Cascade Crew

aaron_sK · Posted: Fri Nov 27, 2009 1:52 am Post subject: And... told ya so!!!

http://www.cardealerreviews.org/?p=116852

Freakin' suckers. Conned into ruining the used car market for people (like me Razz

) and signing more of their income away as needless "interest" to Chinese debtors.

Richster · Posted: Sat Nov 28, 2009 9:32 am Post subject:

Awesome article!
You said it...another way to get your hard earned coin!
I saw 3rd gens in the CLC yard, however I didn't think they qualified, but when it comes to a cheese-ball making a vehicle sale
I am sure there are all sorts of bent rules! Shocked

It did hurt the used market...just ask the brokers that lease the end spot of my building, they moved a lot of clean and well maintained older vehicles and there was great market / demand
for those vehicles...now they specialize in ricers and european rides!
Perhaps for some the CLC worked...but there were numerous hidden agendas in the program.
Truly a deceptive double edged sword!

Al Hasse · Posted: Sat Nov 28, 2009 10:48 am Post subject:

Not that I would have participated, neither one of my 3rd gens would have qualified because their decent mileage. I am now without a car payment. Why would I trade a perfectly running (well, almost) vehicle that I own outright for a car payment that I can't afford?

flea · Posted: Sat Nov 28, 2009 10:50 am Post subject:

its not just that its a double edged sword; it will (notice I said "will" not could or might or maybe) lead to record repo's in the next year or two. This whole thing stinks of the Community Reinvestment Act. After it was diddled about with through out most of the nineties, the end result record foreclosures on homes, bank bailouts, and sob stories on the news. In both cases, cars and homes, the government has made it too easy for people that can't afford cars or homes to buy them. Again notice the choice in words here, I said buy them not pay for them. It took ten to fifteen years for the housing market to collapse because most people put a real value on keeping their home and the fact that most mortgages are thirty years, so these people that were suckered in to homes they couldn't afford held on for between a third and a half of their mortgage life. The cash for clunkers will amount to the same deal, between a third and a half of the life of the car note and the repo man will come lurking. The reason is because politicians want to point to increased sales so they can say that americans have purchased more homes and more cars under brand X political party, meanwhile hoping that the crash comes under brand Y parties reign so that brand X can say 'see we got you into homes and cars, and these guys cost you your homes and cars'
The truth of the matter is the govt. needs to stay the hell out of it, the economy was bad during the cash for clunkers program, people wanted to hold off buying to see if they would lose their jobs or not. Some people simply couldn't afford to buy a car, but with a free down payment waved in their faces many jumped at it.

I have a friend that tried it. He drinks like a fish, he and his wife smoke like a forest fire, they can't pay their electric bill, always going to the church etc for help. They both make a very little bit of money, they tried to trade in their car for the promised pot o gold, they were turned down because it didn't run. punch line is that he got hurt at work and has been out on L&I for three months, when he comes back they are going to fire him because he is a serious liability. If they had bought that new car, what would their future be with that car?

Long winded I know, but I hate govt intervention for the sake of buying votes, and that is clearly what this was, and yes innocent people will be hurt because they grabbed at the "free" money. The article states that the new cars are between 250 and 350 per month, does that include full coverage ins. I think not. I also think that 250 is low balling it I think 350-450 is closer plus up to 100 a month for ins. some of these people are going to be paying upwards of 600.00 a month for the "free" money. If they could afford that they wouldn't have been driving old cars to begin with.

chevymad · Posted: Sat Nov 28, 2009 10:58 am Post subject:

Sounding like an opportunity awaits for some of us with a little bit of extra cash. When these repos start happening there will be some nice fairly new cars out for the taking.

flea · Posted: Sat Nov 28, 2009 10:59 am Post subject:

I guess thats the up side. And for those that lose their rides theres always the bus.

chevymad · Posted: Sat Nov 28, 2009 11:00 am Post subject:

flea · Posted: Sat Nov 28, 2009 11:04 am Post subject:

. . .and more crewbies.

Forget what I said its a good thing for everyone Very Happy

chevymad · Posted: Sat Nov 28, 2009 11:06 am Post subject:

Think of some poor stuck up import owner having to drive a camaro.. gives me a smile thinking bout it!

flea · Posted: Sat Nov 28, 2009 11:09 am Post subject:

ok just so I got the nomenclature right

poor stuck up import owner = Capt. Beamer

Is that right?

Richster · Posted: Sat Nov 28, 2009 11:30 am Post subject:

It is already happening, as I mentioned about the auto brokers next door, they are picking up bank repo's DAILY...I am talking NICE rides too, Infinity, BMW, Cedes...Audi, Acura and a few USA rides.
All of which belonged to as flea put it, someone who couldn't afford the ride to begin with, much like the housing crunch...give it away for a short time,
fake them into thinking they will actually own it at some time, and then get it back...Glorified Rent! Confused

Wednesday they had a beautiful Vette (I was looking hard at...Rich Jones??!) an Acura TL and an MDX, all of which were repos under 30K for mileage, and at a very good buy!
It tells us that some sap decided to play the Keep Up With The Jones's game and lost huge, I guess that game Is Alive & Well

RSFreak · Posted: Sun Nov 29, 2009 1:06 pm Post subject:

flea · Posted: Sun Nov 29, 2009 5:16 pm Post subject:

nah. The rent will jack your credit up too. You have to remember that the cars are being taken against the will of the "owner" so in the rent analogy, the renter is being kicked out on his non-rent paying arse.

RSFreak · Posted: Mon Nov 30, 2009 6:52 pm Post subject:

The bank is the "owner". The guy who defaulted on his loan is getting the car taken from him/her by the owner. Wink

flea · Posted: Mon Nov 30, 2009 8:08 pm Post subject:

i know thats why i put it in quotes. people who are making payments often consider themselves the "owner" but you're right the bank owns it.

dlp · Posted: Sat Dec 05, 2009 4:18 pm Post subject:

I think the lesson that is being ignored is that people need to make intelligent decisions for themselves and be accountable for those decisions. It isnt the banks fault that people over extend there credit, it's the individuals fault for spending money they dont have and or dont have the ability to pay back.

It's called accountability and there isnt much left in this country.

Dewey316 · Posted: Sat Dec 05, 2009 5:18 pm Post subject:

+1

We have been missing accountability and personal responsibility in this country for too long.

chevymad · Posted: Sat Dec 05, 2009 5:24 pm Post subject:

As long as the banks play by the rules they originally set. I've got a few accounts where they've changed things to suit themselves. All of a sudden your payments double, or the interest rates go to 35% for no reason. Now you could be in trouble, where before you were making your payments. How about the fixed rate card you had, that you just got notice is going variable. For like 23%+. If you have to stick to the terms they should have to as well.

I saw one company on the news actually sent out cards to people that had a 98% interest rate!!! Shocked

But that one actually let you know that up front.

Schultzy89GTA · Posted: Sat Dec 05, 2009 6:14 pm Post subject:

dlp · Posted: Sat Dec 05, 2009 11:18 pm Post subject:

This is a touchy subject for most people, but back in the old days ( the 80's) credit card companies charged 20 percent interest and made you beg for the right to use their convenience. Over the last 20 years consumers have forgotten about the way it used to be and now people think it is a god givin right that they can borrow money without being able to prove that they can pay it back. Then when the stuff hit the fan the media blames the banks that used " predator tactics" on consumers. What the hell ever happened to considering " if " you can afford to buy something before it is purchased?

I have a couple of family members that are caught in the mortgage mess and it isnt pretty. They gambled, bought more home than they could afford on interest only arm mortgages and are now scrambling to keep their homes. They owe about what the home is worth, but will never own it. Unfortunaetly they gambled and will lose. To bad, but they needed to be more responsible. Why the hell should I pay for some one else to own a home they cannot afford? Or a car, or what ever else they purchased on a credit card without thinking about being able to pay it off?

I understand that banks now are screwing credit card holders, had it happen to me by Bank Of America. I pulled all of my accounts from them after having my credit card interest rates jump 20 percent. Fortunately this hapened at Christmas time last year right after I got my bonus. I paid off my cards and will never use B of A again. They got what they wanted, cash, but lost a customer of 20+ years. It was their money that I used though.......they decided they wanted it back.