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post #1 of 23 (permalink) Old 02-18-2008, 07:28 PM Thread Starter
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Auto Repos spike

Quote:
A growing number of Americans are buckling under the weight of debt as the troubles that started among homeowners with subprime mortgages last year spread to other consumers who rely on credit. Auto loan borrowers are having an especially hard time. The number of people more than 60 days late on their car payments has spiked to a 10-year high, according to Fitch Ratings.
http://www.washingtonpost.com/wp-dyn...87.html?sub=AR

Quote:
Consumer debt reached an all-time high of $2.55 trillion in December, nearly double from a decade ago, according to the Federal Reserve.
$2.55 Trillion is $25K per house hold.

Last edited by TexasDevilDog; 02-18-2008 at 07:33 PM.
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post #2 of 23 (permalink) Old 02-18-2008, 07:33 PM
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I'll take living beyond your means for $500 Alex.

I really want to see a geographic representation that plots the statistics.
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post #3 of 23 (permalink) Old 02-18-2008, 08:17 PM
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Originally Posted by AdamLX
I'll take living beyond your means for $500 Alex.

I really want to see a geographic representation that plots the statistics.
they just thought they were living the American dream...
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post #4 of 23 (permalink) Old 02-18-2008, 08:34 PM
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so where do these repo'd cars go? im lookin into a new car HRMMMMMM
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post #5 of 23 (permalink) Old 02-18-2008, 08:51 PM
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People are just as stupid about buying cars they can't afford as they are about buying homes they can't afford. And anyone with a pulse can get financed. "You make $10/hr, have zero down,are $8000 upside down in your trade in, and rate 28% interest rates ....and you want to buy a F-250 King Ranch 4WD.....step into my office"

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post #6 of 23 (permalink) Old 02-18-2008, 08:55 PM
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Numbers can be twisted right up somebody's ass if you don't know what you're getting into, that's for damn sure. I like that comment about the american dream-priceless...

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post #7 of 23 (permalink) Old 02-18-2008, 09:04 PM
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about 2 months ago we had a 2007 dodge ram megacab 4x4 6spd with less than 600 miles on it that was being repo'd. They bought the truck in September, so they must have never made a single payment on the truck.

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post #8 of 23 (permalink) Old 02-18-2008, 09:14 PM
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atv's motorcycles and jet skis

Atv's motocycles and jet skis.

Typically they all goto a auction in carrollton.

I can bet that 99 percent of the cars that are repo's they all goto the Dallas auto auction.

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post #9 of 23 (permalink) Old 02-18-2008, 09:16 PM
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i'm not surprised!!!!!!

hell i went to Vegas with my buddy and he used part of his student loan to cover his trip... lol

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post #10 of 23 (permalink) Old 02-18-2008, 10:33 PM
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Quote:
Originally Posted by TexasDevilDog
http://www.washingtonpost.com/wp-dyn...87.html?sub=AR



$2.55 Trillion is $25K per house hold.
IMO it is just going to keep snowballing and getting worse for a period of time as this thing keeps unrolling and spreading. I think the next thing you'll begin to see is layoffs since consumers are tapped out and cannot spend any more to keep the economy floating.
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post #11 of 23 (permalink) Old 02-18-2008, 10:41 PM
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Quote:
Originally Posted by mikeb
IMO it is just going to keep snowballing and getting worse for a period of time as this thing keeps unrolling and spreading. I think the next thing you'll begin to see is layoffs since consumers are tapped out and cannot spend any more to keep the economy floating.
people talk about the widening gap between rich and poor all of the time, which in all reality, isn't true. we have an exponentially increasing "middle class". However, I too align with your train of thought, and over the next few years, we're going to see this "middle class" start to melt away, and there's going to be a lot of have and have nots.

Those who don't have any debt, spend wisely, have saved wisely, and act in an all around financially responsible manner will be the haves.

Everyone else will be the have nots. This is anyone who got a sub-prime mortgage, anyone who makes $30k/year and has a $25k car note, anyone who pays off one credit card with another, or as they're so affectionately known here, $30k millionaires.

This basically means that the $30k millionaires on here won't have time for this site and won't be on here nearly as much, which will free up bandwith for those of use who are financially responsible, or as is my case, are still sucking off mommy and daddy's titty for my existence.

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post #12 of 23 (permalink) Old 02-18-2008, 11:15 PM
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Quote:
Originally Posted by SOHC
people talk about the widening gap between rich and poor all of the time, which in all reality, isn't true. we have an exponentially increasing "middle class". However, I too align with your train of thought, and over the next few years, we're going to see this "middle class" start to melt away, and there's going to be a lot of have and have nots.

Those who don't have any debt, spend wisely, have saved wisely, and act in an all around financially responsible manner will be the haves.

Everyone else will be the have nots. This is anyone who got a sub-prime mortgage, anyone who makes $30k/year and has a $25k car note, anyone who pays off one credit card with another, or as they're so affectionately known here, $30k millionaires.

This basically means that the $30k millionaires on here won't have time for this site and won't be on here nearly as much, which will free up bandwith for those of use who are financially responsible, or as is my case, are still sucking off mommy and daddy's titty for my existence.
$30k millionaires are not subject to this because they rent apartments and do not have to worry about real expenses that come with mortgages. They are benefitting from these times because Bernake has lowered the rate on their debt, thus afford them the ability to ball even harder, yo. When the ship starts to right it's self, then you will have a whole new group of repos from the Budget Ballers who racked up more debt and have to pay the piper once the prime rate goes back up.

Until then, we will continue to see carfax requests on BMWs by members still renting a one bedroom apartment or even living at home.
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post #13 of 23 (permalink) Old 02-18-2008, 11:17 PM
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Quote:
Originally Posted by SOHC
Those who don't have any debt, spend wisely, have saved wisely, and act in an all around financially responsible manner will be the haves.

Everyone else will be the have nots. This is anyone who got a sub-prime mortgage, anyone who makes $30k/year and has a $25k car note, anyone who pays off one credit card with another, or as they're so affectionately known here, $30k millionaires.
Don't worry, there will be government programs to help the have nots keep their Escalades and Navigators while buying groceries with their Lone Star Card. Hopefully we can get a liberal in office that'll figure out some way for them to afford gas for their SUVs.
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post #14 of 23 (permalink) Old 02-19-2008, 05:07 AM Thread Starter
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Quote:
Originally Posted by SOHC
people talk about the widening gap between rich and poor all of the time, which in all reality, isn't true. we have an exponentially increasing "middle class". However, I too align with your train of thought, and over the next few years, we're going to see this "middle class" start to melt away, and there's going to be a lot of have and have nots.
It is amazing to me that the poorest people are the people that waste their money the most by borrowing too much (high interest), being late on payments (fees), buying the stuff that should not be priority like 22"s, $1000 car stereos and 50"+ TVs.
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post #15 of 23 (permalink) Old 02-19-2008, 06:15 AM
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Quote:
Originally Posted by TexasDevilDog
It is amazing to me that the poorest people are the people that waste their money the most by borrowing too much (high interest), being late on payments (fees), buying the stuff that should not be priority like 22"s, $1000 car stereos and 50"+ TVs.
you mean black people...im kidding
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post #16 of 23 (permalink) Old 02-19-2008, 06:56 AM
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The wife just told me that a friend of hers has two friends that are $70k and $80k in credit card debt. I have to think that there are a lot more people out there like this that used poor judgement and are inches away from going under. These people cannot weather any kind of economic downturn, job loss, or massive price increases to the cost of living. And I believe that some bumps are going to be ahead for all of us in these areas.
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post #17 of 23 (permalink) Old 02-19-2008, 08:03 AM
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Quote:
Originally Posted by TexasDevilDog
It is amazing to me that the poorest people are the people that waste their money the most by borrowing too much (high interest), being late on payments (fees), buying the stuff that should not be priority like 22"s, $1000 car stereos and 50"+ TVs.
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post #18 of 23 (permalink) Old 02-19-2008, 08:27 AM
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Quote:
Originally Posted by mikeb
The wife just told me that a friend of hers has two friends that are $70k and $80k in credit card debt. I have to think that there are a lot more people out there like this that used poor judgement and are inches away from going under. These people cannot weather any kind of economic downturn, job loss, or massive price increases to the cost of living. And I believe that some bumps are going to be ahead for all of us in these areas.
The credit card issuers get what they deserve when they continue to issue new accounts to people already under such a debt load already and they default.
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post #19 of 23 (permalink) Old 02-19-2008, 10:22 AM
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Originally Posted by Mr Majestyk
The credit card issuers get what they deserve when they continue to issue new accounts to people already under such a debt load already and they default.
I agree. But i'm also damn glad that we are not living on credit cards at the moment either. Doing so is the slow death spiral to financial disaster.
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post #20 of 23 (permalink) Old 02-19-2008, 10:25 AM
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Quote:
Originally Posted by AdamLX
I'll take living beyond your means for $500 Alex.

lmao!! sad days for sure. i love living/paying by cash.

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post #21 of 23 (permalink) Old 02-19-2008, 10:38 AM
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It's just gonna get worse. The banks are going to take another round of massive write downs this quarter. You can't have a recovery until the system is stabilized and that's a long time coming. It's all about self-preservation for the banks right now.

The Feds introduced a new credit facility a few months back (very quietly I might add!) and already the banks have borrowed about 50 billion in one-month funds.

Sadly, the banks are using the same crap no one else wants as collateral... so if the banks to fail... we, as taxpayers, will be owning the same crap no one else wants.

Banks, it appears, have at least started to stabilize reserves. To me, this means the banks are taking in billions in "charity" from the government but they aren't lending it out to help the economy (self-preservation). So the "stimulus" the Fed is doing by lowering interest rates and pumping money into the economy isn't getting to where it is needed most for a true recovery. But we get all the wonderful benefits of inflation which is caused by the increased money supply and lower interest rates.

My 401K is now a 400K (was 301K)
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post #22 of 23 (permalink) Old 02-19-2008, 10:48 AM
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There are a lot of people who are just plain fucked. They are going to die a slow horrible financial death too.

I am amused that the banks are the ones who are going to take it in the ass on this deal though. Not that they care, they have made tons of money in the last 15 years off of this credit orgy we have going on.
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post #23 of 23 (permalink) Old 02-19-2008, 10:50 AM
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Quote:
Originally Posted by 01WhiteCobra
It's just gonna get worse. The banks are going to take another round of massive write downs this quarter. You can't have a recovery until the system is stabilized and that's a long time coming. It's all about self-preservation for the banks right now.

The Feds introduced a new credit facility a few months back (very quietly I might add!) and already the banks have borrowed about 50 billion in one-month funds.

Sadly, the banks are using the same crap no one else wants as collateral... so if the banks to fail... we, as taxpayers, will be owning the same crap no one else wants.

Banks, it appears, have at least started to stabilize reserves. To me, this means the banks are taking in billions in "charity" from the government but they aren't lending it out to help the economy (self-preservation). So the "stimulus" the Fed is doing by lowering interest rates and pumping money into the economy isn't getting to where it is needed most for a true recovery. But we get all the wonderful benefits of inflation which is caused by the increased money supply and lower interest rates.
Or the bastards are loaning it out using inflated spreads and pocketing a bigger difference than they used to, which is the current state of commercial real estate lending.
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