Warning

 

Close

Confirm Action

Are you sure you wish to do this?

Confirm Cancel
Member Login
Posted: 2/1/2006 9:18:36 PM EDT
[Last Edit: 2/2/2006 5:55:51 PM EDT by REALM]
So 11pm my door bell starts ringing like crazy. I peek out, see it's my best friend (redneck neighbor). He is smoking and looking jittery.

I open up the door and he says, "I think I did something bad, I think I did something bad."

I look over and see a 2005 Mustang. He was supposed to go buy a $5000 Mustang, 7% max interest.

Instead, he's been driving around for hours scared to go home.

He makes $20K / year.

He got $2K for his Ranger he owes $7K on.
He got 13.99% interest rate.
He got $520/month payments
Total payments -------------- $38,763

ROFL!!

I got him to call the salesman and he's taking it back tomorrow.
Link Posted: 2/1/2006 9:21:30 PM EDT
Damn, that's more than my 2006 Yukon I just bought.
Link Posted: 2/1/2006 9:23:02 PM EDT
You're a good friend - now buy him Dave Ramsey's book.
Link Posted: 2/1/2006 9:23:26 PM EDT
That's why Colorado allowes you 36 hours to cancel the contract for cars.
Link Posted: 2/1/2006 9:24:08 PM EDT


Link Posted: 2/1/2006 9:25:35 PM EDT
[Last Edit: 2/1/2006 9:25:50 PM EDT by HarrySacz]

Originally Posted By REALM:
So 11pm my door bell starts ringing like crazy. I peek out, see it's my best friend (redneck neighbor). He is smoking and looking jittery.

I open up the door and he says, "I think I did something bad, I think I did something bad."

I look over and see a 2005 Mustang. He was supposed to go buy a $5000 Mustang, 7% max interest.

Instead, he's been driving around for hours scared to go home.

He makes $20K / year.

He got $2K for his Ranger he owes $7K on.
He got 13.99% interest rate.
He got $520/month payments
Total payments -------------- $38,763

ROFL!!

I got him to call the salesman and he's taking it back tomorrow.



At least he knew he did something bad stupid
Link Posted: 2/1/2006 9:27:45 PM EDT
It amazes me how many people talk themselves into shit like that.
Link Posted: 2/1/2006 9:28:40 PM EDT

Originally Posted By pattymcn:
You're a good friend - now buy him Dave Ramsey's book.



Don't need to do go that far, just tell him

DON'T SPEND WHAT HE DOESN'T HAVE!

It is mind boggling simple....
Link Posted: 2/1/2006 9:30:38 PM EDT

Originally Posted By triburst1:
It amazes me how many people talk themselves into shit like that.

+1 million!
Link Posted: 2/1/2006 9:30:39 PM EDT


He's fucked.

Link Posted: 2/1/2006 9:31:16 PM EDT

Originally Posted By pattymcn:
You're a good friend - now buy him Dave Ramsey's book.



Excellent suggestion....Dave kept my *ss out of a sling many times over.
Link Posted: 2/1/2006 9:39:43 PM EDT
Good Lord, he doesn't even need a $5000 Mustang....he needs a $500 Toyota and a reality check.
Link Posted: 2/1/2006 9:55:08 PM EDT
Another one of those "hold my beer and watch this" moments.
Link Posted: 2/1/2006 9:55:26 PM EDT
The mustang is not the problem. The low paying job is his problem.
Link Posted: 2/1/2006 9:57:59 PM EDT

Originally Posted By LonePathfinder:

Originally Posted By pattymcn:
You're a good friend - now buy him Dave Ramsey's book.



Don't need to do go that far, just tell him

DON'T SPEND WHAT HE DOESN'T HAVE!

It is mind boggling simple....



+1, that right there is the best financial advice in the world. I've been saying it for years myself and I'm only 21. More people need to be aware of this simple fact. Don't write checks with your mouth that your ass can't cash...or...don't write checks for money you don't actually have
Link Posted: 2/1/2006 9:59:12 PM EDT
I almost made that mistake last mont----I went in to buy a used $9500 Z71 pickup and almost walked out with the new $38,000 Chevy HD pickup! I'm happy as hell I went with the used truck over the brand new one
Link Posted: 2/1/2006 10:06:49 PM EDT
[Last Edit: 2/1/2006 10:08:58 PM EDT by MoparMike]
The problem isn't his job (20k isnt that bad, depending on where you live you can live like a king). Its that he is a gullible idiot with no self control.


I wouldn't have thought a lender would do that. Hell, I cant get one to give me a $500 house payment without some huge PMI adding $180 to it every month, and that is with a 725 credit score.
Link Posted: 2/1/2006 10:08:55 PM EDT

Originally Posted By MoparMike:
The problem isn't his job (20k isnt that bad, depending on where you live you can live like a king). Its that he is a gullible idiot with no self control.



I have that problem in gun shops
Link Posted: 2/1/2006 10:10:33 PM EDT

Originally Posted By REALM:
"I think I did something bad, I think I did something bad."



At least when I say that I have a belt fed to show for it.
Link Posted: 2/1/2006 10:11:46 PM EDT

Originally Posted By pattymcn:
You're a good friend - now buy him Dave Ramsey's book.



Which one?
Link Posted: 2/1/2006 10:16:02 PM EDT

Originally Posted By MoparMike:
The problem isn't his job (20k isnt that bad, depending on where you live you can live like a king). Its that he is a gullible idiot with no self control.


I don't know any king that lives on 20K. Around here thats starvation wages.
Link Posted: 2/1/2006 11:25:13 PM EDT

Originally Posted By tc556guy:

Originally Posted By MoparMike:
The problem isn't his job (20k isnt that bad, depending on where you live you can live like a king). Its that he is a gullible idiot with no self control.


I don't know any king that lives on 20K. Around here thats starvation wages.



South Mississippi.



Right now I make around $24k. I could live pretty well on my own with if I wasnt paying off previous debt and student loans that I have no degree to show for. Unfortunately, I give a damn about my credit so I am living with my dad while I pay off those debts. Rent/property values in this town is insane compared to the rest of the state. I could make more, but I would want to run myself off a cliff after 6months of truck driving again, at least for Swift. I make about $11.90 an hour and it amazes me that in just 10 short years how this amount of money can go from "good money" to "poverty for a bachelor".
Link Posted: 2/1/2006 11:26:18 PM EDT
must have been a cute salesgirl
Link Posted: 2/1/2006 11:27:49 PM EDT
You can make more than that an hour at a busy Dennys, don't be stupid grab the easy money.
Link Posted: 2/1/2006 11:32:48 PM EDT

Originally Posted By jpman7:

Originally Posted By triburst1:
It amazes me how many people talk themselves into shit like that.

+1 million!



It continues to amaze me, the number of arfcommers that will chime in while hiding their own cars from the towtruck... Schadenfreude.
Link Posted: 2/1/2006 11:33:36 PM EDT
Damn man you should have video taped the whole thing for our amusement
Link Posted: 2/2/2006 3:46:52 PM EDT

Originally Posted By MoparMike:

Originally Posted By tc556guy:

Originally Posted By MoparMike:
The problem isn't his job (20k isnt that bad, depending on where you live you can live like a king). Its that he is a gullible idiot with no self control.


I don't know any king that lives on 20K. Around here thats starvation wages.



South Mississippi.



Right now I make around $24k. I could live pretty well on my own with if I wasnt paying off previous debt and student loans that I have no degree to show for. Unfortunately, I give a damn about my credit so I am living with my dad while I pay off those debts. Rent/property values in this town is insane compared to the rest of the state. I could make more, but I would want to run myself off a cliff after 6months of truck driving again, at least for Swift. I make about $11.90 an hour and it amazes me that in just 10 short years how this amount of money can go from "good money" to "poverty for a bachelor".



he said SWIFT!!
Might as well said JB!!



Link Posted: 2/2/2006 3:50:04 PM EDT
How did the dealer even approve that financing?

Kharn
Link Posted: 2/2/2006 3:50:51 PM EDT

Originally Posted By NSFJojo:
You can make more than that an hour at a busy Dennys, don't be stupid grab the easy money.



Jinkies, those must be generous tippers.
Link Posted: 2/2/2006 3:59:30 PM EDT
[Last Edit: 2/2/2006 4:00:56 PM EDT by SJSAMPLE]

Originally Posted By jtw2:
That's why Colorado allowes you 36 hours to cancel the contract for cars.



He's driving it around.
He's taken possession.

I think he's way beyong that law at this point.
Link Posted: 2/2/2006 5:55:31 PM EDT
*****************UPDATE*********************<­BR>
Well he just called and here's how it went down on his lunch break.

He told the head sales manager he can't afford it and is bringing it back.
Head manager asks him why, is it the payments, is it the color, blah blah blah.

Neighbor: "Man, I just can't afford this car.
Salesman: Well hold on now, we can work those #'s and get those payments down.
Neighbor: It won't do no good, it was an impulse buy and I don't want the car.
Salesman: Well hold on I'll be right back, let's see what we can do.
Neighbor: I'm on my lunch break man, I don't have time, just bring me my truck.
Salesman: Well you got 10 minutes, that's all the time the paperwork will take.
Neighbor: Man, I don't want this car! I can't afford it! Bring me my !#@$@%@ truck now.
Salesman: Alright Mr. ******.

Needless to say, they were NOT happy, but also needless to say, my friend is super relieved.

Couple reasons I think the dealer is cr*p:
#1 They told my friend to write them a bad check, and they would hold it until he had the money in the bank. That way they could show a nice downpayment to get him financed.
#2 No dealer in their right mind should finance someone at 14% for a $26K car when they make $20K/year.
Link Posted: 2/2/2006 6:07:48 PM EDT
Link Posted: 2/2/2006 6:13:27 PM EDT
[Last Edit: 2/2/2006 6:14:49 PM EDT by Barrelburner]

Originally Posted By REALM:
*****************UPDATE******************­***

#2 No deaer in their right mind should finance someone at 14% period.


Fixed it for ya.

Hell, I got 2.9% on my Nissan on a 5 year loan, got the rebate, too (this was over 3 years ago, though).
Link Posted: 2/2/2006 6:16:14 PM EDT

Originally Posted By MoparMike:
The problem isn't his job (20k isnt that bad, depending on where you live you can live like a king). Its that he is a gullible idiot with no self control.


I wouldn't have thought a lender would do that. Hell, I cant get one to give me a $500 house payment without some huge PMI adding $180 to it every month, and that is with a 725 credit score.

To avoid the PMI just get an 80% loan and a second loan for the remainder
Link Posted: 2/2/2006 6:16:57 PM EDT
Yea, don't get me wrong... if he got stuck with it, I'd have told 'em he screwed himself, but just from a moral standpoint, the dealer sucked. The first dealer turned him down. This dealer shut the door, told him to write them a bad check, and they'd get him financed at an absurd rate.

I didn't even know that was ethical or legal rather.
Link Posted: 2/2/2006 6:17:34 PM EDT

Originally Posted By Outsider_10fp:

Originally Posted By MoparMike:

Originally Posted By tc556guy:

Originally Posted By MoparMike:
The problem isn't his job (20k isnt that bad, depending on where you live you can live like a king). Its that he is a gullible idiot with no self control.


I don't know any king that lives on 20K. Around here thats starvation wages.



South Mississippi.



Right now I make around $24k. I could live pretty well on my own with if I wasnt paying off previous debt and student loans that I have no degree to show for. Unfortunately, I give a damn about my credit so I am living with my dad while I pay off those debts. Rent/property values in this town is insane compared to the rest of the state. I could make more, but I would want to run myself off a cliff after 6months of truck driving again, at least for Swift. I make about $11.90 an hour and it amazes me that in just 10 short years how this amount of money can go from "good money" to "poverty for a bachelor".



he said SWIFT!!
Might as well said JB!!




or Stevens, or Covenant, or England, or Central Refigerated, or............
Link Posted: 2/2/2006 6:24:47 PM EDT
My HOUSE payment is less then he would have paid monthly on a damn car. And unlike a car the value actually remains constant or goes up. [15 year mtg]

I am ver surprised that they did not tell him that his truck was already sold. That is an old trick that is played many times.

Irregardless, they knowingly approved and accepted a bad check and he comitted fraud also. No ones hands are clean in this transaction.
Top Top