Looking at New Trucks

[mrbb]

Well, we sound like a bunch of old farts sitting around the campfire, don't we? Here's the thing. I read this somewhere some time ago so I'll have to paraphrase and fill in the blanks. In the years prior to say 1970 if you needed a loan you'd go to the bank and ask the president or someone with influence for a loan. Their response would be, what do you have for collateral? And you'd reply I have some cows and chickens and I work real hard. So, they granted you the loan provided you paid it back with interest on time. Otherwise they'd take your cows and chickens.
Sometime in the early 70's the banking industry realized they could make more money by giving the same loan to people that were higher risk. No collateral, poor work history, etc. The reasoning was that some money would be lost, but MOST of the loans would be repaid over many years of monthly payments. Plus they still had the working stiffs that paid their bills on time and preferred to live debt-free once the loans were paid off. Fast forward to today. A couple of generations have grown up since with easy credit, no payments for a year, no money down, etc. Life is Good as long as you keep up with the payments. It's a win-win for the bankers and most consumers just accept it as the way we choose to live. Didn't mean to ramble or stir up trouble, just wanted to share what little I know about finance. Carry on!

actually l you missed a step, LOL

yrs ago if you didn;t have good credit,. you needed a person with good credit to CO sign a loan, making THEM liable if person borrowing didn;t make payments!

and as for it being good for all, I disagree
as , it is honestly allowing more and more folks to go into debt, making those that make there payments ON time, have to PAY more for all items being sold to folds that borrow more than they can afford, and over extend themselves!
it drives up the costs of products
so, Ain;'t no WIN win for everyone, but the folks loaning and or maybe selling things folks are buying on credit?

when you look at stats about how many folks in the USA are in debt (last I seen was 7 out of every 10 folks are in debt)

its actually a rather scary figure?? NO!!~

 

[G]

actually l you missed a step, LOL

yrs ago if you didn;t have good credit,. you needed a person with good credit to CO sign a loan, making THEM liable if person borrowing didn;t make payments!

and as for it being good for all, I disagree
as , it is honestly allowing more and more folks to go into debt, making those that make there payments ON time, have to PAY more for all items being sold to folds that borrow more than they can afford, and over extend themselves!
it drives up the costs of products
so, Ain;'t no WIN win for everyone, but the folks loaning and or maybe selling things folks are buying on credit?

when you look at stats about how many folks in the USA are in debt (last I seen was 7 out of every 10 folks are in debt)

its actually a rather scary figure?? NO!!~

I would think it would be even greater than 7 of 10. Yes we are mostly geezers around the fire on this site. The world we lived in during our most productive years is long gone. The rules are different and lot of stuff we have to deal with wasn't even invented 30 years ago. It was a simpler more cut and dried time to be alive. So when we are in doubt we fall back on how things used to be done. Which is what our depression era parents did when things started moving too fast for them. My parents were absolutely terrified by the concept of debt. I used to think they were a little touched. But now it has come full circle. My own kids think I am an idiot for not taking advantage of these cheap interest rates. The more things change the more they stay the same.

 

[snomoman]

The used pick up truck market is definitely crazy out there, I punched in my Vin number on Carvana and they want to pay me thousands of dollars more than what I bought the vehicle for brand new a year ago and now it has 6000 miles on it ...wow

 

[slimcake]

Ya local dealer offered me 32,000 for my 2018 Silverado.  Punched the vin into Carvana and they offered me 37,000 dollars!!  WOW!!!

 

[eagle1]

I swear Carvana is money laundering front for the Cartel!! Lol

 

[gary_in_neenah]

when you look at stats about how many folks in the USA are in debt (last I seen was 7 out of every 10 folks are in debt)its actually a rather scary figure?? NO!!~

Would those 7 out of 10 folks include mortgages? Some debt such as eventually owning your home is good don't you think?

 

[mrbb]

Would those 7 out of 10 folks include mortgages? Some debt such as eventually owning your home is good don't you think?

the last stat I seen was on credit card debt, not mortgages!
so?

and YES I think there is a huge difference in buying something that can have increased value down the road ( like a home, land and so on, that can be viewed as an investment and not just satisfying a MUST have NOW need!)
But you also have to buy within your actual means, and not buying just due to you can get a loan for it,!
so, debt from a mortgage can be good and bad, pending how much you borrow and or over extent yourself!


and there IMO is a a big difference in going in debt for all sorts of other things that depreciate from the second you pay for it on!

 

[1fujifilm]

I swear Carvana is money laundering front for the Cartel!! Lol

No, just smart people who actually negotiated a decent deal on their vehicle selling to Carvana, who sells to idiot mehlennuals who are too intimidated to negotiate their own deal in a dealership.

See the gap, and whi makes money and who pays too much..I did.

Bear

- - - Updated - - -

Ya local dealer offered me 32,000 for my 2018 Silverado.* Punched the vin into Carvana and they offered me 37,000 dollars!!* WOW!!!

Sell, sell, sell..and buy a 56k GMC Elevation with the new 3.0 diesel for 10k more..you will love it.

Bear

 

[dothedoo]

I swear Carvana is money laundering front for the Cartel!! Lol

<br>
<br>I actually bought a low mileage, 2019 Pathfinder on Carvana back in December.  The price was very competitive with what I saw locally.  It was an extremely pleasurable experience all around.  A couple of clicks here, couple of clicks there, and the vehicle showed up in my driveway on a flatbed a few days later.  There were two scratches on it not disclosed in the ad, they agreed, and they paid the local body shop I use $1500 to fix them. <br><br>I looked there first when shopping for a newer truck over the past month or so, but their prices were beyond belief.