President Biden should have cancelled student loans when he had a chance.
Now that the predatory student loans have started back up people have to choose between paying the predatory student loans or the predatory auto loans.
If he can manage to cancel both before the next election he will have a good shot at getting reelected.
I’ll probably never time the market like this again. But when my work switched to remote in 2020 I sold my 2018 Buick with less than 15k miles on it for 32k. More than I paid. Then in late 2022 I bought a 2018 Subaru Outback with 35k miles on it for 20k. Straight cash. No loans. Still had money left over from selling my Buick.
r/fuckcars
I don’t see a problem here. There are auto loans, and then there are *subprime* auto loans. And “subprime” means that a loan was given to someone with a dubious ability to pay the loan back.
The one issue I see is, with supply shortages, the prices of automobiles was inflated. So now, many of these loans are underwater, since the automobile is worth less than the outstanding balance on the loan.
And then the other part – like subprime mortgages back in 2008, a lot of these subprime auto loans were bundled into securities and sold to investors. So, I don’t see systemic issues coming out of this. It is not a large enough chunk of money.
Makes sense. Prices are insane. I need two newer cars but I’m sitting on cash, waiting for prices to cool. I’m confident they will, as so many people are willing to jump into big auto loans (never made any sense to me).
Same stupid recycled article comes out every other month. Yes, debt is at an all time high and tomorrow that debt will be higher.
If Blackrock isn’t making this the new wave 🌊 consumers that have been patiently stacking and waiting. Some great deals to come off a lot emotional buying and stupid financial decisions.
8 comments
Cheap cars for the rest of us
President Biden should have cancelled student loans when he had a chance.
Now that the predatory student loans have started back up people have to choose between paying the predatory student loans or the predatory auto loans.
If he can manage to cancel both before the next election he will have a good shot at getting reelected.
I’ll probably never time the market like this again. But when my work switched to remote in 2020 I sold my 2018 Buick with less than 15k miles on it for 32k. More than I paid. Then in late 2022 I bought a 2018 Subaru Outback with 35k miles on it for 20k. Straight cash. No loans. Still had money left over from selling my Buick.
r/fuckcars
I don’t see a problem here. There are auto loans, and then there are *subprime* auto loans. And “subprime” means that a loan was given to someone with a dubious ability to pay the loan back.
The one issue I see is, with supply shortages, the prices of automobiles was inflated. So now, many of these loans are underwater, since the automobile is worth less than the outstanding balance on the loan.
And then the other part – like subprime mortgages back in 2008, a lot of these subprime auto loans were bundled into securities and sold to investors. So, I don’t see systemic issues coming out of this. It is not a large enough chunk of money.
Makes sense. Prices are insane. I need two newer cars but I’m sitting on cash, waiting for prices to cool. I’m confident they will, as so many people are willing to jump into big auto loans (never made any sense to me).
Same stupid recycled article comes out every other month. Yes, debt is at an all time high and tomorrow that debt will be higher.
If Blackrock isn’t making this the new wave 🌊 consumers that have been patiently stacking and waiting. Some great deals to come off a lot emotional buying and stupid financial decisions.