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He's talking about "precomputed interest" loans where all of the finance charges are added to the loan balance at origination; they are a real piece of poo poo for the borrower and yes tons of buy-here-pay-here car loans are written like this.
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Aug 18, 2015 20:54
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| # ? May 30, 2024 08:49 |
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I hate to break up this derail, seeing as how its going so well, but we have a great horsechat bwm story:"Legal Profession Blog posted:An attorney should be disbarred for misappropriation, according to a recent report and recommendation of the California State Bar Court Review Department.
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Aug 18, 2015 23:06
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If ya'll haven't watched the most recent Last Week Tonight with John Oliver, the main segment was on how awful Televangelists are and how they prey upon the poor. There's some really seriously BWM poo poo in it. Pretty torn between schadenfreude and empathy. https://www.youtube.com/watch?v=7y1xJAVZxXg
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Aug 18, 2015 23:10
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Guinness posted:If ya'll haven't watched the most recent Last Week Tonight with John Oliver, the main segment was on how awful Televangelists are and how they prey upon the poor. There's some really seriously BWM poo poo in it. Pretty torn between schadenfreude and empathy. "Put $1000 in seed money on your credit card, and God's gonna wipe out your credit card debt." If there was ever an argument against the First Amendment, this is it.
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Aug 18, 2015 23:24
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I already commented in TVIV, but this is one of the things that bothers me most in the world. gently caress them all. I hope Satan is real so he can rape then into eternity.
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Aug 18, 2015 23:33
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A Legal Blog posted:Many attorneys experience comparable financial and emotional difficulties.  Well, it looks like accountancy, finance, medicine, law, government employment, or a career in the armed forces (particularly if you need security clearance) are no barrier to BWM, any professions left on the list?
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Aug 18, 2015 23:55
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Tawd posted:
You left out banking. It's a lot like accounting BWM. One of my friends was working in the credit card processing department of a large bank. Everyone working there for a while knew all the systems, credit checks and limits for each type of card. There were the workers with no credit card debt and the others who realised they could get a huge credit limit and max out their cards. You would think seeing people applying for cards in a financial disaster and turning them down would register, apparently not.
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Aug 19, 2015 00:08
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Dik Hz posted:I hate to break up this derail, seeing as how its going so well, but we have a great horsechat bwm story: Great story, good thing the embezzling lawyer had his law license taken away five years after the fact rather than going to jail like a normal thief.
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Aug 19, 2015 00:11
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Devian666 posted:You left out banking. It's a lot like accounting BWM. You know it's going to be really good when a monthly budgeter begins to utilise financial concepts more commonly associated with nation-states.
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Aug 19, 2015 00:29
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Tawd posted:You know it's going to be really good when a monthly budgeter begins to utilise financial concepts more commonly associated with nation-states. Blue Story on this very forum is using a weird liquidity model to justify retaining relatively massive amounts of cash on hand and also concurrent high-interest debts.
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Aug 19, 2015 02:55
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You left out the hoarding of star wars/band merchandise, and week old food containers.
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Aug 19, 2015 03:03
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BEHOLD: MY CAPE posted:Great story, good thing the embezzling lawyer had his law license taken away five years after the fact rather than going to jail like a normal thief. My brother had a friend whose father was a lawyer who DID go to jail for inappropriately dipping into his clients' trust accounts.
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Aug 19, 2015 04:38
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I hang out on the fico forums, because I was rebuilding my credit after being BWM for years. Now I try to give advice on things that I have learned over time and what has been successful for me. It's generally not a bad site, a lot of knowledgable people, and most people are on the right track, or legitimately don't know what to do so they seek help and get things fixed. Other people though.... Guy who doesn't keep cars longer than 6 months posted posted:
Someone at that dealership got a nice bonus this month.
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Aug 19, 2015 12:08
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quote:20k @16.99% 
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Aug 19, 2015 12:12
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Right? I mean I did sign and drive on my new escape, but it was 1.9% financing so I said gently caress it, compared to my last car loan at 23% (But that car only cost 5K! and I kept it for 4 years!) Also I make more money than this guy and only have 1 kid instead of 3 (one of which is 17 which means college is coming!). He even said the guy at the dealership flat out showed him his terrible auto enhanced fico score, but he doesn't want to hear any of that, he just wants to buy a Tahoe, with an under 500 payment, with a trade in that will be worth max 15K when he goes back to the dealership in 6 months. Besides the fact that even if he really has 3K left over a month, in 6 months that does not = 30K to have the malibu paid off.
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Aug 19, 2015 12:28
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hanales posted:I hang out on the fico forums, because I was rebuilding my credit after being BWM for years. Now I try to give advice on things that I have learned over time and what has been successful for me. It's generally not a bad site, a lot of knowledgable people, and most people are on the right track, or legitimately don't know what to do so they seek help and get things fixed. Forget the interest. It's the mindset that baffles me the most: "I just bought two new cars, and I want another one in the next 6 months."  And they are Chevys, for gently caress's sake. Might as well burn your money.
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Aug 19, 2015 12:36
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Devian666 posted:You left out banking. It's a lot like accounting BWM. One of my friends was working in the credit card processing department of a large bank. Everyone working there for a while knew all the systems, credit checks and limits for each type of card. There were the workers with no credit card debt and the others who realised they could get a huge credit limit and max out their cards. You would think seeing people applying for cards in a financial disaster and turning them down would register, apparently not. My father was a mortgage lender and the very definition of BWM. He seemed to think his inside knowledge of the industry gave him financial superpowers, such as inexplicably not paying car and house notes when funds were in the account. I believe he thought he was making money off the interest. After they divorced my mom had three months additional payments on their Plymouth Reliant just to cover late fees. Not to mention 2k she paid 3 years earlier because of a repo. I'm not sure what that car cost new, but Wikipedia says it debuted in the early 80's at just under 6k. So they probably paid close to 3k extra on a Plymouth. BEHOLD: MY CAPE posted:Great story, good thing the embezzling lawyer had his law license taken away five years after the fact rather than going to jail like a normal thief. The clients probably didn't press charges. Since he's paid back almost all of it, they might have worked out a repayment plan in lieu of criminal prosecution. I think a lot of times when you hear about an embezzler not going to jail, it's because the victim doesn't want them too. Perhaps they're a friend or they've worked with them a long time.
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Aug 19, 2015 13:26
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BossRighteous posted:It's really interesting that you'd feel the need to defend poor rates and their criticism as religious disrespect though. You are fine to believe whatever you want but you cant walk into a money forum and ignore the math as the more important factor of discussion. Burdensome compliance costs money. You should indeed find the best deal you can, I certainly do not dispute that. What I dispute is that the best deal is a good deal (in pure monetary terms), as it is usually a terrible deal even then. Krispy Kareem posted:I don't think we're mocking the Muslims getting the 'loans' as much as the banks who are ripping them off. There's no way 'religious paperwork' accounts for a 6% premium on a mortgage. The bank isn't crafting an artisanal loan, conferring with religious leaders on behalf of each applicant. They have template. That template may very well have cost more than standard documentation. But still it was a fixed cost that they can now use tens of thousands of times. As I said, I do not dispute this. But I hope you do agree that there is going to be a significant premium, perhaps not necessarily 6%, but perhaps 1% or 2%, yes? Blinkman987 posted:Good with sanity- putting John Smith on ignore. He's an antagonistic contrarian rear end who isn't even funny. I did not intend to be funny. While you may not agree with my views, these views are sincerely held.
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Aug 19, 2015 13:30
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John Smith posted:Burdensome compliance costs money. You should indeed find the best deal you can, I certainly do not dispute that. What I dispute is that the best deal is a good deal (in pure monetary terms), as it is usually a terrible deal even then. Except rates in AU are around 4%, so that's an 8% premium. On a house. Let's just do the math on a 250K AU house (which my research shows will buy you a shoebox with a toilet in any of the named cities). A fixed 30 year at 12% will be 500K In interest. That's not usury, that's violently oppressing people by preying on their religious beliefs.
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Aug 19, 2015 13:59
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I'm not sure you understand what the word violent means.
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Aug 19, 2015 14:35
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KYOON GRIFFEY JR posted:I'm not sure you understand what the word violent means. It's a shade of purple right?
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Aug 19, 2015 14:57
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John Smith posted:As I said, I do not dispute this. But I hope you do agree that there is going to be a significant premium, perhaps not necessarily 6%, but perhaps 1% or 2%, yes? Lol no, more like a couple hundred extra in origination fees up front to handle filling out the religious paperwork with the interest at the market rate. Even if it costs say 20,000 for the vendor to pay some lawyer and an imam to write up and decide on paperwork/terms, an additional 500 bucks up front from each person who wants the paperwork will pay the extra cost after 40 mortgages, which a largish bank is going to do in a week in a given city. Upping the interest rate is acting like there's some ongoing additional cost which there isn't. It's not like Mighty Allah sends auditors over every week and ties up everyone's time. Assuming equal risk, a halal mortgage should have the same interest rate as any other, plus maybe a couple hundred bucks in closing costs for extra paperwork.
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Aug 19, 2015 16:07
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Yeah, it's really unrealistic to expect investment products catering specifically to highly religious Muslims might cause some added compliance-related expenses. It's not like the government might be interested in auditing those records extra carefully or anything.
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Aug 19, 2015 16:43
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....seriously? On another note, I wonder which restaurant that lawyer owned in Sebastopol? My mom lives up that way...
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Aug 19, 2015 16:54
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hanales posted:I hang out on the fico forums, because I was rebuilding my credit after being BWM for years. Now I try to give advice on things that I have learned over time and what has been successful for me. It's generally not a bad site, a lot of knowledgable people, and most people are on the right track, or legitimately don't know what to do so they seek help and get things fixed. I have known people who go through 2-3 cars a year (and every car they buy, they swear is the one they're going to keep), but at least they were buying interesting cars, not boring Chevys.
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Aug 19, 2015 17:46
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It came from Reddit:https://www.reddit.com/r/investing/comments/3hkqwb/say_a_post_about_bitcoin_so_how_does_one_invest/ posted:Regardless of how it's gonna do, it's pretty steadied out, and I wouldn't mind having a wallet - I once did back when we all mined our own coins, a whole .01BTC.
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Aug 19, 2015 17:49
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The Butcher posted:It came from Reddit: How long is the queue to cash out to USD using the exchanges these days? I have coworkers who are highly intelligent, but also the kind of people who fall in love with anything that skirts "the worldwide banking cartel." Then they cite the price when they wanted to buy the bitcoin vs the price now and lament their perceived loss of value. I just remind them that they either would've lost all their money in Mt. Gox or they'd be sitting in queue with thousands of others.
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Aug 19, 2015 17:59
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Whatever happened to Mt gox anyway?
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Aug 19, 2015 18:16
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The coins disappeared somehow, either because they were stolen by Mark Karpeles, the guy who ran it, or they were hacked because Mark wasn't testing the exchange he programmed in a virtual machine or whatever. He just put up everything live. Mark is now being detained by the Japanese police, after having been paid to offer advice in the investigation. A Japanese judge ruled that bitcoins aren't tangible property. Bitcoiners are still pretending that the bankruptcy court overseeing the process cares about returning the bitcoins or that they will be given any priority for cash. The people who had cash balances at Mt. Gox may have some hope. For a while "bitcoin luminaries" would hold YouTube conferences where American 18 year olds and random Eurozone kids would pretend they had any idea how Japanese bankruptcy proceedings were handled or that they could influence the Japanese courts at all.
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Aug 19, 2015 18:24
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Blinkman987 posted:How long is the queue to cash out to USD using the exchanges these days None, buying and selling is super easy now
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Aug 19, 2015 18:37
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Series DD Funding posted:None, buying and selling is super easy now Yeah, the Mt. Gox cash-out issue was caused by Mark Karpeles running the exchange's "fiat" side through his personal bank account which had a limit of 10 international transactions per day. The remaining exchanges are still somewhat shady but they don't have that issue.
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Aug 19, 2015 18:47
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canyoneer posted:I have known people who go through 2-3 cars a year (and every car they buy, they swear is the one they're going to keep), but at least they were buying interesting cars, not boring Chevys. Right. If he had an old BMW obsession or something you can see that, because they are buying and selling and trading all the time. This guy is just bad with money/credit/cars/negotiating.
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Aug 19, 2015 20:12
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quote:Now the judge has said Ashley Vernon and his wife Beverley, of Tawa, north of Wellington, have to account for $280,354, plus seven years' interest, which allowed for money spent for Kenneth Vernon's benefit. They though they could steal their father's retirement savings over 2.5 years he lived with them. They found the judge's reasonable consideration difficult to believe because they've been ordered to pay the money back. Yes difficult to believe that you have to pay the money back when you've forged cheques. quote:Dante Pauwels-Vernon, 19, of Otaki, who was meant to inherit half his grandfather's estate, said: "What happened to my Pop is wrong. What my aunt and uncle did is deplorable and despicable."
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Aug 19, 2015 21:19
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Any of you not reading Blue Storys wonderful hoarder thread need to get over there right now.
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Aug 19, 2015 21:27
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Saros posted:Any of you not reading Blue Storys wonderful hoarder thread need to get over there right now. Can you link it? I forgot what subforum it is in
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Aug 19, 2015 21:33
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Saros posted:Any of you not reading Blue Storys wonderful hoarder thread need to get over there right now. Here's a link that wasn't provided. http://forums.somethingawful.com/showthread.php?threadid=3722319&userid=0&perpage=40&pagenumber=1
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Aug 19, 2015 21:34
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crazysim posted:Here's a link that wasn't provided. I'm on the first page and I"m horrified.
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Aug 19, 2015 21:49
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Saros posted:Any of you not reading Blue Storys wonderful hoarder thread need to get over there right now. I'd say the opposite. She's pretty BWM and in a bit of a weird marriage but it's really just E/N bullshit and a bunch of holier-than-thou goons smugly piling on.
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Aug 19, 2015 22:08
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That thread has pretty much run its course. That's why I'm back to posting an article here.
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Aug 19, 2015 23:10
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| # ? May 30, 2024 08:49 |
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Bitcoin didn't add any wealth to the world, just spread it around from the dumb to the lucky, but it did create one incredible thing of value (well 2): http://bitcalc.beepboopbitcoin.com/ Bitcoin Mining Profit Calculator: Gaiden You might lose a few hours of your life playing it.
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Aug 19, 2015 23:34
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