730d se said: (quoted from post at 00:40:08 12/08/09) To sum it up, the best thing I can come up with is that we had a false economy. We did not have the value nor the true buyers that the markets indicated. Much of it was made up or a stretch.
But think about it, the car business has and still thrives on that same principle. The more they can get you to think in terms of "monthly payment", the better they do.
It is not really good for the consumer but since when did a car dealer sincerely give a crap about their customers?
If they told the real numbers, many customers would not buy the vehicle because it would not make financial sense. BUT, when they can reduce it to a measly "$265.00 a month", who can"t "afford" that?
What a person in that highly emotional transaction does not stop do is multiply the monthly payment by the total number of months, add the down payment, and look at what a loss they are taking with their trade in.
On top of that, dealers make additional profit if they finance it for you.
I am all in favor of every business making a profit, but not the short term profits that benifit a few and destroy the rest of the country.
The REAL bottom line is that for every one that skate/slides thru without paying his debt, that he created for himself, then all the rest of us who did right (waited until we saved the money, did without until we had the money, didn't borrow more than we could for sure pay back), we all are the one's paying off what Mr. Irresponsible didn't pay! It isn't the 'big bad bank, corporation, car dealer, etc. that eats the missing payments....it is you & me........all of the responsible people.
Sure I wish I could have had a big house, nice new cars, trucks, etc. when I was young & would have enjoyed it and had better & more room for the family, but life doesn't work that way. Now I'm old, no big space needed, no kids to house, no parties to show off, but a few years ago the wife & I payed cash for this huge critter that we don't need.......just because she wanted it and we earned it. Don't own anybody anything. Always lived on well less than we made. When recessions came, we had the cushion to get through without asking all you fine folks to pay our way, because we failed to plan, think, not live beyond our means.
No reason for you to do without just because some other slacker didn't do right.
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