Late on a car payment? Beware. Delinquencies are rising, and im...

This is a problem for you self-entitled Americans out there. Including you folks in the state of Minnesota, as part of the so-called "middle class experience": YOU BUY TOO MUCH AND OVERSPEND ON YOUR BUDGET LIKE AS IF MONEY GROWS ON TREES!!! No wonder were a nation in debt! People are making choices on emotions, not logic.
If people want to buy a car, the buy one that is used and pay it on either cash or check. No credit cards!

It was a simple fix wrote:

Just like the housing market, people extended themselves way beyond their means, and now the chickens are coming home to roost.

Why is it that one person feels the need to constantly go around this comment forum and write the same thing "the chickens are coming home to roost"

It's ridiculous and makes no sense.

Sara wrote:

<quoted text>
Why is it that one person feels the need to constantly go around this comment forum and write the same thing "the chickens are coming home to roost"
It's ridiculous and makes no sense.

Sara:

Either you:

A. Never went to school

or

B. Didn't learn anything in school and are ignorant

or

C. Are just too plain dumb to understand.

http://en.wikipedia.org/wiki/Adage

Sara wrote:

<quoted text>
Why is it that one person feels the need to constantly go around this comment forum and write the same thing "the chickens are coming home to roost"
It's ridiculous and makes no sense.

I could have said
TANSTAAFL "There Ain't No Such Thing As A Free Lunch,"

But that probably would have gone over your head too!

Very rarely does this happen to somebody who had been living wisely within their means and suddenly fell on rough times. I'd say that is maybe 1 out of a hundred. I burn through cars with all the miles I drive so I buy one, sometimes two, a year that cost around 500 dollars, still manage to get from point a to point b, and at the end of the car's life I've saved enough $ that I COULD buy an ego-mobile outright if I actually wanted to.
Ego and Lack of patience in pursuit of the "American Dream" is the problem the majority of the time. Often when I'm taking a vehicle, the debtor wonders how they might get around and I tell them about my methods, which they could actually afford. The response is often one of disgust, given in a snooty tone that has not been earned, as in, "but that is SO below me." I usually let it go there rather than show them MY bank statements.
When you buy a car with a loan, that means YOU CAN NOT AFFORD IT, that YOU DO NOT OWN IT (the bank bought it for you and the bank owns it until you pay the bank back), and that YOU ARE TAKING A RISK, not to mention wasting a heck of a lot of $. So if you are reading this and we are destined to meet, for crying out loud just take your medicine and buy that $500-$3000 dollar "clunker" while you're waiting for me, you will be far better off in the long run.

just another repo guy wrote:

Very rarely does this happen to somebody who had been living wisely within their means and suddenly fell on rough times. I'd say that is maybe 1 out of a hundred. I burn through cars with all the miles I drive so I buy one, sometimes two, a year that cost around 500 dollars, still manage to get from point a to point b, and at the end of the car's life I've saved enough $ that I COULD buy an ego-mobile outright if I actually wanted to.
Ego and Lack of patience in pursuit of the "American Dream" is the problem the majority of the time. Often when I'm taking a vehicle, the debtor wonders how they might get around and I tell them about my methods, which they could actually afford. The response is often one of disgust, given in a snooty tone that has not been earned, as in, "but that is SO below me." I usually let it go there rather than show them MY bank statements.
When you buy a car with a loan, that means YOU CAN NOT AFFORD IT, that YOU DO NOT OWN IT (the bank bought it for you and the bank owns it until you pay the bank back), and that YOU ARE TAKING A RISK, not to mention wasting a heck of a lot of $. So if you are reading this and we are destined to meet, for crying out loud just take your medicine and buy that $500-$3000 dollar "clunker" while you're waiting for me, you will be far better off in the long run.

Thanks for a well-written post from 'the other side." It will amaze many that a lowly manual worker who probably attended a Government school could be so literate, but that is the problem with simplistic stereotyping. They will get over it!

Another crack at what you describe as "ego and lack of patience in pursuing the American Dream" is the wildly profound "need" to Look Good. Folk are so obsessed with trying to Look Good for everyone else, they are driven to finance cars and homes they honestly cannot afford. I have read of foreclosure agents paying a visit and being astounded by finding two or more new cars in the garage, multiple computers and digital TV sets throughout the house -- where the owners are so far behind on their mortgage they will soon be sleeping under bridges!

The profound "need" to Look Good results in this sort of impatience -- to get all those trappings of success NOW, not later when we can actually afford them. There are a few of us who somehow avoid this plague - such as yourself - and drive older cars that are far "below" those who provide you with ongoing employment.

My vehicle philosophy is simple: Pay 100% down, and have $0.00 monthly payments for the life of the vehicle. My oldest truck is a 1977 model, and my New car is a 1998 unit. I taught myself auto repair, which greatly extends their life and saves bundles of cash. You and I shall never clash over my vehicles!

James McIntyre wrote:

<quoted text>
Sara:
Either you:
A. Never went to school
or
B. Didn't learn anything in school and are ignorant
or
C. Are just too plain dumb to understand.
http://en.wikipedia.org/wiki/Adage

The only ignorant one is you.

Keep going round with your chicken comment.