Mortgage Payments on Wheels

[SportEL]

People make Great financial Decisions.. Check out these Sweet Trucks.

- There has been a surge in Auto Delinquencies, defined as 90 days or more past due

- For 18-29 years olds, Delinquencies have increased from 3% in mid-2021 to 6% at the end of 2023

- Similar for Age group 30-39 were delinquencies are at the highest levels since 2010.

---> https://www.zerohedge.com/personal-f...ge-group-18-39

[shakalaka]

Calling it a 'mortgage payment' isn't really an apples to apples comparison considering the mortgage payments of this amount is over 30 years, as opposed to 7-8 and the fact that typically you would need to come up with 20% cash down for a mortgage.

That being said, of course those monthly payments are high for a vehicle, but perhaps those people have the disposable income to be able to afford it.

[jutes]

$214k USD Tahoe LOL no way that's real.

[ercchry]

To state the obvious…

These are poor credit applicants… $100k loaded truck is ~33% interest for $3k/month on a 96 month term

Not sure about the loan shark laws in Texas, but I’d assume they’re worst than ours… our criminal apr use to be at 50%, and just recently dropped (dropping?) to 35%. So this does exist

[Team_Mclaren]

All fake, people with shit credit aint going to get approved on a 80k car unless they make decent money...

[Sugarphreak]

Was expecting a tiny home thread... kind of disappointed

[ercchry]

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All fake, people with shit credit aint going to get approved on a 80k car unless they make decent money...

lol, you think there is due diligence in auto loan approvals??

[jabjab]

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People make Great financial Decisions.. Check out these Sweet Trucks.

- There has been a surge in Auto Delinquencies, defined as 90 days or more past due

- For 18-29 years olds, Delinquencies have increased from 3% in mid-2021 to 6% at the end of 2023

- Similar for Age group 30-39 were delinquencies are at the highest levels since 2010.

---> https://www.zerohedge.com/personal-f...ge-group-18-39

Why do you care?

[Team_Mclaren]

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lol, you think there is due diligence in auto loan approvals??

if you have bad credit yes.?!

Also, autoloan in Taxes maxes out at around 25%

[max_boost]

this makes realtors look like saints
in loan shark biz there are no fwends

[Hallowed_point]

Everyone needs a hellcat, even if they make minimum wage. For Barlow-esque takeovers/gen z social media clout

[ercchry]

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if you have bad credit yes.?!

Also, autoloan in Taxes maxes out at around 25%

No, they just jack up the rate and repo on non-payment

25% is still easy if they roll in an underwater trade

[Team_Mclaren]

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No, they just jack up the rate and repo on non-payment

25% is still easy if they roll in an underwater trade

actually no. lol. Still needs to get approved with supporting docs. Having shit credit is still a challenge to get an approval.

[ercchry]

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actually no. lol. Still needs to get approved with supporting docs. Having shit credit is still a challenge to get an approval.

With a bank… yes, we are not talking a bank loan here. I don’t think you understand what I see in my day to day.

One of the most comically sad examples of financial illiteracy I’ve seen locally involved the purchase of a new caravan from Lanny’s favourite dealership.

$35k caravan (this was years back now). Traded in a journey for it, so underwater that the new loan was for about $60k and they had hidden money everywhere (including about $3k for nitrogen filled tires).

These people? Total household income of about $60k (b-lender mortgage income calc, even less from an A lender) and they were hammered with unsecured debt and a mortgage on top of that, beacons in the high 400s/low 500s. Edit: now that I think about it I believe it was only the wife on this loan… PT cashier at a grocery store.

Most of these loans are granted with a simple stated income, there might be mitigation with a security deposit, but by no means are these lenders confirming affordability to any level close to mortgage lending

Edit: oh! Another great one… sub 600 beacon, guy was leveraged to the tits on multiple properties… diagnosed with terminal cancer so he went out and raked up about $12k/month in luxury car payments, leases, financed, etc… about 5 cars total. just to fully recover and then had to fix the whole thing… his claimed income was peanuts, but thankfully was self employed and could have paid himself about $100k (but that was not remotely verifiable)

[Sugarphreak]

People should just buy cars with cash... would solve so many problems

[JordanLotoski]

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this makes realtors look like saints
in loan shark biz there are no fwends

OUCH Maxy boy

[Team_Mclaren]

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With a bank… yes, we are not talking a bank loan here. I don’t think you understand what I see in my day to day.

One of the most comically sad examples of financial illiteracy I’ve seen locally involved the purchase of a new caravan from Lanny’s favourite dealership.

$35k caravan (this was years back now). Traded in a journey for it, so underwater that the new loan was for about $60k and they had hidden money everywhere (including about $3k for nitrogen filled tires).

These people? Total household income of about $60k (b-lender mortgage income calc, even less from an A lender) and they were hammered with unsecured debt and a mortgage on top of that, beacons in the high 400s/low 500s. Edit: now that I think about it I believe it was only the wife on this loan… PT cashier at a grocery store.

Most of these loans are granted with a simple stated income, there might be mitigation with a security deposit, but by no means are these lenders confirming affordability to any level close to mortgage lending

Edit: oh! Another great one… sub 600 beacon, guy was leveraged to the tits on multiple properties… diagnosed with terminal cancer so he went out and raked up about $12k/month in luxury car payments, leases, financed, etc… about 5 cars total. just to fully recover and then had to fix the whole thing… his claimed income was peanuts, but thankfully was self employed and could have paid himself about $100k (but that was not remotely verifiable)

Underwater =/ bad credit. All subprime loans have payment caps. You can finance 200% if you have good credit. When you're talking payments of 1k+ those are not subprime loans.

[ercchry]

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Underwater =/ bad credit. All subprime loans have payment caps. You can finance 200% if you have good credit. When you're talking payments of 1k+ those are not subprime loans.

Yeah, sub 600 beacons IS bad credit. Most reputable lenders actually have a TDS of sub 60%, but the person sending that application is also compensated if there is a sale… so…

[jutes]

Edit: oh! Another great one… sub 600 beacon, guy was leveraged to the tits on multiple properties… diagnosed with terminal cancer so he went out and raked up about $12k/month in luxury car payments, leases, financed, etc… about 5 cars total. just to fully recover

Fukin cancer man, can’t give the guy a break.

[littledan]

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Fukin cancer man, can’t give the guy a break.

He fucked up. The correct play was to die.