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Thread: GM Ramps Up Risky Subprime Auto Loans

  1. #31
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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by danarhea View Post
    I am not a serial defaulter. My ethics tell me to pay my bills, which I do. However, I did have an incident with Bank of America a while back. They raised my interest rate from 12.9 to 29.9. No problem yet. They have the right to charge whatever they want, and I have the right to choose whether or not to accept that rate. However, what the douche bags also did was to apply that 29.9 rate on everything that I had already charged when it was still 12.9. They also increased my monthly payment. That was pure, unadulterated theft on the part of Bank of America. I made calls and they pretty much told me tough ****. That's when I decided they were right, and defaulted on the payments I owed. When they called me, I pretty much told them the same thing they told me earlier..... tough ****. As a result, my credit is ruined, but I knew that would happen when I made my decision to screw them back and screw them harder than they screwed me. It's OK. I paid off everything else, and even after the 7 years goes by, and I can get credit again, I will not do it. I don't need them. In fact, Bank of America and your other banksters need us more than we need them. This whole episode taught me a lesson that I had not learned before in my entire 60+ years of existence on this planet. You can do quite well without the banksters. Just be prudent in your own spending, and if something costs a lot of money, just save up for it. There is no reason in the world to become a slave to the greed of banksters, and be victimized as a result. In 3 more months, I will have the last of my debt paid off (my car), and at that time I will be able to say that I am my own man, and I owe nobody anything. It is going to stay that way too. **** the banks.
    Very smart. And I'm glad you've seen the light. Anyone who carries a credit card balance from month to month is asking for trouble. There are certain times we need to pay for things over time, but people charging their groceries? Their gas? (And not paying them off every month.) Their vacations, and not paying them off in a year? They're just living beyond their means.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

  2. #32
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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by MaggieD View Post
    Very smart. And I'm glad you've seen the light. Anyone who carries a credit card balance from month to month is asking for trouble. There are certain times we need to pay for things over time, but people charging their groceries? Their gas? (And not paying them off every month.) Their vacations, and not paying them off in a year? They're just living beyond their means.
    You HAVE to let SOME of the dept from credit carry over per month, in order to build credit. And without credit, most will NEVER be able to own a house. Honestly. How is someone paying, on average, 800-1200 month rent, going to ALSO be able to save up 140-200K, to purchase a house? Or even 15K for a car?


    I understand the sentiment of danarhea's post about being dept free, and not needing the banksters...but that's a sentiment from the view point of someone who ALREADY OWNS these things he needs. Someone who's 25 isn't going to be in that same situation.

    And as long as the banksters own the majority of the property and capital, THEY are the gate keepers of who get's to get what they need.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

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    Re: GM Ramps Up Risky Subprime Auto Loans

    011212_7.jpg


    On another note...just look at this beauty...
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

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    Re: GM Ramps Up Risky Subprime Auto Loans

    Someone sign me up for a sub prime loan for THAT.

    I'd probably have to sell the current vette...which....I don't know if I could bring myself to do it....put lot of work into that old girl...
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

  5. #35
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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by Born Free View Post
    People need cars, why? Do we not have public transportation? Sub-prime loans, put the housing market upside down. Now GM after going broke once, wants to do it again by giving away cars that won't be paid. And worse yet it's the tax payer who ends up paying for it in the end as we already did once. Maybe your OK with that but I'm not.
    Yes, people need cars. No, a lot of places do not have public transportation (pubtrans) or enough of it to move people from home to work and back. Due to districting, there are also a lot of manufactures and other businesses that are miles from the nearest housing. Not to mention, that even in areas with decent pubtrans, homes are often far away from the stations and parking is limited and expensive at some of the garages for parking at the pubtrans stations. True, it is less than if they actually drove, assuming they can actually find parking on a given day. Most larger towns or even cities do not have money to put into full pubtrans and it is not profitable enough for private venture to get into it. And, like me, some people live in rural areas where there will probably never be pubtrans.

    Cars are not like homes. Cars, except certain ones at 20 or so years old, never increase in value. They are not an investment like a home is. Also, many of those sub-prime applicants are not sub-prime through any actions of their own (other than using credit cards and consumer credit to begin with). They made payments, but had interests increase, limits lowered, causing the to show over-limit thus raising their interest even higher. Privacy laws also now "protect" the buyer from disclosing income and out-payments, thus limiting the financing institution to rely on these credit score companies. If I have made payments on time, haven't went over my limit, I could have a very high score and still have the new loan go over what I would actually be able to pay. These type of laws and practices don't protect anyone, but they do ensure the credit agencies make a nice profit. Also, take it from me, if you rarely use credit, have no credit cards and pay everything but your house off early everytime, the credit companies don't much like you either.

    Homes and cars are pretty much the only credit items that can come close to being considered necessary. As to why these companies charge higher rates to those who are supposedly, at least according to their score, less able to pay, simple, it is higher risks, they want more back to take that risk.

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    Re: GM Ramps Up Risky Subprime Auto Loans

    By the way, anyone here a loan officer who deals in subprime loans? I would like to take out a loan in the amount necessary to seize full control of GM.

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    Re: GM Ramps Up Risky Subprime Auto Loans

    I always wondered what would happen if I went to bank for a business loan with a fully drawn out business plan to start my own bank.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by Born Free View Post
    I recall you mentioned that Europe should not be imposing austerity measures but instead keep pumping money into the economy. In order to do that they have to borrow. Now take Spain paying over 7% in interest. Nobody will lend to Greece no matter what the interest rate is. So yes GM is getting a higher interest rate due to the added risk, the problem is GM is doing this to boost sales thus the underwriting standards you speak of may very well be absent.
    Your whole case is built on baseless speculation (bold type). But it's very poor speculation as it would not benefit GM to boost sales by writing bad loans.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by AdamT View Post
    Your whole case is built on baseless speculation (bold type). But it's very poor speculation as it would not benefit GM to boost sales by writing bad loans.
    Especially when new cars lose $5,000 or more of their value the minute they are sold and drive off the lot.

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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by KevinKohler View Post
    011212_7.jpg


    On another note...just look at this beauty...
    Meh, the muscle car will never be what it once was. Besides, the Corvette has always been more of a mid-life crisis car to me. If I want expensive speed and performance, I'll get an Aston Martin.
    I love the NSA. It's like having a secret fan-base you will never see, but they're there, watching everything you write and it makes me feel all warm and fuzzy inside knowing that I may be some person's only form of unconstitutional entertainment one night.

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