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hegemony

A record number of Americans are 90 days behind on their car payments

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I posted that article on my FB page. With the negative comments I got, I figure at least 8 of my friends might be part of that 7 million. 

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Debt issued by auto finance companies, rather than at the dealer level, is responsible for most of the growth by less-qualified borrowers.

All the people buying cars from J.D.Byrider and other "special finance car lots".

Maybe I should hit up some of the local towing yards and see if they need repo men.

Edited by IndyPoolPlayer

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23 minutes ago, IndyPoolPlayer said:

All the people buying cars from J.D.Byrider and other "special finance car lots".

Maybe I should hit up some of the local towing yards and see if they need repo men.

I have a friend who has been a repo man for almost 30 years. He's says business has been brisk. He sees boom times ahead for his side of the business for now. Tells me past experiences tell him when banks go past 120 days before issuing a repo order, that can mean the auction lots are flooded with cars that aren't moving at good prices.

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1 hour ago, IndyPoolPlayer said:

Maybe I should hit up some of the local towing yards and see if they need repo men.

Make sure you have really good health insurance.  I have had 3 patients in the past 7 years who were repo guys.  All ended up with major skull fractures when a car "owner" discovered the repo going down and hit them with a large object without warning.  One was a bat, one a crow bar, and the other we think some sort of tree branch.  ALL ended up with permanent brain trauma.  It is a very dangerous job.

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:lol:

 

  • The "number of distressed borrowers suggests that not all Americans have benefited from the strong labor market...," Fed economists say.

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On 2/13/2019 at 1:31 AM, cv91915 said:

:lol:

 

  • The "number of distressed borrowers suggests that not all Americans have benefited from the strong labor market...," Fed economists say.

Too many people buying cars they can't afford with easy credit and stupid long loan periods.  

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On 2/12/2019 at 5:46 PM, IndyPoolPlayer said:

All the people buying cars from J.D.Byrider and other "special finance car lots".

Maybe I should hit up some of the local towing yards and see if they need repo men.

Might be time to go buy a pick up and a hidden wheel lift.

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2 hours ago, hegemony said:

25% of auto loans are to consumers with subprime FICO scores. I wonder how many are also rolling negative equity

Every d@mn one I would say. Because many in subprime never seem to graduate from subprime, but keep making the same mistakes over and over again. But its never their fault.

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1 hour ago, IndyPoolPlayer said:

Every d@mn one I would say. Because many in subprime never seem to graduate from subprime, but keep making the same mistakes over and over again. But its never their fault.

Plenty of people out there with decent FICO scores rolling negative equity. They just may have a higher income that hides the stupidity better. And yep, when the house of cards fall, it’s never their fault.

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Just now, IndyPoolPlayer said:

Every d@mn one I would say. Because many in subprime never seem to graduate from subprime, but keep making the same mistakes over and over again. But its never their fault.

Never they have to have a car you know. The real kicker is they could head to a public repo auction and buy a running car for one months payment on their ridiculous subprime loan. To each their own though if people didn't make bad choices there wouldn't be dirt cheap cars at the repo auction.

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18 hours ago, IndyPoolPlayer said:

Every d@mn one I would say. Because many in subprime never seem to graduate from subprime, but keep making the same mistakes over and over again. But its never their fault.

But they CAN'T be subprime...didn't you see the brand spanking new vehicle in their driveway?  It's shiny...just like the turd in their wallet.

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17 hours ago, oldblue said:

Never they have to have a car you know. The real kicker is they could head to a public repo auction and buy a running car for one months payment on their ridiculous subprime loan. To each their own though if people didn't make bad choices there wouldn't be dirt cheap cars at the repo auction.

Does not even need to be a repo auction...lots of decent vehicles at storage sales.  Just make sure to have a police dog do a walk and sniff before leaving the storage lot...

 

My favorite was the listing that included the 'defect' in the front windshield.  That defect was the bullet holes from when they were shot at by police as they attempted to ram the cruisers that had blocked the parking lot entrance...

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34 minutes ago, centex said:

Does not even need to be a repo auction...lots of decent vehicles at storage sales.  Just make sure to have a police dog do a walk and sniff before leaving the storage lot...

HA!! Funny you mention that - while eavesdropping on the local Po-Po they were called to a local tow yard. The tow company just did a repo and when the yard manager went to inventory the vehicle they found marijuana, meth, and loaded firearms.

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Well the tax refunds must be coming in. Several new/used cars in my apartment complex. 

 

As the repo says........its 3am, do you know where your car is?

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14 hours ago, centex said:

Does not even need to be a repo auction...lots of decent vehicles at storage sales.  Just make sure to have a police dog do a walk and sniff before leaving the storage lot...

 

My favorite was the listing that included the 'defect' in the front windshield.  That defect was the bullet holes from when they were shot at by police as they attempted to ram the cruisers that had blocked the parking lot entrance...

 

When I was getting my shit together after using dope for years I bought this non running rust bucket mess of a car for $100.  Got it running for another $50, loved that little car, drove it all over with obvious pull me over no exhaust and such. I was on felony probation but wasn't up to no good any more so didn't think anything of it. After 6 months of driving it I decided to gut the nasty interior, what do I find but multiple needles, spoons and a crack pipe hidden under the carpet under the seats. Facing a year in prison and all I would of had is the I swear officer they're not mine.  Got lucky though and never did get pulled over in that thing.

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