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I don't know how I forgot to add this bit from the guy's postquote:My parents generously gifted the money for the home, which we've been living in for 3 months. I plan to pay them back in the future. Part of the home purchase also included paying off a $12,000 personal loan and $5,000 credit card. Mom and Dad gave him money to bury himself. He also used to have $17k more debt than he currently has.
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Jan 7, 2019 19:05
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My sister... took out loans... at 700% interest... https://www.reddit.com/r/personalfinance/comments/adjq4y/my_sister_took_out_loans_at_700_interest/ quote:Yep. 700% is the highest one, she took out 11 others with 142% at the lowest. Don't know what she was thinking, my family just found out a couple months later. We're still processing that this happened and that's it's actually legal, I don't know how to help though besides telling her "pay it back immediately." Any input? Thanks. I thought these kinds of loans were made illegal but I guess Utah!
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Jan 7, 2019 19:32
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Lockback posted:I thought these kinds of loans were made illegal but I guess Utah! They are. Which is why this person almost definitely went to a tribal lender, who are under no such restrictions.
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Jan 7, 2019 20:04
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Motronic posted:They are. Which is why this person almost definitely went to a tribal lender, who are under no such restrictions. Hell yea financial grifting the white man
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Jan 7, 2019 20:25
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Motronic posted:They are. Which is why this person almost definitely went to a tribal lender, who are under no such restrictions. Ahahaha yesss.
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Jan 7, 2019 20:42
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You can buy these precious beads and casino tokens if you'll just sign this document assigning your
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Jan 7, 2019 20:56
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The calculator would only go to 99% but look at this Year Principal Interest Total Paid Balance 2019 $1.44 $13,748.12 $13,749.56 $14,998.56 2020 $3.94 $14,995.58 $14,999.52 $14,994.62 2021 $10.33 $14,989.19 $14,999.52 $14,984.29 2022 $26.96 $14,972.56 $14,999.52 $14,957.33 2023 $70.43 $14,929.09 $14,999.52 $14,886.90 2024 $184.05 $14,815.47 $14,999.52 $14,702.85 2025 $480.90 $14,518.62 $14,999.52 $14,221.95 2026 $1,256.51 $13,743.01 $14,999.52 $12,965.44 2027 $3,282.97 $11,716.55 $14,999.52 $9,682.47 2028 $8,577.77 $6,421.75 $14,999.52 $1,104.70 2029 $1,104.70 $92.05 $1,196.75 $0.00 Totals $15,000.00 $134,941.99 $149,941.99
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Jan 7, 2019 21:46
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George H.W. oval office posted:Hell yea financial grifting the white man Well these places are usually some hellish amalgamation of outside money and an associated tribal business entity that lets the outsider get access to tribal sovereignty in return for a cut of the cash, plus like all payday loan places they prey mostly on folks in extreme poverty, which is a group that disproportionately consists of people of color and tribal members themselves. Every tribe has different rules, though, inasmuch as they have formalized statutes at all, so who knows!
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Jan 7, 2019 22:14
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One company (Green smoke or something) went bankrupt after a bunch of their loans were declared illegal in certain states. The extraordinary interest rates reflect the fact its entirely possible they’ll be outlawed and lose their assets.
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Jan 7, 2019 23:46
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Krispy Wafer posted:The extraordinary interest rates reflect the fact its entirely possible they’ll be outlawed and lose their assets. The also indicate the lack of rigor for their "underwriting".
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Jan 8, 2019 00:14
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Krispy Wafer posted:One company (Green smoke or something) went bankrupt after a bunch of their loans were declared illegal in certain states. Courts can rule outrageous contracts void. If they want to collect they eventually need the local court system to issue a judgement or garnishment.
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Jan 8, 2019 02:05
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Motronic posted:They are. Which is why this person almost definitely went to a tribal lender, who are under no such restrictions. As I was rebuilding my credit after a divorce, I took great enjoyment in watching the evolution of shady credit offers I would get in the mail. At first it was all tribal stuff and I'd always love trying to find the tiny-print APR on the back. I think I saw one that was over 1000% one time. I knew I was improving when I started getting the payday loan offers (the ones that rollover every two weeks) and the credit cards with $300 limits and like $200 setup fees instead. 
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Jan 8, 2019 02:38
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Krispy Wafer posted:One company (Green smoke or something) went bankrupt after a bunch of their loans were declared illegal in certain states. I think I remember something like this in a business law class I took for my undergrad. I think they were based off a reservation in Montana. https://missoulian.com/news/state-a...97577530a4.html Plain Green
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Jan 8, 2019 03:00
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Jack2142 posted:I think I remember something like this in a business law class I took for my undergrad. I think they were based off a reservation in Montana. The one I was thinking of was called Western Sky. https://www.youtube.com/watch?v=xgLMgVq4p_E I think interstate lending is what killed them. If the Utah Native American payday lenders just lend in Utah then they're probably golden.
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Jan 8, 2019 03:27
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Krispy Wafer posted:The one I was thinking of was called Western Sky. Wasn't that guy from the second episode of Dirty Money behind those loans?
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Jan 8, 2019 04:08
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Nocheez posted:Wasn't that guy from the second episode of Dirty Money behind those loans? Same business, different company. https://publicintegrity.org/2011/09/26/6605/payday-lending-bankrolls-auto-racers-fortune
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Jan 8, 2019 04:19
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Should I refinance my car loan? https://www.reddit.com/r/personalfinance/comments/adqjnb/should_i_refinance_my_car_loan/ quote:Hey guys! Credit Dwinding, Cant dig myself out of the hole Ive dug. Help https://www.reddit.com/r/personalfinance/comments/adppyq/credit_dwinding_cant_dig_myself_out_of_the_hole/ quote:Hello everyone. Long time lurker first time poster. Im not really sure how to preface this so Ill just get right down to it. I am in a case of financial ruin and I am completely at a loss. I just moved to a new city about 7 months ago and it wasn’t until a lien on my account was, say “activated”, was when I realized how much financial trouble I am actually in. Ive been losing sleep over racking numbers up in my head and trying to work out a solution for the last few months and Im not closer to coming up with anything now as I was then. I want a family, I want financial freedom, I want to be able to go out to eat without having to worry about how much the dinner cost, especially if I am on a date, I want nice things, a house, a car, good credit all of it. So I turn to you reddit and I hope you have the answers that I seek. There has to be Some sort of options that I am not thinking of. I am scraping pennies together for meals because I have so much debt I cant keep track of it all and am afraid to spend anything. Now I have never been good with money and my parents really never gave a poo poo so I sit here nearly in tears and alone most nights because I just have no one to turn to for answers. Please help me. I cant see a future while Im drowning Also hospital bills and dental surgery are just lovely. Fuckin' America... SiGmA_X fucked around with this message at 06:31 on Jan 8, 2019 |
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Jan 8, 2019 05:34
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How do you option out a $32k Camry Does it have a smaller second car inside it
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Jan 8, 2019 05:35
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Paul ReiserFS posted:How do you option out a $32k Camry Trivially. It's a mid-sized car. toyotausa.com has a bunch of them where once you add in all the taxes and such would easily top that. Especially if it's a hybrid.
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Jan 8, 2019 05:55
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Paul ReiserFS posted:How do you option out a $32k Camry 32 honestly sounds a little low for a top trim, all options Camry. The Toyota and Honda econoboxes got big, loaded, and hell of expensive sometime in the last 10 years. They're still boring as hell, but they're not starter cars anymore. Not going to price because I'm on mobile rn, but if that's truly the highest, color me surprised. Just what kind of bowl of plain oatmeal of a person 1. buys a Camry as an under 40 single person with no kids 2. Finances it at 6%+ for six GD years? If you're going to light money on fire anyway, just buy the drat Mustang at that point.
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Jan 8, 2019 06:02
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Krispy Wafer posted:The one I was thinking of was called Western Sky. Actually now that I think of it Western Sky looks more like what we went over, I think we watched that ad.
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Jan 8, 2019 06:09
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BonerGhost posted:32 honestly sounds a little low for a top trim, all options Camry. The Toyota and Honda econoboxes got big, loaded, and hell of expensive sometime in the last 10 years. They're still boring as hell, but they're not starter cars anymore. Not going to price because I'm on mobile rn, but if that's truly the highest, color me surprised. quote:I swear this sub has a hard on for shaming people when they treat themselves to a nice vehicle. Some people spend 1-2 hours a day in their car. Some people just generally like cars as their main source of pleasure.
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Jan 8, 2019 06:12
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BonerGhost posted:32 honestly sounds a little low for a top trim, all options Camry. The Toyota and Honda econoboxes got big, loaded, and hell of expensive sometime in the last 10 years. They're still boring as hell, but they're not starter cars anymore. Not going to price because I'm on mobile rn, but if that's truly the highest, color me surprised. It's not even the highest. You can get a 300 hp V6 Camry and easily get it over 40k. Just lol
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Jan 8, 2019 06:14
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George H.W. oval office posted:It's not even the highest. You can get a 300 hp V6 Camry and easily get it over 40k. Just lol
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Jan 8, 2019 06:36
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Motronic posted:The also indicate the lack of rigor for their "underwriting". If there are standards at all about who gets a loan and who doesn't, this isn't necessarily true. A good underwriter writes to the product specifications and exercises judgemental underwriting decisions with the portfolio targets in mind. lovely underwriters turn down everything but the slam dunk decisions because they are afraid of a little delinquency, or else approve everything thinking that a bull market will save them. It's possible to underwrite a really risky book with higher delinquency that is balanced lit by higher rates, but if anything that balance can be harder to strike than with more traditional product guidelines. It's rigorous work. A lot of people gently caress that up though, and the result can be companies that go out of business. Probably though thoug agrees right in that a lot of these places only have automated decisions though, letting the computer do all the work.
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Jan 8, 2019 06:51
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therobit posted:If there are standards at all about who gets a loan and who doesn't, this isn't necessarily true. A good underwriter writes to the product specifications and exercises judgemental underwriting decisions with the portfolio targets in mind. lovely underwriters turn down everything but the slam dunk decisions because they are afraid of a little delinquency, or else approve everything thinking that a bull market will save them. It's possible to underwrite a really risky book with higher delinquency that is balanced lit by higher rates, but if anything that balance can be harder to strike than with more traditional product guidelines. It's rigorous work. A lot of people gently caress that up though, and the result can be companies that go out of business. I'm pretty sure at 1000% interest underwriting is as simple as making sure there is a credit profile they can further add delinquencies to and a valid electronic way to debit money. (The latter is as simple for almost every consumer as "does the electronic deposit go through to start the fuse on the debt bomb.)
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Jan 8, 2019 06:53
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H110Hawk posted:I'm pretty sure at 1000% interest underwriting is as simple as making sure there is a credit profile they can further add delinquencies to and a valid electronic way to debit money. (The latter is as simple for almost every consumer as "does the electronic deposit go through to start the fuse on the debt bomb.) 1000%, probably. 100%, surprisingly not as much.
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Jan 8, 2019 06:58
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Haifisch posted:On that note, this comment is hilarious: At least it isn't a truck. Still, I can't figure out the person that gets a loaded Camry over, well about anything else.
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Jan 8, 2019 07:04
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Coworker told me it's not smart to invest in my company's 401k cause the stock market could crash when I retire and I might lose everything. Instead invest in an MLM she's in cause they guarantee if the market crashes I'll keep what I had invested. https://www.reddit.com/r/personalfinance/comments/adpm9i/coworker_told_me_its_not_smart_to_invest_in_my/ quote:Obviously I'm not going to do that but it got me thinking is there a chance I could lose everything I've invested in? Should I save money some other way? How do I convince her she's making a mistake and dragging her friends and family down with her?
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Jan 8, 2019 07:15
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Because rebalancing your portfolio with your target retirement date in mind is not a thing at all.
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Jan 8, 2019 07:33
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therobit posted:Because rebalancing your portfolio with your target retirement date in mind is not a thing at all. You want me to get out of aggressive leveraged growth funds and lose all those potential gains? I need those to hit my retirement goal! A guy at work said he invested in Facetime and has been able to afford a top of the line Camry.
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Jan 8, 2019 09:50
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therobit posted:Because rebalancing your portfolio with your target retirement date in mind is not a thing at all. The 👏 only 👏 "target date" 📅 you should be worrying 😬 about with our MLM hitting your 💄lipstick 💋/ body wrap 💃 / nail press 💅 / candle 🔥👃 / oil 🍯 / face cream 💆/smoothie 🥛sales goal by the end of the month 📆, hun! 🙌 🙌
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Jan 8, 2019 13:36
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SiGmA_X posted:Coworker told me it's not smart to invest in my company's 401k cause the stock market could crash when I retire and I might lose everything. Instead invest in an MLM she's in cause they guarantee if the market crashes I'll keep what I had invested. Imagine, if you will: The year is 2024. The markets have crashed, Wall Street is a wasteland. Executives and traders in tattered suits huddle in the lobbies of banks, terrified of the guillotine mobs, burning whatever they can find to keep warm. The cash and those few who tried to hold onto it were burned what seems like ages ago; the deposit slips were the first to go, followed closely by the HELOC and car loan documents. The citizens have begun to starve as agriculture halted; without farm insurance, the farmers all lost their tractors and combines and have hanged themselves. Silicon Valley, chronically malnourished from Soylent-only diets, fell to an especially virulent strain of flu for which no one was vaccinated. Those few venture capitalists and computer programmers who remained were rounded up and locked inside Starbucks stores to eventually starve while thinking up new ways to disrupt coffee brewing. Las Vegas, with no electricity to run the lights and no tourists to lose their shirts, has been reclaimed by the desert and her desiccated, peeling denizens continue to live in fear of some specter known only as messikins. The only people still holding to some shred of humanity and civilization are those who walk in ugly, sheer tights, drinking horribly flavored shakes, made wealthy by their investments in whole life insurance, kept sparkling and beautiful with their drop-shipped cosmetics and fingernail stickers. ...If only I'd gotten in early... trembles on the wind
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Jan 8, 2019 14:24
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BonerGhost posted:32 honestly sounds a little low for a top trim, all options Camry. The Toyota and Honda econoboxes got big, loaded, and hell of expensive sometime in the last 10 years. They're still boring as hell, but they're not starter cars anymore. Not going to price because I'm on mobile rn, but if that's truly the highest, color me surprised. I mean I don't think he can really afford the car but that is milquetoast bad with money compared to most of the decisions we review here. You can do a lot worse than finance a car that is likely to be reliable with minimal maintenance costs and have significant residual value for 6% for 6 years, and you can also do a lot worse than discover the wisdom of aggressively paying down the loan so you are not caught upside down in it
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Jan 8, 2019 14:33
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SpelledBackwards posted:The 👏 only 👏 "target date" 📅 you should be worrying 😬 about with our MLM hitting your 💄lipstick 💋/ body wrap 💃 / nail press 💅 / candle 🔥👃 / oil 🍯 / face cream 💆/smoothie 🥛sales goal by the end of the month 📆, hun! 🙌 🙌 Lol
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Jan 8, 2019 14:35
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People really hate Camry’s in this thread. I’m not a fan, but if the guy’s parents had several generations of the car it’s possible that’s what he grew up thinking a good stylish automobile looks like. I’m brand and model agnostic myself. There’s always a chance, however small, that my next vehicle will be a Ford Raptor.
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Jan 8, 2019 14:48
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It's weird because the Camry is pretty GWM overall
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Jan 8, 2019 15:09
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Paul ReiserFS posted:How do you option out a $32k Camry Average new vehicle sold for $35k last year. The Camry is right in the middle of the market, exactly where it's always been.
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Jan 8, 2019 15:31
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Krispy Wafer posted:I’m brand and model agnostic myself. There’s always a chance, however small, that my next vehicle will be a Ford Raptor. Hopefully they grow up with it being their dream trucks.
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Jan 8, 2019 16:35
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Haha, jesus, for a second there I thought that the guy somehow financed a Camry for $1700/month for 72 months.
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