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  #16  
Old 07-20-2014, 09:41 PM
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Quote:
Originally Posted by compress ignite View Post
Car Max,
Deal Time,
Etc.,Etc.,
And all the other Big Time used car Regional/National chains?
Even worse and more scummy since the money goes to Wall St pigs rather than staying local.

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  #17  
Old 07-20-2014, 10:29 PM
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Quote:
Originally Posted by Skippy View Post
Are those figures hypothetical, or do you have a data source? I'm curious because $825 for the Impala seems high to me. OTOH, it wouldn't shock me to see the Justin Bieber type paying two grand a month or more.
I just added my 16 yoS to our policy and it increased our yearly premium by (not to!) $3900. That's with a honda Odyssey (listed as his primary vehicle), a Suburban and a Tahoe.

I will be doing some insurance shopping when my house claim is all done (same company).
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  #18  
Old 07-20-2014, 10:47 PM
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Originally Posted by spdrun View Post
Good. Sub-prime car dealers losing everything and jumping under a bus would be a boon to society. And to bottomfeeders like yours truly, who like their used cars cheap and un-inflated by competition from dealers who buy them up to sell to unworthy trash.
Quote:
(Honestly, I plan to be 50/50 after I exploit this country to the max, buy a few more rentals at foreclosure...)
Help me out here. You talk of getting rid of these people as a boon to society and you say what is quoted in another thread? On the one hand, you SOUND like a guy concerned about the welfare of society, on the other hand, you sound like a Madoff wanting to exploit. Are you simply trying to talk tough on one hand and trying to sound like a nice guy somewhere else or are you schizophrenic? I'm hoping schizophrenic since the tough guy routine isn't more than laughable including inside the wrestling groups.
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  #19  
Old 07-20-2014, 10:54 PM
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So these people are taking advantage of some poor people. Poor people who also lie on their applications. This is like someone complaining to me that his wife took him to the cleaners after she caught him boinking the babysitter. I'm sorry, crook grousing about crook?

This is no different from payday loans. Most of the people are one payment away from a default. Sorry the rates are so high but you people are crooks and are hence treated as such. Move out of the glass house if you want to throw stones.
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  #20  
Old 07-21-2014, 08:30 PM
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This is no different than payday lenders and check cashing places. Poor people operate differently, don't try to rationalize it, it works for them.

I remember not to long ago reading a study about who still uses checks. Not surprisingly those with incomes over $150k regardless of age 100% use checks every single month.

Different worlds, different ways of moving around money.
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  #21  
Old 07-21-2014, 11:36 PM
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Quote:
Originally Posted by kmaysob View Post
the puy here pay here dealers do even better. they install a passed time module in that shuts the car off until a payment is made.
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Originally Posted by engatwork View Post
I went to help a young lady out in a BMW 3 series that had been shut down by something such as this. I was not able to help her.
If you were a high school or college kid you would be open to the crack that the proffered "help" would be about six inches worth.
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  #22  
Old 07-21-2014, 11:36 PM
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Quote:
Originally Posted by Hatterasguy View Post
This is no different than payday lenders and check cashing places. Poor people operate differently, don't try to rationalize it, it works for them.

I remember not to long ago reading a study about who still uses checks. Not surprisingly those with incomes over $150k regardless of age 100% use checks every single month.

Different worlds, different ways of moving around money.
Payday lenders are the "lender of last resort". Most of the clients will default one day or another. It is the order of things. When I was in that line, we screened the clients carefully. Bank statements have to be of a certain age (show me 6 statements). Last 2 could NOT have too many issues. if you have a bunch of NSF, goodbye. Say 5 NSF a day before payday is seen different from 1 a week. Made sure the job was held for 6 months. Cannot be from more than a 10 mile radius without a good explanation of why the person is at the store. I could go on but it was for a reason. They charge the rates they do because of the default rate. A customer that paid only interest more than twice is seen as a default waiting to happen. In 4 years, only 2 customers are seen as good.
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  #23  
Old 07-21-2014, 11:55 PM
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Originally Posted by TylerH860 View Post
I get people on my lot all the time hoping I'm a buy here pay here because my prices are much lower. The few times I've done it have all ended in disaster. They quit paying for one reason or another. Never again.

There's so many in town that they've driven all the prices of cheap used cars to ridiculous levels. The market is similar in Missouri, Oklahoma, Dallas too. I have to go far, far away to get cars for a decent price.

The people buying the cars are morons... Eventually the sub-prime dealers will run out of these morons and be in deep trouble. I'm already starting to see it.

There's not much money to be had in car sales anymore... my days in it are certainly numbered.
Run out of morons? Never happen. Never, ever ever ever ever.
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  #24  
Old 07-21-2014, 11:57 PM
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Fill 'er up!

Quote:
Originally Posted by MTUpower View Post
Run out of morons? Never happen. Never, ever ever ever ever.
My pet project to become a multi-billionaire is to invent an automobile that is powered by "STUPID".
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  #25  
Old 07-22-2014, 12:14 AM
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Quote:
Originally Posted by Jim B. View Post
If you were a high school or college kid you would be open to the crack that the proffered "help" would be about six inches worth.
Wha ???
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  #26  
Old 07-22-2014, 01:32 PM
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Way of the times. So much per month is all that matters to so many.
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  #27  
Old 07-22-2014, 01:37 PM
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Originally Posted by barry12345 View Post
Way of the times. So much per month is all that matters to so many.
So why should we care? It's not like they care. Besides, there is such a high percentage of defaults. It's like everything else. The 40-60% defaults jack up the rates higher for the rest who are a breath away from default.

Have I used payday loans when starting out? Sure. That or starve or have the lights turned out, etc, etc. I used them, roll over the loan once and paid down the principal and then paid it off the next time. Done. Cost me more than a NSF from the bank? Nope. Less.
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99 E300 Turbodiesel
91 Vette with 383 motor
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  #28  
Old 07-22-2014, 02:03 PM
is thinning the herd
 
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This is true in the state of Ohio, where my father has been a car dealer for many years, your state may vary, but here is a case of "inflated prices" that are justifiable.

In the state of Ohio it is technically illegal to adjust the price when a customer requests special financing, (i.e. buy here pay here, or high risk lenders), it is considered a form of discimination.

When dealers send high risk deals to lenders, the lenders often charge fees of $500 or $1000 to buy the deal. These fees do not count towards the principle, and they come out of the dealers bottom line on the deal, it is illegal to tack that $500-$1000 onto the price of the car once you pull the customers credit report and find a lender who will buy the deal.

SO, cars that dealers anticipate will go Buy-Here-Pay-Here / A high-risk lender, they will price with those added fees and costs in mind.

If you see an early 2000s Taurus for $5,995, whip out $3,500 in CASH and watch the asking price tumble, or a strong credit score where there will be no special finance fees.

When you see dealers advertise two prices, CASH PRICE and the normal price, technically that is not legal in Ohio.

If the dealer has to pay $1,000 on a $4,000 car to get you bought, I really don't think thats slimey under-handed bottomfeeding as some have characterized it. It's the customers poor credit that necissitated that fee, the dealer should not have to eat that.

That is not to say there are not dirty car dealers who take advantage of people, but those are a couple facts from the dealers perspective to think about.

As for the "time shut off" on the cars, I thought that was illegal, some ex-football player turned dealer was doing that, until it shut a car down in traffic and the driver was killed.

Tyler can probably shed light on the laws and practices in his state.
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  #29  
Old 07-22-2014, 02:16 PM
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Quote:
Originally Posted by SwampYankee View Post
I just added my 16 yoS to our policy and it increased our yearly premium by (not to!) $3900. That's with a honda Odyssey (listed as his primary vehicle), a Suburban and a Tahoe.

I will be doing some insurance shopping when my house claim is all done (same company).
That should give anyone an idea of the risk history for drivers under 21, and btw, drivers over 70. Despite the economic disincentives, graduated driving statures and overwhelming statistics, parents still think it's a great idea to get their kids licenses as soon as the law allows.
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  #30  
Old 07-22-2014, 02:37 PM
is thinning the herd
 
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I didn't start driving until I was 18, and my rates were still nuts.

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