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Thread: repo crisis

  1. #1
    Join Date
    Oct 2009
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    Default repo crisis

    If you don't already know about this, you should do some research because it is potentially a big deal.
    I am interested in what you think.
    Is it real?
    Or is this just another of the impending disasters folks on this board have seen come and go over the years with barely a blip?
    What is the true underlying cause?
    What is the potential for disruptions?

    Most importantly what are you doing differently based on your view?

    I don't want to prejudice your responses with my opinion, so here's a blank slate
    What say you?

  2. #2
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    Jun 2013
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    Default

    I think it is certainly a real problem. It is not the end of the world but it is yet another very large pothole in an already very rough road. I think it is just evidence of the bad times that are fast approaching. Prep up while you can, by this time next year you will likely wish you had.

  3. #3
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    Default

    I think there will always be people that live on the edge (of credit) and don't plan ahead for something like losing a job. As long as we have a businessman (such as Trump) in the WH. I believe we will be stable, BUT put a liberal with some half baked idea of free everything for everybody, or make laws that tie the hands of the banks, so they can claim they "solved" the problem and the equation will change over night.
    Last edited by Winni; 12-14-2019 at 11:28 AM.
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  4. #4
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    Oct 2008
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    Montana
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    Default

    Auto loans are the next bubble to pop. When you have cars costing as much as a small house in some areas, you have a problem. For example, wife and I decided for giggles to price out a new truck this past summer. I found one we were looking for(Chevy 3500 4x4 Duramax with a manual transmission), and started talking numbers with the sales rep(former coworker, so he played along). For that particular model, with every bell and whistle, came out to right at $98,000. But, hey, they now offer 10 year financing, and my payment would only be around $900 a month!! The guy the next table over got it hard without the lube. Fair credit, no down payment, and his payment was only $1290 a month. My "payment" would have been over half of my take-home pay every month. Now figure buying a "luxury vehicle" like a Caddy, Mercedes, or BMW that can easily break the $120K mark.

    Auto loans aren't as easy to "lump and sell" as mortgages are. The finance company/bank are stuck with those unless they fold.
    Μολὼν λαβέ (Molon labe), “Come and get them!”

    Nobody owes you anything. You're only entitled to what you worked for.

    "Freedom is the right of all sentient beings." - Optimus Prime

  5. #5
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    Oct 2009
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    Default

    I am debt free.
    66yrs old and only owned two new vehicles in my lifetime - one was heckof a deal because dealer went bankrupt.
    car loans and new cars are a fools game
    and yes car loans will first to go in the US

    but the real action is in Europe just going to spread here because the world is so interconnected.

  6. #6
    Join Date
    Jan 2009
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    Default

    I like having a new car every 8 years. That way you get rid of it before any issues. But how I do it is pay money every month into a new car fund. For about 4 or 5 years skip payments if you must. But basically put up money to walk into the dealer and say. How much is this car if I write a check now. Do it on the last day of the month. They will cut it to the bone. I just got a $39k stickers Toyota 4 runner for $33k after tax

  7. #7
    Join Date
    May 2011
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    4,655

    Default

    I'm thinking about buying everything I can possibly buy on credit, and after the financial collapse they can come and get it. If they can find gas for their repo wreckers.

  8. #8
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    Default

    Quote Originally Posted by bambam View Post
    I'm thinking about buying everything I can possibly buy on credit, and after the financial collapse they can come and get it. If they can find gas for their repo wreckers.
    LMAO, they will use the gas from their other repo's to get your stuff.
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  9. #9
    Join Date
    Dec 1969
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    Lake LBJ, Texas
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    Default

    Im trying to get debt free. Have about 8 months left on my house. A 15 year note that we paid extra on principle and will finish in 8 years. Truck was paid off but died in flood so started over but with big down. Three year note on it as well, I hate long notes on anything.
    Once on safari in deepest darkest Afganistan we ran out of Gin, and were compelled to survive on food and water for several days.


    I typically carry a flask of vodka for snakebites. I also carry a small snake.- W. C. Fields

  10. #10
    Join Date
    Aug 2007
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    5,058

    Default

    I just bought the first NEW vehicle I've ever owned and I'm 44 y/o. There's zero sense in buying used for Toyota tacomas because they don't lose resale unless they're REALLY high miles. My new one with 2 years maintenance and 100k factory extended warranty was slightly less than a 2 year old low miles one with just a few more options. I don't care about a ton of options, and my car allowance from work more than covers it. Lots of people I know have 90-120k cars and trucks, it's just not for me unless there's lottery money involved. Ha ha
    Common sense is so uncommon nowadays it ought to be reclassified as a super power

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