Why would anyone take two loans to buy two cars? Is this normal in America?
Car loans are depressingly common. It’s like normal people haven’t heard of second hand vehicles.
Two loans is pants on head territory though, even for the US.
Car loans are depressingly common. It’s like normal people haven’t heard of second hand vehicles.
I have heard of them. That’s why I take loans for secondhand cars.
Many new vehicles are financed, it’s why most ads here (Canada) will give you the biweekly price. Annoyingly, when you do go to a dealer, they are usually able to give a better deal when you finance compared to if you buy outright. The nice thing is though legally we can’t be penalized for paying it down early, so there’s nothing to stop you from financing and then paying it off.
Car payments are a pretty common thing, $1400 monthly in car payments not so much.
they are usually able to give a better deal when you finance compared to if you buy outright.
Which is why I have not, nor will ever buy a new car in my life. Regardles of any “deal”, you piss away 20% of value just driving it around the block.
I’ve purchased two cars new. Still own both of them.
One is a Chevy Sonic that is a reliable little stick-shift hatchback that was inexpensive when I bought it, and have used for over a decade. The design had hardly changed between years and was known to be reliable. It probably didn’t drop in value nearly as much as most other cars - I admittedly wouldn’t know because I’ve had no interest in selling it.
The other is a Toyota RAV4 plug-in hybrid, which essentially didn’t exist used when I got it. They continue to be challenging to acquire. I wouldn’t be surprised if I could sell it for more than I still owe on it, and I got it on a lease-to-own with zero interest (the dealership wants the opportunity to upsell me when the lease is over).
It’s possible to buy new and not get screwed over. It’s not common, though.
Agreed. The closest thing to “new” I’ve gotten is 2 years old after a lease has expired.
No, it’s not. At least for less than multi-millionaires with 10+ figures of income a year. And most banks are smart enough to not lend people that kind of money for more than one showy vehicle like that. Banks understand the depreciation involved.
Level 7 susceptible in real life.
everyone who buys one should be buying two, they are very social creatures and can get depressed if they don’t have a friend
Like goats.
IDK, have you tried sports betting?
Food $200
Data $150
Rent $800
Candles $3,600
Utility $150
someone who is good at the economy please help me budget this. my family is dying
I was able to reduce my candle expenses by 10% by switching to unscented candles!
Are they unscented or are you just having COVID-19??? :-/
This one simple trick will save more than anything. Just die.
no
Have you tried, I don’t know, buying less food?
Bruh 3600 is literally just my beer budget have you tried not being poor?
My favorite is the responses to the earnest suggestion of reducing candles. Isn’t it just like “no” matter of factly? Lmao
Can I have your rent please
Please
my other debts
So $3300 a month just for having two tesla’s? And other debts too? I wonder what debts, since you prioritize the tesla’s over them.
Did you skip economics class or did you miss education in general? That this is unsustainable must have been crystal clear long ago
Yeah this is less annoying Tesla and more real sad American economics. We aren’t taught how to manage debt, and this poor fool has ruined at least the next decade because he wanted two new shiny things and the bank said sure.
In 2008 the banks were to blame for sure for giving out bad debt and then gambling on it, but for me it showed how financially illiterate so many Americans are. The simple difference of seeing what the bank says you can borrow, vs what you should borrow are very very very different things.
We aren’t taught how to manage debt,
Do people need to explicitly be taught “You bring home $5,000 after taxes. You spend $2000 on rent, $1000 on fixed bills, $1000 on semi-fixed expenses, and $500 on fun. Do not buy a thing that raises your fixed expenses by $2000”?
I guess so.
I mean, I think a lot about a guy I worked with years ago. He said as soon as he turned 18 he got a credit card and maxed it out. No plans to pay it. Just enjoyed having a new TV, clothes, xbox, shoes. And then he got in a lot of trouble, which should have surprised no one. But at least he was getting his life together, ten years after the fact. Though we haven’t talked in years. I worry he’s a trumper, despite him being hispanic.
American society tries to force debt on you and they try to hook you as soon as you can legally sign a contract. . When you get into college, you are inundated with offers from tons of CC companies with seemingly good terms but they’re actually horrible. It’ll say something like 12.9% interest rate, but in the fine print it tells you that it jump to 23.9% if you’re late on a payment. One brain fart or patch of bad luck and you’re fucked for as long as they can keep you under their foot.
If you’re fortunate, you had parents who taught you how to avoid the worst of them and to manage debt. But even so, it’s not easy because there are so many traps. Worse still, you have to do it. If you don’t get a credit card, you will have a very bad credit rating. That means when you go to buy a car or anything else that has to be financed you will get shit terms. It even makes it harder to get an apartment because the manager will check your credit before offering you a lease.
If you’re fortunate, you had parents who taught you how to avoid the worst of them and to manage debt.
My parents didn’t especially go out of their way to teach me to be frugal, but I guess I learned from watching them. The idea of buying something I can’t actually afford on a high interest credit card makes my skin crawl.
In your over simplified example I still say yes they should. However we both know it’s more complex than that. Loans, interest rates, interest types, payoff schedules, taxes, credit cards, other types of financing - to a huge chunk of people it is overwhelming. Most Americans go into buy a car or get financing and don’t even ask about interest rates, most only want to know what the monthly payment is.
Well, economics is a mandated class in my city (not sure about state), so yes, we did the basic “never spend more than what you have” and “calculate plan A vs plan B vs buying something outright” and showing how by-now-pay-later/credit is always worse than just spending what you own, but try to at least get something with low APR when you do have to get loans. Like I looked at whoever had the best APR rates when choosing a credit card for college students, although I always pay the full balance every statement.
But like the other comment said, it’s the fact that it’s hard to teach an 18 year old not to be impulsive with their money, especially if said 18 year old’s parents never really emphasized frugality to their kid. Some people are just crazy and learn only by being burnt, so while I feel negative spending any kind of money outside of bare necessities (gas, lunch), some people max their card out buying Gucci and a PS5 Pro.
We’re taught debt is a scary bad thing, but we also need to learn how to turn your life back around when you start going into debt, or when you’re deep in. Gen Z is already experiencing far more debt than any previous generation, and we have no idea how to get out.
A poll by Talker Research for Newsweek revealed that Gen Z—born 1997-2012—carries the highest average personal debt when compared to older counterparts. Gen Z carries the highest average personal debt, at $94,101—far above millennials ($59,181) and Gen X ($53,255)
Economic reports, including recent findings from the New York Federal Reserve, confirm that Gen Z is falling behind on debt payments at increasing rates, with more than 90-day delinquencies at their highest level in three years.
Youre assuming people put in the effort to know where there money actually goes. A lot of americans have never made a budget. They get to the end of the month/pay period, see how much money they have left, and go spend it.
And like someone else mentioned, its not always consistent. Different months have different needs and income can fluctuate. And they certainly never account for that
I don’t get why they were approved for 72k when they still owed 44k on the other car. Unless they had a rich cosigner the financial company is partially to blame for seeing their outstanding debt and still trusting them with another 70k.
Oh you can be approved for a ton of debt that you can’t actually afford. Banks take the position that it’s your debt and you can do what you want so long as you can make the payments. They don’t care if you spend 90% of your income on your debt payments. (Remember they get money from the interest so the worse you are at repaying the better it is for them).
When I got my mortgage they approved us for 2.5 times what we asked for it. It was asinine. We took a much more modest house and have been happy with that.
They’ll approve way more than they should, but also they probably quoted high interest rates to make up for the risk. People need to see high interest rates as a red flag that the bank really doesn’t believe you but are just feeding you rope while you tie your own noose.
Technically there’s a plus in that this is how people with marginal finances get any credit, have access to any car (and yes cars are unfortunately necessary in too many places). But I’m not sure we’re doing them any favors
Because it’s probably an 8 year loan which has a six year overlap with the other 8 year loan. This shit makes lenders rich because the interest is all front loaded so 4 years in when the idiot defaults on the second loan they’ve already gotten like 80% of that amortization and can then just repo the vehicle and do it all over again.
It never needed to be this complicated. The working class shouldn’t be expected to trust some faraway stranger to invest their money, and then be called illiterate if they pick the wrong stranger or invest poorly themselves. It’s always been to set us up for failure and blame.
The only business that the average person knows more than average about is the one at which they work. But heaven forbid we start voting/betting on what would be best for our own workplaces.
Lol economics class. Skipped by 100% of US high school kids since it doesn’t exist.
He likely owns a contracting company that thrives off hiring illegal immigrants and his idea of “struggling” is sometimes a big-ticket customer doesn’t pay in cash so he has to pay taxes.
IE: every conservative with money in the entire fucking country.
$110k in two cars that aren’t even speciality cars. I mean, if one were a Porsche and the other some kind of Super Splat Pack Snakebite Gangrene Edition of an American muscle car I could see those prices, but at least with the latter two you’re paying for your ego and not Musk’s.
I ate ramen for breakfast today.
I want these people off my planet entirely.
It’s called the “Super Splat Pack ScorpionSting Gangrene Edition” and in 30 years it’ll be worth almost exactly what I paid for it minus 90% depreciation thank you very much
NO LOWBALLERS…I KNOW WHAT I GOT.
Exactly. That kind of cash could get you a gently-used supercar, and you’d still have enough money to fix it up and do it all a second time.
This guy is ripe for someone to take those two SwastiKKKars off his hands in trade for a 2011 Ford Taurus with 235k miles, and stick him with $100k in payments, and he’ll think he got a good deal.
All you have to is tell him you’re a MAGA, and you’re going to give him the kind of deal you save for MAGAs. The Libz don’t get these kinds of deals.
Next post will be: hey is it okay to smoke fentanyl? That slightly deranged guy from the neighbourtent said its fun?
Jesus fuckin christ, so many layers of memes!
J. Jonah Jameson, laughing maniacally.
Holy shit, how is this so readable? We really can talk this way
Based on the fact that made perfect sense, I am now certain human language is undergoing a radical transformation.
A man of taste and discernment
This dude is paying >50% more on fucking car payments than I do on my mortgage, on top of other debts. Who is lending these people money? Like I make okay money, but I’m still driving a 13 year old vehicle and not feeling like I’m in a position to take on a car payment in this economy.
I think people who shouldn’t are just taking higher interest loans that the dealerships are pushing on them because they are higher risk. They want status symbols and are too dumb to realize they can’t afford them. The car dealer pushes it through because there’s not really any risk for them.
I heard they’re doing ten year loans now for some cars that are around $100k, so I think people are falling for that, then wanting the next new thing and rolling the negative equity into their next one.
… What I can’t grasp is how he still owes $44k on a 3 to 4 year old vehicle that was around $60k to start when his payments are that high. Unless he misspoke and meant $1400 combined and has some long-ass financing term it doesn’t make sense.
You can always find someone willing to offer a loan but they’ll set a higher interest rate for the extra risk.
Just another way the guy should have realized he was being an idiot
when you learn just how easy $ is to get (once you have starting capital), most quickly lose respect for how hard getting that initial amount is
even moreso for the people born into wealth, who have never truly had to fight for anything in their lives
there’s this massive international casino called the stock market, where all the richest degenerates love to throw their $ around trying to make their line go up faster than someone elses. most have zero plans to ever spend any of that $ in the real world unless forced to.
when you learn the rules to that casino it’s effectively infinite $ (to a point, there are scaling/effort-reward issues past like… 500k or so)
This person does not sound like they got to the point where they have much money to throw around. They just do it anyway
sounds like they’re one of those born into wealth to me
If that were true, you’d expect them to have some…
Okay, I’m going to leave aside the fact that he’s got two Teslas, which I hate with a passion.
He literally said he’s about even on the Kampfwagen.
The model Y is, for all intents and purposes, all the car anyone really needs (if he NEEDED a truck, he’d have a real truck). He’s upside down on it, sure, but there’s nothing to do about that unless he can pay off extra. However, he can keep making the payments and just driving it. It should still have several years of battery and drivetrain warranty unless Tesla’s is shorter than the industry standard 8 years.
Sell the fucking Panzer and drive the Y until you’ve managed to pay off your stupid debt, numbnuts. I WISH my debt problem was that easy. My ex put me deeeeeep into 5 digits of debt with constant manipulation (it started off with her getting pregnant “on the pill” so she could start threatening me with never seeing the baby if I don’t do the things she wants me to do) and I have NO assets to show for it. Nothing to sell. My car cost me under 2k. Now totals to around 3k with the registration, insurance, maintenance and repairs I’ve done. My only solace is that even after I get everything paid off, nobody’s giving me a loan for another 5 years till the debt registry entries are cleared. I literally can’t get into more debt anymore, other than the interest on old shit, which luckily is capped too.
Except that CyberTruck owners are not allowed to resell for a certain number of years, according to their contract.
Edit: Apparently the contract was only for one year, and it has since been discontinued.
it was one year, and this was removed because it turns out speculating and flipping the Cybertruck was not a thing.
Ah ok, I stand corrected.
Wait, for real?
That’s super fucked, I could NOT in good conscience enter that agreement even if I wanted one.
This is common with low volume sports cars. Ferrari will sell you a $350,000 car and tell you you can’t wrap or paint it.
Ferrari is a special case in that they’re the worst. I’ve never seen Tesla as something so special though. It’s just… A car. They’re not low volume or collectible
No the real problem is that most people who are stupid enough to buy a cybertruck already have and a bunch of them are trying to get rid of it. $72k lmao. If someone offered me one for free, I’d have to think about it still.
Oh wow I didn’t know that.
As someone whose ex rocketed them into debt because they’re a vicious narcissist, I feel you and I’m sorry.
I would have several tens of thousands more dollars if I hadn’t dated my verbally abusive ex who I moved to a new state for, and then they cheated on me. Moving multiple times during that chaos was expensive. Fun stuff. Sorry y’all got screwed over too.
I’m down over 100k. To be fair a lot of that is from extra income I wouldn’t have earned if I wasn’t so fucked. But then I could’ve slept more than 3h a night if I didn’t have to do that.
I’m just starting my road to recovery, still in a constant battle. She’s trying to weaponize our child against me and I’m documenting everything with CPS but in our country only courts can tell her to relinquish custody back to me. CPS has no such power, but they do show up in court to make sure the child’s interests are protected.
I hope you’re recovering too.
Shit, that sounds awful. I’m glad we didn’t have any kids involved. Sorry you’re going through that.
Incredibly painful and had me borderline suicidal at the time because I had ZERO friends or support in the city we’d moved to for her job, I’d only lived there a few months.
Mostly doing a lot better these days, after a lot of therapy (I had other shit I was working on in therapy prior to the cheating, I was 6 months sober when she cheated on me. It almost broke me but I kept the streak, still not a drop of alcohol to this day), then I said fuck it and moved 1000 miles and restarted my life about a year ago.
I definitely still have trust issues though. The idea of dating again still makes me anxious enough that I’ve only been on one date since moving here.
Oh and somehow she’s already married? So fuck me even more lol
Kids make it harder but the other one already has a custody judgement in favor of the father so now it’s just mine to get back.
In fact, as painful as it is, I think you might’ve had it worse. The upside of moving back to my family home to stop paying rent is that now I see some old high school friends nearly every day. I just hop over when I’m feeling lonely, they are used to having guests over nearly every day. Sometimes I just go for a cigarette and leave, sometimes I stay for 7 hours and play couch co-op games.
I’m still on the fence about dating again. I drive a rusty old shitbox of a car and tell myself that it’ll repel future gold diggers. I had a nearly new Mercedes when I met my ex and I’m honestly somewhat blaming that car for attracting her. She’s proven time and time again that cars are the center of her universe.
At this point if I meet someone new, I’m going to have financial criteria before I’m going on a second date. I.e if she has a stable job, her own place with no roommates, and it seems like she’d be able to pay for her own meals if I told her I wanted to split the check.
Isn’t it amazing how they weaponize money and everything? It’s honestly terrifying how meticulously manipulative they are.
Money, children (even before birth), everything.
When she was pregnant, I had to talk her off suicide multiple times after minor fights. Some of those times it was followed up with “but will you buy me X like I wanted”?
We owned over 50 strollers in less than 2 years. Many of them bought brand new, all sold with a loss. None were ever good enough. And then she fancied the same model she’d already bought and sold 5 times. Last time she got one of those in particular, I told her it would end our marriage. She laughed it off. We did not buy another stroller after that one and got divorced 2 months later or so. That one stroller was my final line in the sand, after hundreds of other reasons to break up. Sometimes you need a specific “if you do this after I’ve begged you not to, we’re done” because it helps you realise how little respect they have for you.
50 strollers is “you deeply need serious medical attention” territory. Sorry you had to go through that.
Yes, well, unfortunately medical attention is not given to those who don’t seek it.
She is seeing a psychologist about her depression so she can claim she’s a healthy person now, but it’s not like they’re doing anything for the narcissism or the constant need to buy expensive things instead of food. She won’t mention any of the things that show her in a bad light.
So now it’s up to me to prove in court that she is who I say she is.
That’s absolutely batshit. I am so sorry. I’m glad you got away.
Man I’m sorry to hear that happened to you. I hope that was a long time ago.
It was over the last 2 years or so. It’s gonna be a long road to recovery, but if nothing else, I’m going to fight through all this just because the best revenge is to live a good life and she will be absolutely infuriated to see another ex of hers recover from the abuse while she’s still in debt and unable to survive without having a partner to leech off because she’s unwilling to work and unwilling to cut back on her lifestyle. I’m not the first victim and I doubt I’ll be the last, but it brings me some joy that her new boyfriend is literally the male version of her. An abusive liar, cheater and narcissist.
This isn’t a cybertruck or Tesla issue. This is a stupidity issue.
But they’re posting to Cybertruck Owners Only in order to hear from someone with good judgement.
He’s hoping for a clever solution, like mining Dogecoin with the Cybertruck battery for free heating.
He could get the tent dlc and save on rent. Also doesn’t look out of place under a bridge.
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Conmen have a name for people like him, it’s called “a mark”.
