserved used car for 5k will serve you well without raping your bank account.

happy_sad
happy_sad

Not knowing most companies offer 0% interest rate

There is nothing dumb about taking full advantage of the offers from desperate auto manufacturers. If you couldn't make a payment on due date, they are the ones who are getting screwed.

takes2long
takes2long

What if you could gain from their loss?

massdebater
massdebater

Absolutely you should go for it. I always advise my clients that they should take full advantage of some car manufacturers' financial offers. The companies are basically taking the risk for you to move their stocks.

Burnblaze
Burnblaze

the only time you can buy a car really is when it's no more than 25% of your salary

Evil_kitten
Evil_kitten

Just bought a 2016 jeep for 45k. Ended up putting 12k down and got great rates for the rest. I kinda feel like shit buying a new car, but it's for the wife/kids. I don't even have a personal vehicle. 150k income. Mixed feelings.

JunkTop
JunkTop

Lmao show this to that debtawareness.com cuck

GoogleCat
GoogleCat

ASSET INFLATION NIGGA
ASSET INFLATION

JANET YELLEN MADE YOU HER BITCH

TAKE THOSE NEGATIVE INTEREST RATES BITCH BOI

iluvmen
iluvmen

You make 150K a year and you couldn't afford to purchase a car outright?

Supergrass
Supergrass

tfw I make $18/h and my co-workers all drive brand new cars
change $18 to $11.25 and people still somehow drive around brand new cars.

Sir_Gallonhead
Sir_Gallonhead

change $11.25 to "broke college students" and people still somehow drive around brand new cars

Evil_kitten
Evil_kitten

work in the auto business
people that can't afford to buy a shitty car outright for $500 buy $25k garbage piles that lost 80% of their value in 5 years
meanwhile you could have bought a $20k Ferrari 308 10 years ago and sold it for $85k now, or a $40k Testarossa and sold it for $120k now
Take it from a pro, ALWAYS buy Ferrari. If you need a commuter get a Mondial or 400i, costs the same as a Corolla and you will make money on it.

w8t4u
w8t4u

Who said anything about starting $30,000 in the hole? my first car was $5k, next one was $4.2k then bought a new corrolla for $16k got 200k miles out of it with no mechanical problems at all other than normal wear and tear. Sold it for 5k and just bought a used luxury car with 44k miles for $16.8k because I make good money now and I drive often enough that I want to enjoy it. You shouldn't spend a lot unless you make a lot. You're meant to start small and as you make more get better cars.

massdebater
massdebater

Considering all my other expenses? No. Kids are insanely expensive, especially the early years.

idontknow
idontknow

Pretty much this, but it's my employees and they make $16-25/hr.

Playboyize
Playboyize

Paying for something that will cost only 50% by the next year.

There is no awarenes to rise, just dumb people.

Emberburn
Emberburn

I disagree on your point.

If you borrowed 30K at 0% to buy something that losses 10% of its value every year, is that really that much smarter than everyone else who might pay 2-3% interest to buy the same thing ?

Used cars are where its at, you buy a nice used car that is 4-5 years old, no major defects, still feels new, lots of life left and costs 1/2 (or less) what the original owner paid for it.
Granted you can down further down the scale and spend 15/10/5 thousand, but of course at some point you're just going from one beater to another..

Evilember
Evilember

My biggest concern on used cars is how do you know the previous owner didnt abuse the fuck out of it.
redlining every gear all day every day
hard cornering, smashing potholes and speedbumps etc.
doing proper routine maintenance

GoogleCat
GoogleCat

Yeah all used cars are dolled up before being sold so it's nearly impossible to tell

TurtleCat
TurtleCat

This!

My wifes last few cars have been:
2008 Bought a 2001 Infiniti I30 for $5000
2012 Sold I30 for $3500 bought 02 VW Passat for $4000
2015 Sold Passat for $3000 and bought 2007 Caravan for $5500

We have 3 kids so a van was becoming a must and its fricken awesome on trips.

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