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Thread: GM Ramps Up Risky Subprime Auto Loans

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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by Lokiate View Post
    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.
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    Re: GM Ramps Up Risky Subprime Auto Loans

    I'd have to get a pilots license, which I won't do because I hate flying.
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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by Lokiate View Post
    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.
    You kidding? The Z06 is the best performance deal running. Don't get me wrong...Astons are, and always have been beautiful. Moderately fast, too. But very expensive. 130k, I think, for a base db9. Z06, which is far and away faster, is almost half that, though I'll wager the Aston is a lot nicer to drive, on a daily basis...though, with the new magnetic shocks, I can't STRESS how great the new chevs ride.
    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 KevinKohler View Post
    You kidding? The Z06 is the best performance deal running. Don't get me wrong...Astons are, and always have been beautiful. Moderately fast, too. But very expensive. 130k, I think, for a base db9. Z06, which is far and away faster, is almost half that, though I'll wager the Aston is a lot nicer to drive, on a daily basis...though, with the new magnetic shocks, I can't STRESS how great the new chevs ride.
    LS7 is a hell of a motor, though for around 100k a GTR would be preferable over both for pure driveability. AWD, Launch Control, Fantastic brake set up, 500 plus hp.. One of the few modern cars I'd actually spend serious money on.

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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by Hare View Post
    LS7 is a hell of a motor, though for around 100k a GTR would be preferable over both for pure driveability. AWD, Launch Control, Fantastic brake set up, 500 plus hp.. One of the few modern cars I'd actually spend serious money on.
    I'd never own one...not because it's a bad car, but because it's too complex. I like cars that I can fix my self, for the most part. For pure enjoyment in the real world, though? GTR is probably hard to impossible to beat.
    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 KevinKohler View Post
    I'd never own one...not because it's a bad car, but because it's too complex. I like cars that I can fix my self, for the most part. For pure enjoyment in the real world, though? GTR is probably hard to impossible to beat.
    Frankly, except for the need for a warranty, I would stay completely away from newer cars. It may cost a bit, and some won't agree that it is worth that cost, but I prefer transferring a lot of modern technology onto older vehicles. Sure, it's going to cost me a little over $4k to put a decent sequential fuel injection system onto my current project, a '71 Chevelle (I would go for direct injection, but haven't found anyone that produces the system and heads aftermarket for a 454), but I will have complete control of the system (once I learn the software) and I won't need all those special tools and testing equipment to use and troubleshoot it. If I wanted a 'vette, I would go for a late 70s early 80s (80-82) model, they look cooler and for less than half the cost of a Z06, I can add the drivability and end up with one that is faster, better handling, more fuel efficient and would kick the ass of any new one or a GTR. Because I don't have to deal with EPA restrictions, other than cats on post '76 models before the introduction of OBD-I, I can do a lot more with it than anyone ever legally could with the new ones.

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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by KevinKohler View Post
    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?
    No, actually you don't have to carry over to build credit. There is nothing more reflective of good use of credit than paying off the balance every month. Who has to save up $140K to purchase a house? If you're paying $800-$1200 a month rent, you've pretty much got the monthly house payment covered and then some -- you're just throwing it away on rent. Mortgage Calculator just gave me the monthly principal/interest/1.25% real estate taxes/private mortgage amount for $130,000 (assuming $10K down on a $140K house). It's $620.00 a month. It's not very smart to pay 15% interest on a credit card while saving for a house and earning practically zero on that money you're setting aside. No. If you are carrying a balance for anything other than emergency purposes? You're throwing money down the toilet.

    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.
    Interest rates for home mortgages are the lowest I've seen in my lifetime. Banks are happy to lend it to credit-worthy buyers. Don't waste money (15% interest or more) carrying a balance on your cards. Live beneath your means. Pay off your credit cards. Save for a downpayment and buy a home to lock in that 30-year rate. You will never be sorry.

    If people have parents who are doing well, they should be asking to borrow the downstroke from them. Offer them 5% on their money and they'll jump at it...if they perceive you as a man of your word. Don't have parents in that situation? Ask another relative. If they have faith in you, they will lend it. They're getting less than 1% on their money in the bank right now and would jump at the chance to earn 5%. If they perceive you as a man of your word.

    Edit: To all -- did you know that, when you carry a balance, you are charged interest on current purchases from the time you make them??
    Last edited by MaggieD; 07-30-12 at 01:43 PM.
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    Re: GM Ramps Up Risky Subprime Auto Loans

    My son just went thru a period of getting calls related to his oldest child's brain tumor issues, LSS once he got a lawyer the insurance company decided to cave in and pay his daughter's bills....
    But in the interim, he just told them to do whatever they wanted, he was NOT paying bills now that the insurance company should have paid last year, and will probably pay next year. He was told by a friend that if he did pay, he would have a hard time getting the money back, and that future creditors don't look at unpaid medical bills as harshly as they do for unpaid credit card bills, car payments, etc.
    For young people starting out, tho, the credit card is a useful tool, and at the same time a financial trap.
    Having more car and/or house than you need is a trap. Trying to have all the things right now that Mom and Dad have accumulated over 25-30 years is a trap. Trying to impress your friends is a trap.
    Once you start borrowing for un-needed items, you start to lose control of your future.
    OTOH, it IS good for the nation's economics, just not YOUR economics..
    The smart thing will almost always be to save for what you want and then pay cash, and ask for a cash discount....
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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by UtahBill View Post
    My son just went thru a period of getting calls related to his oldest child's brain tumor issues, LSS once he got a lawyer the insurance company decided to cave in and pay his daughter's bills....
    But in the interim, he just told them to do whatever they wanted, he was NOT paying bills now that the insurance company should have paid last year, and will probably pay next year. He was told by a friend that if he did pay, he would have a hard time getting the money back, and that future creditors don't look at unpaid medical bills as harshly as they do for unpaid credit card bills, car payments, etc.
    For young people starting out, tho, the credit card is a useful tool, and at the same time a financial trap.
    Having more car and/or house than you need is a trap. Trying to have all the things right now that Mom and Dad have accumulated over 25-30 years is a trap.
    Trying to impress your friends is a trap.
    Once you start borrowing for un-needed items, you start to lose control of your future.
    OTOH, it IS good for the nation's economics, just not YOUR economics..
    The smart thing will almost always be to save for what you want and then pay cash, and ask for a cash discount....
    My daughter is just that way. She wants everything all at once. I can't make her understand that it takes years and years to build up some of the things we've got.

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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by KevinKohler View Post
    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.
    no, you don't have to carry an unpaid balance....that isn't the only thing they look at. We have always paid off the credit card bill as soon as it arrives. Income vs. outgo to prove you can make the payments is the big issue with the banks, along with not having late payments on your record.

    Had a realtor, long time ago, tell my wife that interest paid on a mortgage is a tax credit, not just a deduction from taxable income. The guy was trying to get his broker's license, and had failed several times. I wonder why? He didn't even understand the difference between a deduction and a credit.
    He was trying to tell us that we NEED the tax deduction. Truth is, if you have the money to pay off the mortgage, you are far better off to do so. The interest paid is deductible, but only a percentage of it comes back. THE REST IS GONE, to the banks.
    Yes, you will pay a bit more in taxes, but the net result will be a lot more money in your pocket, and a lot less in the banks pocket.
    So, if you ask the bankers what to do, guess what THEIR response will be?
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