|
Why do they call them "buy here, pay here" lots? Where do you usually pay for the car you're buying?
|
#
?
Apr 21, 2024 04:51
|
|
|
|
| # ? May 5, 2024 06:41 |
|
|
The dealership finances you directly. At exorbitant rates. Versus most dealerships have a separate finance entity that provides the financing, usually associated with the brand. E.g., Ford Motor Finance or something. That entity provides the financing for all Ford dealers. Ford Motor Finance is not going to approve you with no credit. Buy here Pay Here will take that risk by attaching a tracker to your car and charging you out the wazoo on interest. . Lowness 72 fucked around with this message at 05:03 on Apr 21, 2024 |
|
#
?
Apr 21, 2024 05:00
|
|
|
For most “dealer” financing at a full blown Ford/GMC/etc, it’s just a thin veneer over an actual big bank. For example, GMC’s “Gm Financial” is actually just Wells Fargo with the finance manager acting as the loan officer in conjunction with a system setup by Wells Fargo to service those specific loans. The buy here, pay here lots are just loan sharks that readily have a thing to give you so that you need a loan.
|
|
#
?
Apr 21, 2024 06:48
|
|
|
Volmarias posted:If you have your own home, and you're willing / able to renovate, Bathtubs That Fit Tall Persons do exist, although they're not common. I had one for several glorious days in a hotel once, and some day I hope to again. yeah, I renovated our en suite to have a bath big enough for me at 6’4”, and there were some larger ones available for special order
|
|
#
?
Apr 21, 2024 09:07
|
|
|
rufius posted:For most “dealer” financing at a full blown Ford/GMC/etc, it’s just a thin veneer over an actual big bank. For example, GMC’s “Gm Financial” is actually just Wells Fargo with the finance manager acting as the loan officer in conjunction with a system setup by Wells Fargo to service those specific loans. Ally used to be GM's financing corporation until they managed to gently caress themselves so badly in the 2008 crisis (company got bored just selling car loans and ended up with a poo poo ton of subprime mortgages) they had to take a bailout and become a real bank. That's why they more or less appeared out of nowhere in 2009 as the Internet bank marketed by every "financial tips" website.
|
|
#
?
Apr 21, 2024 10:58
|
|
|
mrmcd posted:Ally used to be GM's financing corporation until they managed to gently caress themselves so badly in the 2008 crisis (company got bored just selling car loans and ended up with a poo poo ton of subprime mortgages) they had to take a bailout and become a real bank. That's why they more or less appeared out of nowhere in 2009 as the Internet bank marketed by every "financial tips" website. It's very funny that the punishment for being bad with money is being forced to become a bank. Edit: the financial equivalent of "you like cigarettes? Well now you have to smoke the whole carton"
|
|
#
?
Apr 21, 2024 11:00
|
|
|
Fil5000 posted:It's very funny that the punishment for being bad with money is being forced to become a bank. Happened to Goldman Sachs and Amex too! I think the legal reason is that one of the main bailout programs to get government capital infusions were only available to actual banks. That fact also very intentionally had the side effect of the government getting to say "If you walk like a bank and quack like a bank we're gonna make you become a goddamn bank and be regulated like one." Also kinda funny to think about how 170 years ago Amex started as a freight company and after a series of corporate happenstance they are now a bank that mostly sells airline miles.
|
|
#
?
Apr 21, 2024 11:18
|
|
|
mrmcd posted:Happened to Goldman Sachs and Amex too! I think the legal reason is that one of the main bailout programs to get government capital infusions were only available to actual banks. That fact also very intentionally had the side effect of the government getting to say "If you walk like a bank and quack like a bank we're gonna make you become a goddamn bank and be regulated like one." Yeah that's like how Experian started out as one guy in a catalog company saying "maybe we should keep records of which customers do and don't pay us"
|
|
#
?
Apr 21, 2024 11:35
|
|
|
mrmcd posted:Happened to Goldman Sachs and Amex too! I think the legal reason is that one of the main bailout programs to get government capital infusions were only available to actual banks. That fact also very intentionally had the side effect of the government getting to say "If you walk like a bank and quack like a bank we're gonna make you become a goddamn bank and be regulated like one." Yup and now the OCC gets to gently caress up their day!
|
|
#
?
Apr 21, 2024 15:02
|
|
|
mrmcd posted:Also kinda funny to think about how 170 years ago Amex started as a freight company and after a series of corporate happenstance they are now a bank that mostly sells airline miles. Amex is the one buying all the airline miles. They then pass them on to customers as an incentive to use their cards, where they make money through interchange fees and interest.
|
|
#
?
Apr 21, 2024 15:33
|
|
|
Yeah OP was probably thinking of this article that came out last year but misremembered some stuff: https://www.theatlantic.com/ideas/archive/2023/09/airlines-banks-mileage-programs/675374/ quote:Here’s how the system works now: Airlines create points out of nothing and sell them for real money to banks with co-branded credit cards. The banks award points to cardholders for spending, and both the banks and credit-card companies make money off the swipe fees from the use of the card. Cardholders can redeem points for flights, as well as other goods and services sold through the airlines’ proprietary e-commerce portals.
|
|
#
?
Apr 21, 2024 15:45
|
|
|
rufius posted:For most “dealer” financing at a full blown Ford/GMC/etc, it’s just a thin veneer over an actual big bank. For example, GMC’s “Gm Financial” is actually just Wells Fargo with the finance manager acting as the loan officer in conjunction with a system setup by Wells Fargo to service those specific loans. To expand upon this further, after GMAC became Ally bank, General Motors acquired Americredit and rebranded it to GM Financial. I don't believe Wells Fargo comes into the picture at all.
|
|
#
?
Apr 21, 2024 16:07
|
|
|
Weatherman posted:Why do they call them "buy here, pay here" lots? Where do you usually pay for the car you're buying? Frequently you send checks to the lender who holds the title, which is not the dealership.
|
|
#
?
Apr 21, 2024 16:20
|
|
|
SpartanIvy posted:To expand upon this further, after GMAC became Ally bank, General Motors acquired Americredit and rebranded it to GM Financial. My reference to Wells Fargo was what the finance manager was telling me when I bought my truck last month. I was debating using GM Financial because they had a good promo rate. I asked who serviced it and she said Wells Fargo is what will be on the paperwork. But that’s just my single data point. I have no idea for sure since I opted to use my own financing since I’m gonna pay the loan off within a year.
|
|
#
?
Apr 21, 2024 17:07
|
|
|
Boris Galerkin posted:Yeah OP was probably thinking of this article that came out last year but misremembered some stuff: I mean I meant "selling" in the marketing sense-- pretty much all their consumer facing marketing is centered around airline and travel rewards-- but sure. The first seller is airlines and Amex passes them on as a way to split the interchange fee.
|
|
#
?
Apr 21, 2024 17:26
|
|
|
rufius posted:I opted to use my own financing since I’m gonna pay the loan off within a year. At least where I live, prepayment penalties are disallowed by law, so there is no reason to use your own financing if the dealer's rate is better.
|
|
#
?
Apr 21, 2024 17:29
|
|
|
drk posted:At least where I live, prepayment penalties are disallowed by law, so there is no reason to use your own financing if the dealer's rate is better. There’s no prepayment penalty in either case for me. What there is though is a familiarity with the lender I went with (USAA). I abhor dealing with the hosed up hoops incompetent bank software departments develop. I’ll gladly sacrifice the $80 in additional interest on a loan with a rate that’s 6% instead of 3.5% when the term is 72 mo and I’m paying it in 11 mo. If I can work with a bank I already regularly deal with, that’s a much better deal to me. I recognize that’s a little eccentric but I just use loans for short term liquidity as I liquidate the right capital from my investments to pay the term.
|
|
#
?
Apr 21, 2024 17:38
|
|
|
Presumably you mean an extra $80 a month? Cant really blame you for not wanting to open an account with a new financial institution that might suck, but for $1k I'd personally take that risk.
|
|
#
?
Apr 21, 2024 18:08
|
|
|
drk posted:Presumably you mean an extra $80 a month? Ya $80/month. It’s not everyone’s risk/incentive model for sure.
|
|
#
?
Apr 21, 2024 18:42
|
|
|
It's only 3000 basis points, Michael. What could it cost?
|
|
#
?
Apr 21, 2024 18:49
|
|
|
https://twitter.com/this_is_mallory/status/1781778019075694753
|
|
#
?
Apr 22, 2024 03:22
|
|
|
I feel there’s some middle ground between „my kid trades with his friends using rocks as a currency” and „my daughter is day trading”
|
|
#
?
Apr 22, 2024 03:30
|
|
|
or a worse ground like selling NFts of rocks
|
|
#
?
Apr 22, 2024 03:31
|
|
|
quote:I'm not teaching them to beat the market. I'm teaching them how to flow with it. I am a highly respected and successful trader. They are in good hands.
|
|
#
?
Apr 22, 2024 04:00
|
|
|
these good hands will give them something to cry about
|
|
#
?
Apr 22, 2024 04:03
|
|
|
having your kids learn financial literacy is good. (but that ain't it chief)
|
|
#
?
Apr 22, 2024 09:00
|
|
|
It's also not passive income if they're actively trading. Passive income is when you put an apartment building in your kid's name as a tax dodge (after a transaction that was definitely NOT at arm's reach) and give them part of the rental revenue
|
|
#
?
Apr 22, 2024 09:12
|
|
|
Well at least the tiktok ban will be good for something.
|
|
#
?
Apr 22, 2024 09:37
|
|
|
they'll just move to Linkedin
|
|
#
?
Apr 22, 2024 09:41
|
|
|
Yeah but no one goes to linkedin expecting anything other than business brain nonsense.
|
|
#
?
Apr 22, 2024 09:44
|
|
|
Fil5000 posted:Yeah but no one goes to linkedin expecting anything other than business brain nonsense. get ready for the "Q3 2024 revenue earnings".... DANCE
|
|
#
?
Apr 22, 2024 16:50
|
|
|
Is it bad that I just assume that she's actually taking loans out under their names or some similar shady nonsense?
|
|
#
?
Apr 22, 2024 18:01
|
|
|
Volmarias posted:Is it bad that I just assume that she's actually taking loans out under their names or some similar shady nonsense? Honestly you might be thinking too highly of them.
|
|
#
?
Apr 22, 2024 18:22
|
|
|
Teaching your kids to day trade sounds like a crime. Also a good way to lose all your family's money? Active day trading is basically gambling with somehow worse odds.
|
|
#
?
Apr 22, 2024 18:39
|
|
|
SettingSun posted:Teaching your kids to day trade sounds like a crime. Also a good way to lose all your family's money? Active day trading is basically gambling with somehow worse odds. It's actually great. If you lose money, show the brokerage that it was your kids trading and tell them they don't have their KYC poo poo in order so they'll give you your money back* * in your imagination
|
|
#
?
Apr 22, 2024 21:03
|
|
|
SettingSun posted:Active day trading is basically gambling with somehow worse odds. Ehh if you're always going long and have no commissions its actually +EV. We can argue about if its better to just shovel everything into a SP500 ETF and forget about it, but let's not get hyperbolic and say it's "worse odds than gambling", heh. We do have a thread for trading right here: https://forums.somethingawful.com/showthread.php?threadid=4018317
|
|
#
?
Apr 22, 2024 21:25
|
|
|
If someone's getting on that daytrading train trying to make big money off of volatile short term directional bets they're gonna get into options sooner or later.
|
|
#
?
Apr 22, 2024 21:34
|
|
|
Baddog posted:Ehh if you're always going long and have no commissions its actually +EV. We can argue about if its better to just shovel everything into a SP500 ETF and forget about it, but let's not get hyperbolic and say it's "worse odds than gambling", heh. Are you and Baddog even talking about the same thing? He's talking about day trading, and you are talking about always going long. Are these ideas even compatible?
|
|
#
?
Apr 22, 2024 21:55
|
|
|
Mantle posted:Are you and Baddog even talking about the same thing? He's talking about day trading, and you are talking about always going long. Are these ideas even compatible? there is day trading in the sense of going flat at the end of every day and strictly trying to make money during the day (and that is negative ev since the S&P has negative returns during the day: https://elmwealth.com/night-moves-overnight-drift/), but there's also "day trading" in the sense of "i trade stocks a lot" but not necessarily going flat at the end of every day.
|
|
#
?
Apr 22, 2024 22:01
|
|
|
|
| # ? May 5, 2024 06:41 |
|
|
Mantle posted:Are you and Baddog even talking about the same thing? He's talking about day trading, and you are talking about always going long. Are these ideas even compatible? Sure, if you are day trading in a year when the market is up bigly (like 2021), pretty much anything you buy in the morning will be in profit by the afternoon more days than not. It makes a lot of stupid people think they are trading geniuses. edit: too blurry to see what she is trading, but this is not the strategy of a buy and hold investor: 
drk fucked around with this message at 22:06 on Apr 22, 2024 |
|
#
?
Apr 22, 2024 22:01
|
|