by "LJ909" (lj909)
Published 12/21/2017 at 19:20
by "LJ909" (lj909)
Published 12/21/2017 at 19:20
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STARS: 1
This isn’t one of my usual bad auto loans post, but this one highlights one of the many overextended customers I have and encountered with many of them, like this person, making good money but paying so many things a month its like they aren’t making the money they make.
Here we have a 49 year old man making just over 11 grad a month (but it fluctuates between $10 and $25k a month depending on how many hours he works. But this last month he was in it was just over $11). Being married with 2 kids, he bought a car for all of them and pays for all them. All told hes payin g $3,483 bucks a month just in car payments on these cars:
A Honda Accord EX-L bought in 2014 for $27,600. Pays $449 for 72 months. Is currently paid down to $14,800.
A Mercedes CLS bought in 2016 for $73,300. Pays $1350 a month for 60 months. Is currently down to $59,900.
Another Mercedes, this time an ML. Bought in 2014 for $50,700. Pays $906 a month for 72 months. Is currently paid down to $29,600.
And lastly, a CPO 750 (that the wife always seems to have) bought in 2015 for $39,100. Pays $778 a month for 60 months. IS currently paid down to $26,600.
And there you have it. Keep in mind that all of these cars have been financed through their automakers respective finance arms as well. Aside from the Accord, him and his family seem to have a penchant for luxury cars. I would too if my ytd salary was approaching 200k. But with all of these bills and these cars, that $11-25 grand a month is really like $5-8 a month after everything is paid, maybe even less.
"themanwithsauce - has as many vehicles as job titles" (themanwithsauce)
12/21/2017 at 20:15, STARS: 1
I still don’t get how people involve themselves in these situations. I know I posted my deal before but it’s worth repeating that u got dealer financing and still left with under 300/mo for a brand new focus st. And since I pay my old amount, which is 20$ more or so per month, my new minimum payment is down to almost 250/mo. I’ll pay this FoST off in 4 years. At most.
"LJ909" (lj909)
12/21/2017 at 20:18, STARS: 0
Mo money mo problems. I mean, the guy can afford to pay for all these cars, but after looking at how stretched thin he is the question becomes should he be doing so, and if so, why does it have to be expensive cars. You can get a fun to drive performance car for cheap as you have shown. Too many people just go for show.
"xc90v8/I4 :(" (xc90v8)
12/21/2017 at 20:39, STARS: 1
I know a couple that makes like 600k combined. They don’t lease any cars. Two bought second hand (both bought over 10 years ago) one is paid for by the company. But after Mortgage, Child support, alimony, wages for Nanny and cleaning lady, wine etc.. there’s not too much left either.
I always think how many nice thing they could have if they just remained single, living in appartments..
Forgot the point now but it’s late..
"gmctavish needs more space" (gmctavish)
12/21/2017 at 20:50, STARS: 2
Jesus, whatever his job is, I want it
"LJ909" (lj909)
12/21/2017 at 20:55, STARS: 1
Yea a lot of people that make over 6 figures aren’t as well off as we think and its sad.
"LJ909" (lj909)
12/21/2017 at 20:55, STARS: 0
Hes a longshoreman. But you usually have to know someone to get in.
"shop-teacher" (shop-teacher)
12/21/2017 at 21:49, STARS: 2
No matter how much money you make, one can always spend more. My uncle has been making $150-200k a year for over 30 years. He’s mortgaged up to his stupid eyeballs. Dude spends money like it’s gonna rot.
"gmctavish needs more space" (gmctavish)
12/21/2017 at 22:57, STARS: 2
Ohh makes sense. I do know someone, but I don’t think I want that gig.
"LJ909" (lj909)
12/22/2017 at 00:15, STARS: 1
A lot of people making over 6 figures spend like they are millionaires. Its ridiculous.
"FTTOHG Has Moved to https://opposite-lock.com" (alphaass)
12/22/2017 at 00:15, STARS: 0
Does his wife work? There’s a possibility here that his wife has worse credit so all the cars are financed in his name, but their household income is significantly more than what you’re seeing.
"LJ909" (lj909)
12/22/2017 at 00:18, STARS: 2
As far as I have seen she doesnt and if she does its part time. Shes made off hand remarks to make me think that shes one of those housewife’s that go to lunches with her friends and she does “charitable work”.
"FTTOHG Has Moved to https://opposite-lock.com" (alphaass)
12/22/2017 at 00:34, STARS: 2
Ok so this guy basically makes $3k more a month than I do and his loans are $3k more a month than mine were back when I had two notes. I can’t imagine making $3k more a month than I do now and blowing it all on cars. And I love cars. Actually it’s worse than that - he’s probably paying another $500+ each month to insure them. Good grief. What’s wrong with getting the kids a Wrangler or GTI or something? Or heck if it’s all about the badge a CLA.
"LJ909" (lj909)
12/22/2017 at 00:44, STARS: 1
He literally pays for everything when it comes to his family. Its ridiculous. His debt to income ratio is like 1 or 2% off 60%.
"themanwithsauce - has as many vehicles as job titles" (themanwithsauce)
12/22/2017 at 02:05, STARS: 1
I want to hit up the dealerships and remind them that the bad deals you post end up being bad for them in the long run. I am not the only one paying a very low amount for a fun, daily driveable car. We’re all doing our part to keep these cars in production and enjoying some fine pieces of engineering while we’re there. And it works to keep business with them. I would like to hit up this same dealership in the future for my next car and I tend to recommend people visit this dealership or others in their chain since the deals just seem to be similar across the brands.
Buuuuuuuut I also recognize I live in the fantasy land of candy and gumdrops and market research and personal interest in the car buying process....
"shop-teacher" (shop-teacher)
12/22/2017 at 09:28, STARS: 0
Yep.