Edmo Posted April 21, 2018 Share Posted April 21, 2018 18 minutes ago, 02sled said: You always have the option of buying stripped down low end basic cars to keep the cost down. There's some pretty inexpensive vehicles out there including pickups. I always bought towards the lower end. I don’t need all that pimped out stuff. And I’m not trying to impress anybody. Quote Link to comment Share on other sites More sharing options...
Zambroski Posted April 21, 2018 Share Posted April 21, 2018 40 minutes ago, 02sled said: my new truck is 0% Yep...it's all free money! Hint, hint...wink, wink. It's all built into the price. No? Check resales. Initial party interest rates don't transfer so well into resale values. But, hey....it's whatever floats our own little boats! 30 minutes ago, Highmark said: Indeed! We are all united!!!! Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted April 21, 2018 Share Posted April 21, 2018 16 hours ago, motonoggin said: Lol. Capitalism literally requires government force in order to function. Silly boy only in your mind. it gets distorted as soon as government force is introduced . Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted April 21, 2018 Share Posted April 21, 2018 When 60 month car loans came out to make them affordable cars were lucky to make 100k these days they should get there with minimal maintenance so it's not really that bad. Would I do it. Hell no at that point a lease for many makes more sense but it's not going to really hurt the borrower Quote Link to comment Share on other sites More sharing options...
motonoggin Posted April 21, 2018 Share Posted April 21, 2018 1 hour ago, Ez ryder said: only in your mind. it gets distorted as soon as government force is introduced . Government force is required for capitalism to function. Someone has to mint currency, enforce contracts, enforce private property, administer the court system that settles disputes, etc. Capitalism wouldn't exist without government force, period. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted April 21, 2018 Platinum Contributing Member Share Posted April 21, 2018 7 hours ago, Mileage Psycho said: The Dodd-Frank bill made the qualifying process for loans more stringent to prevent that, now we want to go back to loosening the rules.....rinse, repeat, rinse, repeat.. Already started . 3 yrs ago I was reading an article about a 66 yr old guy who had a forclosure during the bust and had just signed a 30 yr mortgage. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted April 21, 2018 Platinum Contributing Member Share Posted April 21, 2018 FHA gives those who defaulted on homes another chanceAfter two foreclosures and two bankruptcies, Hermes Maldonado is as surprised as anyone that he's getting a third shot at homeownership.The 61-year-old machine operator at a plastics factory bought a $170,000 house in Moreno Valley this summer that boasts laminate-wood floors and squeaky clean appliances. He got the four-bedroom, two-story house despite a pockmarked credit history.The last time he owned a home, Maldonado refinanced four times and took on a second mortgage. He put a Cadillac and Mercedes-Benz C300W in the driveway and racked up about $45,000 in credit card bills and other debts. His debt-fueled lifestyle ended only when he was forced into bankruptcy."After everything that happened, thank God I was able to buy another house," Maldonado said in Spanish. "Now, it's good because the interest rates are low and there are lots of homes."The FHA, which backs nearly 8 million loans, is helping rebound buyers recapture the American dream, boosting the housing market in the process. But that's touched off a fierce debate about the financial and ethical wisdom of bankrolling borrowers who contributed to the last housing bubble and the potential cost to taxpayers.What's unclear is how much money the agency needs to stay afloat. The Housing and Urban Development Department, however, projects $13 billion might be needed."It looks uglier and uglier for the FHA," said Anthony Yezer, a George Washington University economics professor.http://articles.latimes.com/2012/nov/14/business/la-fi-rebound-buyers-20121114 My mistake, it was 2012 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted April 21, 2018 Platinum Contributing Member Share Posted April 21, 2018 7 hours ago, Highmark said: Absolutely no question zero or extremely low down payments were a huge part of the problem however that doesn't take away from controlling a massive (at least 40%) part of the mortgage market thru GSE's. A unqualified down payment is only part of the problem. I posted probably 20 articles where they tried to do something. Are they without fault...no but no like many dolts on here like to blame. That is simply no knowing the facts. Hey I bought my house with $100 down. Never missed a payment and actually quite a few yrs ahead of amortization schedule. 1 Quote Link to comment Share on other sites More sharing options...
Whiskey Tango Foxtrot Posted April 21, 2018 Share Posted April 21, 2018 1 minute ago, steve from amherst said: Hey I bought my house with $100 down. Never missed a payment and actually quite a few yrs ahead of amortization schedule. This is what America needs! This made me smile, great for you good sir! Seriously! How does this happen: 7 minutes ago, steve from amherst said: FHA gives those who defaulted on homes another chanceAfter two foreclosures and two bankruptcies, Hermes Maldonado is as surprised as anyone that he's getting a third shot at homeownership.The 61-year-old machine operator at a plastics factory bought a $170,000 house in Moreno Valley this summer that boasts laminate-wood floors and squeaky clean appliances. He got the four-bedroom, two-story house despite a pockmarked credit history.The last time he owned a home, Maldonado refinanced four times and took on a second mortgage. He put a Cadillac and Mercedes-Benz C300W in the driveway and racked up about $45,000 in credit card bills and other debts. His debt-fueled lifestyle ended only when he was forced into bankruptcy."After everything that happened, thank God I was able to buy another house," Maldonado said in Spanish. "Now, it's good because the interest rates are low and there are lots of homes."The FHA, which backs nearly 8 million loans, is helping rebound buyers recapture the American dream, boosting the housing market in the process. But that's touched off a fierce debate about the financial and ethical wisdom of bankrolling borrowers who contributed to the last housing bubble and the potential cost to taxpayers.What's unclear is how much money the agency needs to stay afloat. The Housing and Urban Development Department, however, projects $13 billion might be needed."It looks uglier and uglier for the FHA," said Anthony Yezer, a George Washington University economics professor.http://articles.latimes.com/2012/nov/14/business/la-fi-rebound-buyers-20121114 My mistake, it was 2012 Quote Link to comment Share on other sites More sharing options...
Whiskey Tango Foxtrot Posted April 21, 2018 Share Posted April 21, 2018 It's all about double payments to principle. Forget the new car, disregard the tax time spending money, live under your means, pay it off quick. Then go get the new car/toy/vacation, whatever. One extra payment (applied to principle) generally brings a fix apr loan on a mortgage of 30 down to 22 years. 15 years work great too, but discipline and consistency can lead to the same results, without the pressure of a larger monthly payment, (if you happen to come up short a month adding to your additional payment) Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted April 21, 2018 Platinum Contributing Member Share Posted April 21, 2018 I don't work winters but during my work season ( 8 months , some yrs 9 ) I have always paid an additional principal payment every month since I bought the place. 1 Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted April 24, 2018 Share Posted April 24, 2018 On 4/20/2018 at 8:54 PM, spin_dry said: I just have to laugh at people that think the threat of prison or work camps is going to stop some from taking out loans. In the end, society then needs to pay for their prison time. When all that was needed is proper regulation in the beginning. Just like it was during the 1970s and before. Work camps. really what is stoping you from walking in to a bank and clearing out the vault? cuz let me tell you if not for the fear of the nightly butt pop and the time away from shit I like to do I see no reason why I would not just go to a bank and take the money I want . you can't tell me work camps would not stop people from talking on loans they cant pay back. take your fav subject Trump. you think he would have chapter 19 all those times if he thought he was going to have to go build roads in shackles till it was paid in full? Quote Link to comment Share on other sites More sharing options...
motonoggin Posted April 25, 2018 Share Posted April 25, 2018 3 hours ago, Ez ryder said: really what is stoping you from walking in to a bank and clearing out the vault? cuz let me tell you if not for the fear of the nightly butt pop and the time away from shit I like to do I see no reason why I would not just go to a bank and take the money I want . you can't tell me work camps would not stop people from talking on loans they cant pay back. take your fav subject Trump. you think he would have chapter 19 all those times if he thought he was going to have to go build roads in shackles till it was paid in full? "Capitalism doesn't need government in order to function" Quote Link to comment Share on other sites More sharing options...
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