Vehicle repos in high gear

Boo hoo. Live within your means.

Boy, did Paulette Jones get ripped off, she only financed $1,000.00 and in 2 years she would have ended up paying $6,168.00 for the $1,000.00. Talk about predatory lending. She shoudl not have lost that car. She must have gone to Shady Jim's and paid about 75% interest.

People are buying beyond their means in every aspect of their lives from homes to cars, to TV's and home appliances because of TV adds. They make you feel like you have to have that stuff to be happy and like everyone else. People need to learn to be happy with what they have and what they can afford.

repos happen. repo guys exist just like vultures, to clean up dead stuff.

Why don't these banks offer to lower the interest rates on these cars, once they are repo'ed they will never get what they loaned on the car, the banks are greedy and would rather see someone loose they vehicle and sell it at a loss rather than helping the person stay in the vehicle, these banks are greedy low life losers

Paulette Jones, 29, a hairstylist who lives in Los Angeles, said her 1997 Maxima with 166,000 miles was repossessed earlier this year after she missed three or four monthly $257 payments.

"There are gas prices that are boo-hoo high, and it's just hard for single parents right now," said Jones, who is in training for a second job as bus driver for special-education students.

She had put $2,500 down on the $3,500 car and signed a 24-month contract for the monthly payments, which she now sees as a mistake.

Wait a second...she only financed $1,000 and was making $257 monthly payments? She was paying $6,168 for a 2 year $1,000 loan?

I don't think her only problem is that she is a single parent.

Thanks Bush for a great 8 years. Way to ruin America. Thanks for messing up the lives of million Americans.

It's not only about living within your means. Some people out there are very responsible and live with what they have and within what they make, but then they lose their job and all hell breaks loose. Like me. Almost lost the house, but was able to sell it just in the nick of time. I don't cry about it, I just realize there are some things in this world you can't control.

Wishing I Was At Work wrote:

It's not only about living within your means. Some people out there are very responsible and live with what they have and within what they make, but then they lose their job and all hell breaks loose. Like me. Almost lost the house, but was able to sell it just in the nick of time. I don't cry about it, I just realize there are some things in this world you can't control.

Sorry to hear about the job situation. I hope it improves for you. We all have setbacks in life and the way we deal with them shows our character. You acted properly and understand our fortunes can change.
You didn't even blame Bush.

I guess it's just human nature to deflect blame away from oneself. It's the economy. I lost my job. I got sick. There was a major earthquake in China. Etc.

The fact is that in the vast majority of personal financial train wrecks the true cause can be found in the mirror. Most people just do not handle their money in a mature, thoughtful, responsible way. They spend like they have an inexhaustible cash flow, they have little understanding of how expensive unsecured credit is, and they have zero interest in investing rather than spending. So when the inevitable life calamity arrives these folks blame others for the consequences of their own irresponsibility.

Strong parallels can be drawn in other aspects of daily life, such as Americans' ever-swelling bellies and butts.

Concerned wrote:

Why don't these banks offer to lower the interest rates on these cars, once they are repo'ed they will never get what they loaned on the car, the banks are greedy and would rather see someone loose they vehicle and sell it at a loss rather than helping the person stay in the vehicle, these banks are greedy low life losers

It just the mentality and corporate culture of the banks. That is the same reason there are so many foreclosures. Most people can easily recognize that renegotiating the loan would be less of a loss for the bank. But the banks would just rather foreclose or repo the property. Even though they will renegotiate a loan with another corporation, often lossing millions sometimes hundreds of millions of dollars. They are not about to let you off the hook for $1,000 or $2,000 on your car loan or $20,000 on your mortgage.

They'll foreclose on the property, about a year long process in Illinois, let the property sit vacant another year, and then rack up a $50,000 to $100,000 loss. Hey better then letting you keep the house or car.

You can give thanks to a government who thinks free trade agreements are good for the economy. While our government has its head in the sand as massive “outsourcing” of jobs to overseas, the acceptance of huge numbers of illegals taking existing jobs, and the rubber stamping of H1Bs and L1As for technical jobs in the United States have cause job opportunities to dwindle and also result in lower pay. I am a skilled older technical who has since 2002 bee having trouble both finding and holding a job. Many of the jobs held were short term contract with low pay and NO medical benefits. Top purchase benefits outside a group plan runt about $600/month for an individual so for the current President runners to say in their idea of Universal Health Care to “require” one to purchase it is crazy. They have too much money, been in government medical programs too long, and have their head in the sand. Just one trip to a hospital could place an extreme financial hardship on one. As for the American dream of a house and car that’s just an illusion these days … a carrot on a stick. Taxes of all sorts such as property taxes, unities taxes, addition fees for schools like books and labs, automobile costs such as license plates, village stickers, mandatory insurance except you have to buy uninsured motorist coverage, and rising fuel costs. After loosing my job my wages have been steadily decreasing until they are now at the same wage as they were 1980 however with 2008 prices. With lending institutions charging excessive loan rates many above 10% and payday loans are over 300% somebody really needs to reign in the lenders except when they screw up the government goes an bails them out. However, for the middle class average person they tend to dream up more ways to punish them buy robbing them of jobs, taking their last dime to pay for necessities such as shelter, food, and transportation, and then taking it back when they cant keep up with the payments. All I can say is shame on the greed of the Capitalist even the Roman Empire fell with all its greatness.

"Paulette Jones,... missed three or four monthly $257 payments.
...
She had put $2,500 down on the $3,500 car and signed a 24-month contract for the monthly payments..."
She agreed to pay over six grands for a $1000 loan? Unbelievable !! The guy who convinced her to take such a loan should also be prosecuted. Or, better yet, he should be forced to marry Paulette. She will send him flowers on his birthday and put it on a 40% credit card. No death penalty needed - he will commit suicide soon !!

Time to dust off your old Betamax copy of Repo Man that's in a box someplace in your garage/basement/storage area.

What a great film. What an amazing soundtrack!

Emilio Estevez, Harry Dean Stanton, directed by Mike Nesmith.

"Now I tell you what I am - I'm a Repo Man!" - Iggy Pop.

Broadcast Ace wrote:

<quoted text>
Sorry to hear about the job situation. I hope it improves for you. We all have setbacks in life and the way we deal with them shows our character. You acted properly and understand our fortunes can change.
You didn't even blame Bush.

I don't blame anybody -- not even myself. Life is too short to think of answers and reasons to everything. At least this jobless streak has allowed me to do one thing: focus on writing for myself instead of for other people.

I'll tell you this, though, searching for jobs is probably the most depressing and ultimately debilitating thing a person can do in life. Talk about feeling like a number. It's worse than almost losing a house. A house is nothing compared to people constantly telling you "Nope, we don't want or like you."

Frank wrote:

Boo hoo. Live within your means.

I agree Frank I need a car for weekends becasue mine died out a few months back... I 'll buy a beater over finance especially now with gas at $4 here in Chicago.... I'll deal with the bus the next few weeks til I get my rebate

Wishing I Was At Work wrote:

It's not only about living within your means. Some people out there are very responsible and live with what they have and within what they make, but then they lose their job and all hell breaks loose. Like me. Almost lost the house, but was able to sell it just in the nick of time. I don't cry about it, I just realize there are some things in this world you can't control.

I don't mean anything against folks like you. It sounds like you've handled your business well in the face of adversity.

However, for every responsible person like you who is in a legitimately bad situation, there are ten who bought a $700,000 house on an interest-only loan, bought a $80,000 BMW on 72-month financing, etc., etc., and are now complaining that times are tough and they're losing all their nice things, so they need a bail-out.

It would make peoples' lives a lot easier if they didn't sign loan papers without reading and understanding them. If you don't know how loans work, learn from someone who does, and do this BEFORE signing the papers.

Not sure that Paulette's victim play of being a single mom is her reason for paying $5 for every $1 she borrowed. Maybe she's bullish on the US dollar.

Scott wrote:

Not sure that Paulette's victim play of being a single mom is her reason for paying $5 for every $1 she borrowed. Maybe she's bullish on the US dollar.

She probably couldn't get any kind of conventional financing or even high risk financing and ended up at a buy here pay here lot. Yeah they'll sell you a piece of junk and finance it for 6 times what the car is worth.

Wishing I Was At Work wrote:

<quoted text>
I don't blame anybody -- not even myself. Life is too short to think of answers and reasons to everything. At least this jobless streak has allowed me to do one thing: focus on writing for myself instead of for other people.
I'll tell you this, though, searching for jobs is probably the most depressing and ultimately debilitating thing a person can do in life. Talk about feeling like a number. It's worse than almost losing a house. A house is nothing compared to people constantly telling you "Nope, we don't want or like you."

Hang in there, buddy. I've been in the same boat before myself. When I was laid off in January of 2002 it took me 13 months to find a job. In 2006, my company at the time was bought out and I was out looking again. That time it only took me two months though. I'm not sure what kind of work you do, but I can tell you that in IT there is no such thing as company loyalty or the possibility of staying at a company for a very long time. Corporate America... it's not for the faint of heart.