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Why bother saying 330 every two weeks? Even autistic manchildren can do simple addition. Or are there actually subprime autoloans so completely hosed that you actually have to pay twice a month now? Because you can't be trusted to manage going 30 days between sending money? Is it some kind of psychological trick ("my car payment is only 330! That is lower than 760!)? Are we far off from daily car payments? Wouldn't shock me if it's already the case. Buy the Ford Raptor of your dreams for just $66 a day for 7 years! Now that I wrote that out I *do* believe it. Someone is marketing loans that way I can feel it. Also aside from venting out the open window that is the internet to feel better what advice does this chucklehead think he is going to get that will improve the situation?
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Jun 20, 2018 04:53
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Every two weeks is 26 payments a year, while twice a month is 24, so he’s paying even more that that a month.
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Jun 20, 2018 05:01
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I also want to point out that you can go to your local MINI dealer and pay, without negotiating, $27,250 including destination and delivery for a brand new 2018 MINI Cooper S, including a 3 year warranty and 3 years of free scheduled maintenance, and you can finance it through MINI for 1.9% up to 72 months.
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Jun 20, 2018 06:44
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Ixian posted:Why bother saying 330 every two weeks? Even autistic manchildren can do simple addition. What’s the simple addition that gets you from two weeks to a month? (The only car loan I’ve ever had was paid every two weeks, as with my mortgage.)
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Jun 20, 2018 06:49
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Subjunctive posted:What’s the simple addition that gets you from two weeks to a month? (The only car loan I’ve ever had was paid every two weeks, as with my mortgage.) weird, both of the car loans that i've had have been paid monthly
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Jun 20, 2018 06:50
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KYOON GRIFFEY JR posted:weird, both of the car loans that i've had have been paid monthly We had the choice, and it tweaked up the payoff rate without the whole jump to a shorter amortization period, so we did it.
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Jun 20, 2018 06:52
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Suspicious Lump posted:So over the next few years a lot of interest only loans will go to principal + interest, 360 billion kangaroo dollars worth of loans. This creates terrible BWM stories: I'm sure that most baby boomers don't understand that you can afford avocados and Sky TV when you aren't put $30k per year into an underwater empty rental property. The current statistics on the Australian banking sector place 1/3 of all mortgages being at risk of default. That is if interest rates go up, or as in this case the payments go up due to paying P&I, they will default. The funny thing about the interest only loans is that the bank will allow these to remain that way for up to 5 years for the mum and dad investors, but they are lent the money on a 30 year basis. So they pay interest only for 5 years then the principle and interest payments are calculated on the remaining 25 years. So there's a huge jump in the size of the payments with a loan mechanic hilariously similar to the subprime crisis.
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Jun 20, 2018 07:45
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Devian666 posted:The funny thing about the interest only loans is that the bank will allow these to remain that way for up to 5 years for the mum and dad investors, but they are lent the money on a 30 year basis. So they pay interest only for 5 years then the principle and interest payments are calculated on the remaining 25 years. So there's a huge jump in the size of the payments with a loan mechanic hilariously similar to the subprime crisis. Oh poo poo I did not realise this. That's crazy but makes complete sense. I'm sure this is something that is spelling out on the contract. This reminds me of the mid-twenties Australian couple which were rated "investors of the year" by Money Mag..... annnnd then went bankrupt the following year after their house of cards collapsed. They had something crazy like 25 houses all in mining towns. They got divorced and the lady tried to create a blog about her life in 3million debt. God drat that's insanity. linky for those interested: https://www.domain.com.au/news/what-to-do-when-property-bubbles-burst-35-million-in-the-red-20160223-gn086p/
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Jun 20, 2018 08:23
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Droo posted:Oh well I guess then there's nothing you can do about it. "Hey guys I have a car I can't afford that also sucks up almost all of my monthly income. How do I juggle this car loan with my shrinking paycheck? P.S. of course I will not sell the car." Like, what advice does he even expect to get when he refuses to cut back on his largest expense? Get a second job? Kill someone successful that looks like you and impersonate their life (preferably someone with a 2015 Mini Cooper)? Also, it never fails that guys like this know their credit score down to the hundredth of a digit.
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Jun 20, 2018 08:36
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Suspicious Lump posted:So over the next few years a lot of interest only loans... Yeah, but property prices only go up! I'm trying to be insincere, while as far as I know, that may actually be the case in this country. 
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Jun 20, 2018 09:09
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Sic Semper Goon posted:Yeah, but property prices only go up! The same mantra is stated in New Zealand. It's quite wrong though as the property market is a market. Most in New Zealand don't remember the house price collapse in the 70's, and a lot of people are going to be burnt when the interest rates go up. Same as in 2007/8. The Australian house prices have gone into the irresponsible region with no looking back. It's all printed bank money pumping up the prices. When the house market collapses this bubble is so large it could wipe out a bank (or two). Of course everyone will say nothing is wrong in the banking sector which is why there is a Royal Commission where CBA are trying to negotiate a $700m AUD fine. I'm still waiting to see what's wrong with Westpac. BNZ (owned by NAB) aren't really playing up how these $54m in fraudulent loans were written. https://www.interest.co.nz/opinion/94365/jen%E2%80%8B%C3%A9e-tibshraeny-argues-bank-regulators-should-tap-info-sfo-has-about-weak-spots-bank
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Jun 20, 2018 09:18
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Suspicious Lump posted:Oh poo poo I did not realise this. That's crazy but makes complete sense. I'm sure this is something that is spelling out on the contract. gently caress those people. Nice attempt at making themselves out to be victims with "we were """""""""told"""""""""" to speculate on property" and that bullshit about the depression "side of the story". I eagerly await a property price crash in NZ so I can pick up a reasonably-priced house with my sufficiently-large savings.
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Jun 20, 2018 09:43
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People in Australia buy investment properties with the expectation of losing money while owning them (to offset income tax), and expect to make it up on capital gains. If you imply that this isn't an amazing idea people look at you like you've got two heads.
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Jun 20, 2018 11:58
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I've posted it before, still relevant: https://www.youtube.com/watch?v=CL7M5RIXjY8 But yeah, the Australian property market is well beyond parody and I think we're overdue for a recession.
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Jun 20, 2018 12:00
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the onion wizard posted:People in Australia buy investment properties with the expectation of losing money while owning them (to offset income tax), and expect to make it up on capital gains. Well the loss is a paper loss caused by aggressive tax depreciation rates. You are in effect trading higher income tax rates for lower capital gain tax rates when you recapture the depreciation at disposal. It is GWM. You also get the benefit of the time value of money by delaying the payment of your taxes to the disposal date.
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Jun 20, 2018 12:41
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Droo posted:Oh well I guess then there's nothing you can do about it. I'm a bit of an authority on poor Mini purchases, and Jesus Christ. Three year loan with nothing down, or what?
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Jun 20, 2018 12:41
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Elephanthead posted:Well the loss is a paper loss caused by aggressive tax depreciation rates. You are in effect trading higher income tax rates for lower capital gain tax rates when you recapture the depreciation at disposal. It is GWM. You also get the benefit of the time value of money by delaying the payment of your taxes to the disposal date. You can depreciate your investment property and deduct the depreciation from your taxable income? That sounds both GWM and hilariously open to abuse. Even if the value of the property doesn't rise at all it should still be a tax benefit.
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Jun 20, 2018 12:56
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CornHolio posted:I'm a bit of an authority on poor Mini purchases, and Jesus Christ. Three year loan with nothing down, or what? He's got a 517 credit score. Guaranteed that loan is at 34.99%
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Jun 20, 2018 13:45
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Ixian posted:Why bother saying 330 every two weeks? Even autistic manchildren can do simple addition. Or are there actually subprime autoloans so completely hosed that you actually have to pay twice a month now? Because you can't be trusted to manage going 30 days between sending money? Is it some kind of psychological trick ("my car payment is only 330! That is lower than 760!)? Are we far off from daily car payments? Wouldn't shock me if it's already the case. Buy the Ford Raptor of your dreams for just $66 a day for 7 years! Capitol One gives you the option after accepting the loan of paying once, twice, or 4 times a month automatically. Even if the loan isn't some crazy subprime thing. That said, dude needs a 92 Cavalier, stat.
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Jun 20, 2018 14:03
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SlapActionJackson posted:He's got a 517 credit score. Guaranteed that loan is at 34.99% Hey now, it’s at 522 now! Surely that makes it much better! 
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Jun 20, 2018 14:06
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Enchanted Hat posted:You can depreciate your investment property and deduct the depreciation from your taxable income? That sounds both GWM and hilariously open to abuse. Even if the value of the property doesn't rise at all it should still be a tax benefit. SiGmA_X fucked around with this message at 16:12 on Jun 20, 2018 |
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Jun 20, 2018 14:24
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SiGmA_X posted:This is normal. But state side you depreciate the structure over 39yrs, with shorter lives for things like carpet. 27.5 years for residential rental properties and capital improvements.
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Jun 20, 2018 14:54
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KYOON GRIFFEY JR posted:I also want to point out that you can go to your local MINI dealer and pay, without negotiating, $27,250 including destination and delivery for a brand new 2018 MINI Cooper S, including a 3 year warranty and 3 years of free scheduled maintenance, and you can finance it through MINI for 1.9% up to 72 months. Not with a 522 credit score you sure can't
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Jun 20, 2018 14:55
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blackmet posted:
No one deserves that kind of punishment.
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Jun 20, 2018 14:58
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Ixian posted:Why bother saying 330 every two weeks? Even autistic manchildren can do simple addition. Or are there actually subprime autoloans so completely hosed that you actually have to pay twice a month now? Because you can't be trusted to manage going 30 days between sending money? Is it some kind of psychological trick ("my car payment is only 330! That is lower than 760!)? Are we far off from daily car payments? Wouldn't shock me if it's already the case. Buy the Ford Raptor of your dreams for just $66 a day for 7 years! People who live paycheck-to-paycheck denominate their lives in 2 week increments, it is more intuitive to understand a biweekly payment based on a biweekly paycheck than it is to understand a monthly payment. This is very common at Buy Here Pay Here dealer lots. The other reason is that you can give a smaller number and the huge majority of people will reason with that number as though it were smaller than the equivalent monthly payment, and that is just how human psychology works even though everybody "knows" they are really the same amount of money over time.
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Jun 20, 2018 14:59
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BEHOLD: MY CAPE posted:People who live paycheck-to-paycheck denominate their lives in 2 week increments, it is more intuitive to understand a biweekly payment based on a biweekly paycheck than it is to understand a monthly payment. This is very common at Buy Here Pay Here dealer lots. The other reason is that you can give a smaller number and the huge majority of people will reason with that number as though it were smaller than the equivalent monthly payment, and that is just how human psychology works even though everybody "knows" they are really the same amount of money over time. This is literally the candles tweet, though. They know the car is a financial anchor, but they promised it to themselves so what else can they do?
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Jun 20, 2018 15:03
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SiGmA_X posted:This is normal. But state side you depreciate the structure over 39yrs, with shorter lives for things like carpet. Oh OK, so it's not just Australia. In the UK you deduct depreciation through a system called capital allowances, and land and buildings are specifically excluded (based on the idea that the actual land and buildings won't normally lose value over time the way that a $35,000 truck will).
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Jun 20, 2018 15:18
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BEHOLD: MY CAPE posted:Not with a 522 credit score you sure can't Just get a cosigner!
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Jun 20, 2018 15:21
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Elephanthead posted:Well the loss is a paper loss caused by aggressive tax depreciation rates. You are in effect trading higher income tax rates for lower capital gain tax rates when you recapture the depreciation at disposal. It is GWM. You also get the benefit of the time value of money by delaying the payment of your taxes to the disposal date. I was under the impression that lot of properties' had negative yields; but it looks like it's not quite as bad as I thought.
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Jun 20, 2018 15:22
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SiGmA_X posted:This is normal. But state side you depreciate the structure over 39yrs, with shorter lives for things like carpet. You can't offset ordinary income (such as a paycheck) or short/long term cap gains with rental property losses. It was a thing before the ~1982 tax reform.
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Jun 20, 2018 15:31
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BEHOLD: MY CAPE posted:27.5 years for residential rental properties and capital improvements. Enchanted Hat posted:Oh OK, so it's not just Australia. In the UK you deduct depreciation through a system called capital allowances, and land and buildings are specifically excluded (based on the idea that the actual land and buildings won't normally lose value over time the way that a $35,000 truck will). Also, let property? I thought Brits spoke English. Reading the UK tax publication is hard. "Income tax when you let property"...."If you've more than one UK property"... Harry posted:You can't offset ordinary income (such as a paycheck) or short/long term cap gains with rental property losses. It was a thing before the ~1982 tax reform. Generally correct. There are some exceptions for RE professionals. How you're saying this makes me think you can offset ordinary income in Australia.. Can you?! SiGmA_X fucked around with this message at 16:09 on Jun 20, 2018 |
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Jun 20, 2018 15:51
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Ixian posted:Why bother saying 330 every two weeks? Even autistic manchildren can do simple addition. Not trying to be mean, but you're really kind of undermining your own argument here.
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Jun 20, 2018 16:13
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BEHOLD: MY CAPE posted:The other reason is that you can give a smaller number and the huge majority of people will reason with that number as though it were smaller than the equivalent monthly payment, and that is just how human psychology works even though everybody "knows" they are really the same amount of money over time.
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Jun 20, 2018 16:33
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KYOON GRIFFEY JR posted:I also want to point out that you can go to your local MINI dealer and pay, without negotiating, $27,250 including destination and delivery for a brand new 2018 MINI Cooper S, including a 3 year warranty and 3 years of free scheduled maintenance, and you can finance it through MINI for 1.9% up to 72 months. Edit: I have a suspicion the person just didn't do much research, and the seller/dealer presented it as "Hey, a $24k is cheaper than a $27K car so really you're saving yourself some money! That's smart!"
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Jun 20, 2018 19:18
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The Macaroni posted:And used "Certified Pre-Owned" 2014 models seem to go for $16-18K. What the hell happened here? "With your credit, you can't get a new car. Check out this used one, almost as good, and you'll save THREE THOUSAND DOLLARS!"
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Jun 20, 2018 19:59
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SiGmA_X posted:Also, let property? I thought Brits spoke English. Reading the UK tax publication is hard. "Income tax when you let property"...."If you've more than one UK property"... Maybe you Yanks should learn to speak proper English.  Actually, no, "let" is perfectly OK but I have to admit that writing "If you've more than one property" is just anarchy. I think excluding land and buildings makes perfect sense, though. If you're letting a home, chances are the value is going up, not down, so you don't need a tax break. Enchanted Hat fucked around with this message at 20:32 on Jun 20, 2018 |
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Jun 20, 2018 20:30
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https://mashable.com/2018/06/20/sec-coinbase-complaints-fraud posted:Another individual claims that Coinbase has "stolen" a "majority of [their] life savings," and despite dozens of attempts to get in touch with someone at the exchange, they have only received form emails in response. This is my favorite but there are plenty more.
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Jun 20, 2018 20:35
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Lysandus posted:This is my favorite but there are plenty more. Taking people's
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Jun 20, 2018 20:42
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Enchanted Hat posted:Taking people's I bet it will take ten years to get to the bottom of all the comical levels of theft and fraud that has taken place in the unregulated wild west of the crypto/token/coin ecosystem, and no doubt there will be nobody with the authority or interest to investigate many of the shenanigans.
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Jun 20, 2018 20:50
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Nocheez posted:This is literally the candles tweet, though. They know the car is a financial anchor, but they promised it to themselves so what else can they do? I don't understand how someone's dream must own car is a Mini. Unless you are a huge fan of The Italian Job or something.
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