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Good god this is hilarious(ly bad.) I love how they just keep repeating well the loan I had 10 years ago didn't work like this! Yes it loving did just this time you got a worse rate and/or paid more attention. I'm not always the biggest fan of schadenfreude but gently caress people like that who try to play the victim when it's obvious they didn't bother to understand what they were signing at all.quote:I know a mortgage is more than just taking the price of the home and dividing it by 30 years. What else should I expect to pay? How much would mortgage insurance or home insurance run? For example a $60k home over 30 years would be about $166 a month or $333 a month over 15 years. Col.Kiwi fucked around with this message at 01:40 on Jul 21, 2014 |
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Jul 21, 2014 01:33
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The guy
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Jul 21, 2014 02:00
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that article uses the term "financially sophisticated", i like it also why wouldn't you just replace the ignition system, is that somehow illegal?
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Jul 21, 2014 02:23
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Jeffrey posted:that article uses the term "financially sophisticated", i like it It's probably somewhere in the agreement that you won't interfere with operation of the interlock device. Maybe it's just as cheap as removing the device, but it runs a serious risk of ruining the ignition system. As if someone who really needs to worry about having their car repossessed has that money. Besides, even if you were successful, they can still come repo the car the old-fashioned way.
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Jul 21, 2014 02:56
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Col.Kiwi posted:Good god this is hilarious(ly bad.) I love how they just keep repeating well the loan I had 10 years ago didn't work like this! Yes it loving did just this time you got a worse rate and/or paid more attention. I'm not always the biggest fan of schadenfreude but gently caress people like that who try to play the victim when it's obvious they didn't bother to understand what they were signing at all. I like how someone was like "well contracts are hard and confusing." Last car loan I did through Toyota gave a line by line breakdown of everything. I'd imagine at this point they don't even bother with contract trickery since people don't even bother to read them anymore and just go "well too hard".
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Jul 21, 2014 03:02
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NancyPants posted:It's probably somewhere in the agreement that you won't interfere with operation of the interlock device. Maybe it's just as cheap as removing the device, but it runs a serious risk of ruining the ignition system. As if someone who really needs to worry about having their car repossessed has that money. Well my car has a thing in it called a passlock system that checks for a certain resistance on a wire that goes through the ignition and the key, and if it doesn't see that resistance, the car won't start. It would be trivial to add some kind of switch to that wire to disable the ignition remotely. I'm actually having some issues with it because the owner before me installed a remote starter, badly.
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Jul 21, 2014 03:09
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NancyPants posted:It's probably somewhere in the agreement that you won't interfere with operation of the interlock device. Maybe it's just as cheap as removing the device, but it runs a serious risk of ruining the ignition system. As if someone who really needs to worry about having their car repossessed has that money. What about wrapping it in foil? No need to remove it if it can't receive the shutoff signal.
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Jul 21, 2014 03:50
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NancyPants posted:It's probably somewhere in the agreement that you won't interfere with operation of the interlock device.
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Jul 21, 2014 04:46
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Col.Kiwi posted:Good god this is hilarious(ly bad.) I love how they just keep repeating well the loan I had 10 years ago didn't work like this! Yes it loving did just this time you got a worse rate and/or paid more attention. I'm not always the biggest fan of schadenfreude but gently caress people like that who try to play the victim when it's obvious they didn't bother to understand what they were signing at all. Holy crap! He signed a 6 year note at 17% interest? How the hell does that happen to you? Then again, considering the kinds of things he's saying I'm not surprised that he's found himself in that hole.
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Jul 21, 2014 07:15
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http://www.reddit.com/r/personalfinance/comments/2b97bx/considering_cashing_in_roth_ira_to_buy_a_boat_as/ Cashing out your Roth to buy a boat to live in? Sounds like a win!
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Jul 21, 2014 08:53
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egoslicer posted:http://www.reddit.com/r/personalfinance/comments/2b97bx/considering_cashing_in_roth_ira_to_buy_a_boat_as/ We had a pretty great thread on these very forums about a guy who was considering living on a sailboat. I don't know where that thread went, and search won't load for me, but if you can find it, it's a good read. My favorite argument in the entire thread was along the lines of, "No one ever said, 'I sure am glad I didn't live on a sailboat when I was young and free.'" I guess that doesn't make it the right decision, but I find it hard to argue with.
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Jul 21, 2014 09:57
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Maybe if I lived near the ocean, I would understand why the hell someone would want to live on a boat.
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Jul 21, 2014 12:55
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Saros posted:Finally my favorite one "Renting is for plebes." This guy reminds me a lot of my cousin and his totally awesome plan for making it in the world. He wants to buy a two story brownstone, live upstairs and rent out the bottom floor. The rent will cover the expenses of the house, of course. It'll pay for itself! All he needs is the money to make a down payment. This money will come from when he becomes a famous actor and he'll totally make it for real, guys. Currently he works a 30k/year warehouse job in New York. He moves from job to job every few months. He keeps quitting his jobs because his bosses are always morons and he's always better than them, the truth is that they're afraid of him taking their jobs, you see. He almost got his dumb rear end fired last week by engaging in office politics and nothing I say will make him realize the secret is to just shut the gently caress up. He's so disengaged from reality. I don't know what his specific finances are like but I think it's a safe assumption it's not great. He used to complain about his ex girlfriend who would always make him pay for her booze and cover charges at clubs, she then complained that he didn't own a car even though his reasoning was that he couldn't afford to reinstate his license from all the poo poo she made him buy. He eventually dumped her a year ago, but still hasn't gotten his license back. He has the money to pay for modeling agencies and acting lessons, but no paying gigs though. (I wouldn't be surprised if he fell victim to one of those modeling agency scams and didn't even realize it). So yeah, the more I think about it, the more I think he's pretty terrible with money. I don't know his specifics, but from what I can see from the way he lives, there is no way he's not living paycheck to paycheck. The best part to me? He lives in a family member's basement for $200/month. With rent that low there's no reason not to save as much money as possible. Renegret fucked around with this message at 13:33 on Jul 21, 2014 |
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Jul 21, 2014 13:29
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Centripetal Horse posted:We had a pretty great thread on these very forums about a guy who was considering living on a sailboat. I don't know where that thread went, and search won't load for me, but if you can find it, it's a good read. My favorite argument in the entire thread was along the lines of, "No one ever said, 'I sure am glad I didn't live on a sailboat when I was young and free.'" I guess that doesn't make it the right decision, but I find it hard to argue with. no one ever said not to murder hookers with pool cues either but here we are
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Jul 21, 2014 14:23
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Powerlurker posted:Holy crap! He signed a 6 year note at 17% interest? How the hell does that happen to you? Then again, considering the kinds of things he's saying I'm not surprised that he's found himself in that hole. So I sign this and you give me a car? Alright!
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Jul 21, 2014 15:14
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Found out yesterday from my Aunt that my cousin, who has a Certified Nursing Assistant... degree? Whatever it takes to get one of those has been going to school to be a full nurse for like 5 years but still hasn't graduated as she only takes semesters sporadically. She is 32. Last year she took a semester off to go help out a friend's family at their business in another state. She got to live with that family rent-free and made several thousand dollars in that time, which she was supposed to use to move back home and go back to school. Instead, she went with her friend and her friend's children to Disneyworld, stayed at the resort and spent very nearly all of the money she made working and saving for several months on the trip. Expenses included paying for her friend's daughter to go to the Bibbity Bobbity Boutique, which costs something like $150. My cousin went back home completely broke and is now living with her brother and his family in his basement. She hasn't had a job in nearly a year despite there being plenty of opportunity in the area, apparently. Her brother has put his house up for sale and is moving his family into an apartment, which won't have room for his sister. She will literally have no place to go as soon as the house is sold and will probably move back in with my aunt.
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Jul 21, 2014 15:25
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Annakie posted:Found out yesterday from my Aunt that my cousin, who has a Certified Nursing Assistant... degree? Whatever it takes to get one of those has been going to school to be a full nurse for like 5 years but still hasn't graduated as she only takes semesters sporadically. She is 32. Last year she took a semester off to go help out a friend's family at their business in another state. She got to live with that family rent-free and made several thousand dollars in that time, which she was supposed to use to move back home and go back to school. CNAs are the peons of the nursing world. They get paid much less than RNs, but still have to do a bunch of the gross stuff and grunt work. That story hurt to read 
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Jul 21, 2014 15:38
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Nocheez posted:CNAs are the peons of the nursing world. They get paid much less than RNs, but still have to do a bunch of the gross stuff and grunt work. That story hurt to read I knew a CNA who quit her job to work as a cashier at a gas station because it paid better. (10 bucks an hour.) edit: She has an adopted son (I guess he'd be 10 or 11 now) whose life is a bottomless pit of 
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Jul 21, 2014 15:45
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From glassdoor, it looks like there are a few places where a CNA can get a livable wage, but that most of them are in the minimum-wage realm. I hope that license or whatever isn't expensive to get.
Nail Rat fucked around with this message at 16:13 on Jul 21, 2014 |
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Jul 21, 2014 16:07
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Nail Rat posted:From glassdoor, it looks like there are a few places where a CNA can get a livable wage, but that most of them are in the minimum-wage realm. I hope that license or whatever isn't expensive to get. Wage is probably higher if they don't get bene's, otherwise the hospitals poo poo on them and offer a laughable wage in exchange for health insurance + 403b. I'm not a Union man but I think hospital nurses and CNA's are professions that need unionization the most. Not even from a worker abuse POV but from a patient care and safety POV. I'd feel much better going in as a patient knowing that my nurse doesn't have 6 other helpless souls to take care of simultaneously. fruition fucked around with this message at 16:25 on Jul 21, 2014 |
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Jul 21, 2014 16:23
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Renegret posted:He wants to buy a two story brownstone, live upstairs and rent out the bottom floor. The rent will cover the expenses of the house, of course. It'll pay for itself! Doing this will probably not cover all your housing expenses, but this can be a great way to defray part of the cost of home ownership. Obviously buying more house than you can afford with this as a plan to afford it is bad. But this is a generally a pretty shrewd move.
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Jul 21, 2014 16:40
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Bloody Queef posted:Doing this will probably not cover all your housing expenses, but this can be a great way to defray part of the cost of home ownership. Obviously buying more house than you can afford with this as a plan to afford it is bad. But this is a generally a pretty shrewd move. Oh yeah, I'm aware that's it's not a bad idea. What makes it a terrible idea is his plan to pay for it is to become a famous actor instead of, you know, saving money. Not that you'll ever be able to save enough on a 30k job.
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Jul 21, 2014 16:53
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Reminds me of the protagonist in this story: http://pseudopod.org/2010/10/15/pseudopod-208-the-evil-eater/ except that in the end he'd get eaten.
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Jul 21, 2014 17:01
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I have a rare disease that will likely (65% chanceish?) kill me by 40, yet I keep maxing out my 401(k) and continue to rent. I'm pretty bad with money.
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Jul 21, 2014 17:11
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^ drat dude at least if something does happen whoever takes over the account will be taken care of. Also gently caress those odds you can beat that. My 30 year old cousin came into a windfall of money. He absolutely loves cars, and blew pretty much every single dime from the windfall on them. Here is just one example: He bought the black Ford Falcon that is nearest to the viewer here (the previous owner had it on the magazine):  AT LEAST $50,000 later?  He has a habit of starting a project car, and then working on it 10+ years and never getting any nearer to being happy or finished with it. Other fun things with cars: probably the day after he got the windfall money he bought 10-15 different cars-mostly beaters like early 90s Broncos, Jettas, etc-to try to flip them. I'd be willing to bet he took a loss on every single one. The amount of money was such that he probably never would have had to work again, but not even a year later he's back to back breaking work. My uncle has an early 80s Ford Mustang that is his current project. I know he has at least $20,000 into this car. This wouldn't be -so- terrible, but my grandmother has his mortgage in her name, and they also just bought a brand new F-250 for no reason (it's for his wife who never tows anything?). They're pretty much always broke. I've got stories for pretty much every family member. There are a couple in the family that are exceptional with money, but we're talking ~3/20 at best. I'm hoping to increase the ratio a little bit. Edit: and don't get me wrong - the cars are really loving cool and I'd love to own them myself - they're just such an expensive hobby. Knyteguy fucked around with this message at 17:38 on Jul 21, 2014 |
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Jul 21, 2014 17:27
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Knyteguy posted:Edit: and don't get me wrong - the cars are really loving cool and I'd love to own them myself - they're just such an expensive hobby. Being on the other side of those transactions can be pretty cool though. One of my neighbors is a retired guy with a bunch of cool old cars (a Model A and some early 50's pickup currently) and he's happy to buy them off of people who are cutting their losses on project cars. (must be painted, running, and not have a weird title). He doesn't do as much of the full-scale restoration stuff anymore. Finds it way cheaper and more fun to start with a car that's almost there.
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Jul 21, 2014 19:04
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enraged_camel posted:It's still dumb and risky as gently caress. It's basically a lawsuit time-bomb.
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Jul 21, 2014 20:05
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From the sub prime auto leasing article:quote:While his criminal case was pending, the salesman persuaded Mr. Tuhin to buy a used car for 90 percent more than the price he agreed upon. Needing the car to take his daughter, who has a heart condition, to the doctor, Mr. Tuhin said he unwittingly signed for a $26,209 loan with completely different terms than the ones he had reviewed. This part stuck out for me because I worked in sub-prime consumer finance, first at general consumer loans and then with motorcycles. At some point, after receiving signed copies of the contract, the customer should have received a call from the bank to reiterate the monthly payments, number of months, etc. It's a standard way of ensuring the dealership isn't sending you bullshit paperwork and to confirm the customer's number since you'll most likely call for missed payments or give it to a repo company so they can scare the customer. There's only a few ways to get past this. One is outright fraud: enter a disposable pre-paid phone number as your own and then answer with the information the client has given you. The other is to wear the customer down by making them wait all day, so that by the time they receive the call they'll agree to anything just to have it over. I wouldn't be surprised at either. But if the bank thought the call had been performed satisfactorily then, "gently caress you, take it up with the dealer" would have been the default response. kissekatt posted:I would think something along the line of the engine stalls while driving, you can't restart the car because the ignition is disabled and then you're hit by another car because your car is standing still in the middle of the road or you are hit by a car while exiting the car to get to safety/put down a warning triangle. The GPS can inform you if the vehicle is moving before you hit the kill ignition button. Ideally you would do this when they're holding still, or not at an intersection (since you'd be liable for impound/towing fees if the customer shirks it off).
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Jul 21, 2014 20:19
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RommelMcDonald posted:The GPS can inform you if the vehicle is moving before you hit the kill ignition button. Ideally you would do this when they're holding still, or not at an intersection (since you'd be liable for impound/towing fees if the customer shirks it off). Do you honestly believe that the person making this decision (if it's even a person and not an automated script to disable all undisabled vehicles with a payment past due of 7 days) would actually look up where the vehicle is or check the speed?
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Jul 21, 2014 22:05
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Volmarias posted:Do you honestly believe that the person making this decision (if it's even a person and not an automated script to disable all undisabled vehicles with a payment past due of 7 days) would actually look up where the vehicle is or check the speed? Yes, because the very next thing they would be doing is phoning up their tow-truck driver and saying "it's parked in a parking lot at the Walmart, go get it". Or some other accessible location. Because if you disable it while it's in their garage, you hosed up. Edit: Which isn't to say sometimes they could gently caress things up, but people get efficient when it comes to taking things from poor people.
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Jul 21, 2014 22:25
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Fair enough. Good point about that.
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Jul 21, 2014 23:29
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Trilineatus posted:I stayed in my current job pathetic little tramp posted:I have a rare disease that will likely (65% chanceish?) kill me by 40, yet I keep maxing out my 401(k) and continue to rent. I'm pretty bad with money.
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Jul 22, 2014 01:36
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Turns out that appreciation, good coworkers, and a great supervisor have a cash value of about 10k.
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Cicero posted:How is this different from "we were sitting at home and my wife unexpectedly went into labor but I couldn't rush her to the hospital because the lender had repossessed the car."? Because most people don't expect the ignition of their car to be disabled minutes after missing a payment?
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Jul 22, 2014 03:37
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pathetic little tramp posted:I have a rare disease that will likely (65% chanceish?) kill me by 40, yet I keep maxing out my 401(k) and continue to rent. I'm pretty bad with money. necrobobsledder posted:I generally have no reason to live to retirement age (no kids, no desire, nothing I want in itself costs money to get / achieve) so I think of my retirement funds as a life emergency fund should something happen before I want to Alt-F4 out of life. But investing is a bit of a hobby for me anyway, so no real harm either. Have either of you considered making a will like Charles Vance Millar's and making the world a sillier place upon your departure? I know I have some eccentric bequests written into mine, just in case I should die with more money than I need to fulfill my posthumous obligations.
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Jul 22, 2014 03:42
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Yond Cassius posted:Have either of you considered making a will like Charles Vance Millar's and making the world a sillier place upon your departure? I know I have some eccentric bequests written into mine, just in case I should die with more money than I need to fulfill my posthumous obligations. A trust to buy av certs for foundlings and other wayward newbies. It would be the greatest gift the forums ever received. 
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Jul 22, 2014 04:05
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enraged_camel posted:Because most people don't expect the ignition of their car to be disabled minutes after missing a payment? Very true. Lots of people regard the due date as a suggestion. I once had a neighbor who never paid rent until two or three weeks after it was due. When she got evicted she was flabbergasted. "But I always pay the late fee!" MrKatharsis fucked around with this message at 04:18 on Jul 22, 2014 |
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Jul 22, 2014 04:14
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enraged_camel posted:Because most people don't expect the ignition of their car to be disabled minutes after missing a payment? This wouldn't even be practical. If you're doing sub-prime leasing/lending then a significant portion of your customer base is going to be paying late/close to the last minute before repo on a regular basis. Why would you prevent them from going to their job?
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Jul 22, 2014 08:05
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RommelMcDonald posted:This wouldn't even be practical. If you're doing sub-prime leasing/lending then a significant portion of your customer base is going to be paying late/close to the last minute before repo on a regular basis. Why would you prevent them from going to their job? I read an article about it once. It's part of the business model. Sell the car. As soon as they miss a payment, you repossess the car and turn around and sell it again the same day to the next person desperate to get a car.
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Jul 22, 2014 11:53
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Lowness 72 posted:I read an article about it once. It's part of the business model. Sell the car. As soon as they miss a payment, you repossess the car and turn around and sell it again the same day to the next person desperate to get a car. I've worked in modeling for these customers, and the credit is so bad, that FICO dosen't even work anymore as a PD indicator. They have to use a custom model to map out the credit risk. One way to mitigate that and make it so they can actually lend to someone at all is to have absolute control over the colleteral.
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Jul 22, 2014 14:38
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Redditor has a "unique" opportunity.quote:Background: My wife and I bought a house over ten years ago in which we currently live. Four bedroom suburban home in a good neighborhood, two car garage, yard, etc. We don't have any other properties, we have little in terms of assets (we own both 10+ year old vehicles outright, combined income = approx. $7500/month, student loan payment = $115/month, credit card debt = $4K). The value of our current home is approx. $325K, existing equity is slightly over $100K. We have two kids, our 1970's house seems to be getting smaller each year, we're looking to upgrade.  To their credit most redditors are pointing out how stupid this is.
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