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Meanwhile, in BWM news... Article on underwater car loans: https://jalopnik.com/a-record-32-percent-of-car-buyers-are-underwater-on-the-1789425396 Edmunds did a study where they found almost 1/3 of all vehicles offered for trade in 2016 were underwater. The average amount underwater was over 5k. I knew it was bad, and we've seen plenty of anecdotal stories here, but I didn't realize how incredibly hosed it was. A third?! That many people are churning cars and piling on debt? It's an easy math problem to show why it's bad, so I can only imagine that greed/keeping up with the Jones's mentality is driving this. Or just plain vanilla stupid. Seems like a staggering house of cards being built.
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Jun 17, 2017 16:55
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Ixian posted:Meanwhile, in BWM news... I'm surprised it's only a (nearly) third. Welp, all we can do is sit by and await financial armageddon (again). 
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Jun 17, 2017 17:18
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Ixian posted:Meanwhile, in BWM news... I don't see how it's so surprising. Underwater cars are cool, so it makes sense that there's so many loans for them.  e. Fixed hotlink Actuarial Fables fucked around with this message at 17:22 on Jun 17, 2017 |
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Jun 17, 2017 17:19
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Actuarial Fables posted:I don't see how it's so surprising. Underwater cars are cool, so it makes sense that there's so many loans for them. Submersibles, the new Horse in BWM.
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Jun 17, 2017 17:20
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Ixian posted:Submersibles, the new Horse in BWM. The joys of owning a car and a boat, all in one!
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Jun 17, 2017 17:30
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Actuarial Fables posted:The joys of owning a car and a boat, all in one! All we need now is a carboat being pulled by a team of Clydesdales and we will have achieved peak BWM. Bonus if they are all financed by underwater loans of course.
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Jun 17, 2017 17:35
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Ixian posted:Meanwhile, in BWM news... From the comments quote:Having said that, someone at my work just financed a new Dodge Caravan... over 96 months. An 8 year car loan.
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Jun 17, 2017 17:38
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(Planning) was declined a parent plus loan and wanted to seek help https://www.reddit.com/r/personalfinance/comments/6huccd/planning_was_declined_a_parent_plus_loan_and/ quote:Hello r/personalfinance. Today I applied for a parent plus program with my father. A little background, my father has excellent credit, I however do not. Mine is mid 500's. I had a recent charge off dealing with a car that was in an accident. How can I get into more debt that I can't pay for? Kthx.
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Jun 17, 2017 17:41
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Motronic posted:(Planning) was declined a parent plus loan and wanted to seek help How does one gently caress up so bad with this setup? "...previously had school taken care of with scholarship, and now am in nursing school and will be done in 1.5 years?" That's usually the ticket to being GWM. Get a scholarship, don't go into horrible debt, go into a well-paying field. How many bad decisions can one person make to eliminate all benefits otherwise?
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Jun 17, 2017 18:13
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OctaviusBeaver posted:From the comments Well, see, house loans are 30+ so why can't cars go higher? It's easy to blame financiers behind the scenes for taking advantage of stupidity, even encouraging it, but we're talking willful stupidity in so many cases. I want this thing, I must have this thing. The only cost that matters is what I pay every month....someone is making bank on this. Same person getting an 84 or 96 month loan probably also bitches about "the 1%" ruining the country with greed. Cognitive dissonance, it's not just for academics anymore.
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Jun 17, 2017 18:37
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https://www.reddit.com/r/personalfinance/comments/6hu70b/would_it_be_wise_to_sell_my_car_for_a_cheaper_one/quote:I bought a 2015 SUV. Whhhyyyyyy would you buy a car worth 80% of your annual salary?!
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Jun 17, 2017 18:53
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OctaviusBeaver posted:https://www.reddit.com/r/personalfinance/comments/6hu70b/would_it_be_wise_to_sell_my_car_for_a_cheaper_one/ Because they deserve it you dummy. Only a few years back they were probably only making $23k/year. Don't you believe in the American dream?
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Jun 17, 2017 18:57
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OctaviusBeaver posted:https://www.reddit.com/r/personalfinance/comments/6hu70b/would_it_be_wise_to_sell_my_car_for_a_cheaper_one/ What is the guidance there?
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Jun 17, 2017 19:07
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Title says it all: quote:Looking to invest in E-sports anyone know any companies or how I would be able to put my money in to the E-sports scene. 
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Jun 17, 2017 19:10
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I have a Canadian portfolio company in the e-sports space looking to raise money soon, put them in touch!
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Jun 17, 2017 19:11
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Subjunctive posted:I have a Canadian portfolio company in the e-sports space looking to raise money soon, put them in touch! How do you say "boiler room" in Canadian?
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Jun 17, 2017 19:15
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They're profitable!
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Jun 17, 2017 19:17
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dreesemonkey posted:I have not found any money I found one dollar while jogging, on two separate occasions. More jogging = more money.
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Jun 17, 2017 20:38
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OP seems cool  e: oh my god he's 16  https://www.reddit.com/r/CanadianInvestor/comments/69t3sw/as_a_16_year_old_my_dad_wants_to_open_up_an/ e2: aaaaaaa  bonus for the top reply being "40 is a very diverse portfolio" with no idea what those 40 even are pig slut lisa fucked around with this message at 21:45 on Jun 17, 2017 |
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Jun 17, 2017 21:39
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Pretty tempting to professionally touch the poop and see what happens.
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Jun 17, 2017 21:43
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How is a 16-year old putting more than 60k miles on a car in "about a year"?!?!
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Jun 17, 2017 23:06
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Leon Trotsky 2012 posted:How is a 16-year old putting more than 60k miles on a car in "about a year"?!?! Pizza delivery?
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Jun 17, 2017 23:35
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Weed, Biotech, and Lithium. Solid portfolio for any budding teenaged investor, HGH. I am surprised at the lack of Buttcoin. Has that fallen out of favor with the young & trendy already?
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Jun 17, 2017 23:55
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Ixian posted:The only cost that matters is what I pay every month.... As an Australian, the first time I ever saw a live stream of American television that included the American advertisements in place, I was absolutely horrified by your car ads. Not a single one of them listed the actual total price of the car, it was universally what the payment rate was. If the only thing they care about is the monthly payment rate, that's because there's been a whole lot of training involved.
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Jun 18, 2017 00:16
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Breetai posted:As an Australian, the first time I ever saw a live stream of American television that included the American advertisements in place, I was absolutely horrified by your car ads. Not a single one of them listed the actual total price of the car, it was universally what the payment rate was. If the only thing they care about is the monthly payment rate, that's because there's been a whole lot of training involved. My favorite are the ads that say "starting at $27999" with very very small text at the bottom reading "as shown $46000"
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Jun 18, 2017 00:41
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Breetai posted:As an Australian, the first time I ever saw a live stream of American television that included the American advertisements in place, I was absolutely horrified by your car ads. Not a single one of them listed the actual total price of the car, it was universally what the payment rate was. If the only thing they care about is the monthly payment rate, that's because there's been a whole lot of training involved.  ranbo das posted:My favorite are the ads that say "starting at $27999" with very very small text at the bottom reading "as shown $46000"
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Jun 18, 2017 00:49
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Haifisch posted:Another good one is the NO MONEY DOWN!! ads. Who wouldn't want to be underwater from the start of the loan?? If you're not underwater at the start of a loan, then you're not in as good of a vehicle as you could be!
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Jun 18, 2017 00:54
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Ixian posted:Weed, Biotech, and Lithium. Solid portfolio for any budding teenaged investor, HGH. eth is where it's at bruh
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Jun 18, 2017 01:03
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Would a weed based ETF be BWM or GWM? e: it actually exists, wow
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Jun 18, 2017 03:33
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I saw a car for sale with a 10% discount for payment in cryptocurrency. It specified no Bitcoin, so I guess it's going out of favor? Bonus BWM: the title said 10% discount for cryptocurrency. The price was listed at $5500. The ad said $4500 of paid in cryptocurrency.
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Jun 18, 2017 03:39
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Hoo boy, sucks to be this guy: https://www.reddit.com/r/personalfinance/comments/6hyiq6/nv_inherited_overwhelming_debt_from_a_brokerage/ quote:I'm really overwhelmed right now and I don't even know where to begin. Google searching isn't helping at all.
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Jun 18, 2017 09:54
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Guinness posted:Hoo boy, sucks to be this guy: Edit: Oops, didn't notice it was a week. Yea, not sure how to feel about it. Actually, now that I think about it, how can he even sign for it personally? Doesn't it have to go through probate and so forth to settle up everything? John Smith fucked around with this message at 10:21 on Jun 18, 2017 |
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Jun 18, 2017 10:16
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John Smith posted:Edit: Oops, didn't notice it was a week. Yea, not sure how to feel about it. Actually, now that I think about it, how can he even sign for it personally? Doesn't it have to go through probate and so forth to settle up everything? Having designated beneficiaries allows many accounts to bypass probate I believe.
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Jun 18, 2017 10:30
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baquerd posted:Having designated beneficiaries allows many accounts to bypass probate I believe. He still go to take the financial hit, of course (unless he manages to wriggle out, which seems unlikely). But morally, shrug.
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Jun 18, 2017 11:05
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Breetai posted:As an Australian, the first time I ever saw a live stream of American television that included the American advertisements in place, I was absolutely horrified by your car ads. Not a single one of them listed the actual total price of the car, it was universally what the payment rate was. If the only thing they care about is the monthly payment rate, that's because there's been a whole lot of training involved. Before they got bailed out by the government, US car companies made all their money on leases and loans. If you walked into the dealership and paid for a new car up front, they probably lost money on the deal.
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Jun 18, 2017 11:12
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Breetai posted:As an Australian, the first time I ever saw a live stream of American television that included the American advertisements in place, I was absolutely horrified by your car ads. Not a single one of them listed the actual total price of the car, it was universally what the payment rate was. If the only thing they care about is the monthly payment rate, that's because there's been a whole lot of training involved. Canadian car commercials are the same, all about the payment rather than the price.
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Jun 18, 2017 13:06
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monster on a stick posted:Canadian car commercials are the same, all about the payment rather than the price. Only $49/month! $8999 down
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Jun 18, 2017 13:29
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It's become such a big thing that when you walk into a car dealership and just ask for the price (like is it going for retail? below retail?) you can tell the dealer hasn't really used that part of his brain in a long time and it trips him up a bit. They are also usually barely able to conceal their annoyance and disappointment that they got stuck with one of those customers who actually wants to know the price. Yes this includes whatever lovely "no haggle" haggle dealer you have in your neighborhood. I think about 50-60% of capitalism in the USA is this obfuscation horseshit that will some day be illegal. Hopefully.
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Jun 18, 2017 13:33
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Pryor on Fire posted:
For all its faults, capitalism is very good at finding the "optimal" profit solution. The problem is after you've cut costs down to diminishing returns territory, your next best options are monopolies and information asymmetry. I used scare quotes for "optimal" because without regulation and enforcement of those regulations there's nothing preventing things like price gouging, child and slave labor, negative externalities like dumping toxic waste, lying about the product, or providing a product that literally kills people when they use it.
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Jun 18, 2017 13:42
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Guinness posted:Hoo boy, sucks to be this guy: This is amazing. If you asked 100 people on the street if you can lose more than you invest in the market, 99 of them would say 'no' so I can completely understand why this guy ended up getting screwed. He should lawyer up, though I'm not sure if it will make a lick of difference.
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Jun 18, 2017 13:55
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