Author Topic: Overhead at the bank today  (Read 10451 times)

Emerald

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Overhead at the bank today
« on: February 04, 2013, 10:19:08 AM »
I paid them almost $900/month for 7 years.  He was referring to his truck payment.   I almost fell over.  I can't imagine. 

Phoebe

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Re: Overhead at the bank today
« Reply #1 on: February 04, 2013, 11:25:46 AM »
Holy cow, that's a lot of dough.  $75,600 to be exact.  OUCH!

Paul der Krake

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Re: Overhead at the bank today
« Reply #2 on: February 04, 2013, 11:29:41 AM »
But but but... it's got a V8!

Forcus

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Re: Overhead at the bank today
« Reply #3 on: February 04, 2013, 11:42:53 AM »
Not surprised, a loaded F350 diesel will top 60 grand.

marty998

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Re: Overhead at the bank today
« Reply #4 on: February 04, 2013, 02:30:57 PM »
If you gave him a facepunch he probably would be oblivious to it. Idiot.

Do you reckon he was there to take out another loan for the next one?

Emerald

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Re: Overhead at the bank today
« Reply #5 on: February 04, 2013, 02:39:38 PM »
If you gave him a facepunch he probably would be oblivious to it. Idiot.

Do you reckon he was there to take out another loan for the next one?

He was trying to get the title so he could sell the truck.  There was some talk of the bank buying the original lending company.  Considering the original lending company, I bet his rate was astronomical.

He was an older gentleman, and I got the impression he knew very little about personal finance.  It made me very sad, actually.

SwordGuy

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Re: Overhead at the bank today
« Reply #6 on: February 04, 2013, 02:59:10 PM »
Holy cow, that's a lot of dough.  $75,600 to be exact.  OUCH!

That $75,600 is AFTER tax money.   With a 20% tax rate, he would have to gross almost $95,000 BEFORE tax money to pay for that truck.

BCSD Syndrome is a sad and costly mental disease.

dragoncar

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Re: Overhead at the bank today
« Reply #7 on: February 05, 2013, 10:37:47 AM »
But but but... it's got a V8!

So that's less than $10k per V.  Sounds like a deal to me!

projekt

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Re: Overhead at the bank today
« Reply #8 on: February 05, 2013, 10:48:11 AM »
Wait a minute. Look at that engine. There's only 4 Vs. You got cheated!

MrSaturday

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Re: Overhead at the bank today
« Reply #9 on: February 05, 2013, 10:51:09 AM »
I can tell consumer confidence is improving because I'm starting to see a lot of brand new full-size trucks in the company parking lot.  Which is weird because we don't employ any farmers.

dragoncar

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Re: Overhead at the bank today
« Reply #10 on: February 05, 2013, 11:18:03 AM »
I blame the deceptive marketing.  At least they got all 8 cylinders.

tooqk4u22

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Re: Overhead at the bank today
« Reply #11 on: February 05, 2013, 11:28:40 AM »
If you gave him a facepunch he probably would be oblivious to it. Idiot.

Do you reckon he was there to take out another loan for the next one?

That or he was looking to refinance the existing one to another 7 year loan.

venkol

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Re: Overhead at the bank today
« Reply #12 on: February 05, 2013, 04:09:40 PM »
I can tell consumer confidence is improving because I'm starting to see a lot of brand new full-size trucks in the company parking lot.  Which is weird because we don't employ any farmers.

I work for a major consulting company so it's not unusual to see fully loaded BMWs, Lexus, Jeeps, and Massive trucks in the parking lot and here I come with my little old Saturn.  Pretty much everyone here, young and old, can afford the payments on a high end car, but the younger people tend to drive Hondas, WVs, Corollas while the older people are the ones that are blinged out.


destron

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Re: Overhead at the bank today
« Reply #13 on: February 05, 2013, 04:26:04 PM »
I can tell consumer confidence is improving because I'm starting to see a lot of brand new full-size trucks in the company parking lot.  Which is weird because we don't employ any farmers.

You don't understand. They need a giant truck because it is too dangerous to drive your tin can. And they need a V8 for power because they need to be able to pass on the freeway (too dangerous otherwise, they might not be able to maneuver out of a dangerous situation). They are just being safe.

Forcus

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Re: Overhead at the bank today
« Reply #14 on: February 06, 2013, 09:15:02 AM »
Pretty much everyone here, young and old, can afford the payments on a high end car, but the younger people tend to drive Hondas, WVs, Corollas while the older people are the ones that are blinged out.

It's a funny juxtoposition. I look at it this way. Drive something crappy looking and be looked down upon now. I'll look down upon those still working (involuntarily) at age 65, who wasted their life to buy things like new BMW's and such*. Kind of a high school "who's cool now" type of thing. Childish but helps keep me going (what can I say... guess I'm a child).

*without a conscious thought of what that impact does to retirement

etselec

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Re: Overhead at the bank today
« Reply #15 on: February 06, 2013, 12:31:17 PM »
I can tell consumer confidence is improving because I'm starting to see a lot of brand new full-size trucks in the company parking lot.  Which is weird because we don't employ any farmers.

You don't understand. They need a giant truck because it is too dangerous to drive your tin can. And they need a V8 for power because they need to be able to pass on the freeway (too dangerous otherwise, they might not be able to maneuver out of a dangerous situation). They are just being safe.

Hah! Perhaps we could explain to them that the Saturn-driver will end up working only, e.g., 15 years before retiring early - so automatically their risk of being in a car accident while commuting is twice as high, because they will make the commute twice as much over their lifetime...

Blindsquirrel

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Re: Overhead at the bank today
« Reply #16 on: February 10, 2013, 05:36:34 AM »
 Ha! That is a very sad tale of foolishness most likely. However, if he owned his own trucking co. he could have come out way ahead.  In this part of the world the disease is either BTSD or BCSD and it must be a horrible curse.  Drive a Metro myself. :)

ruthiegirl

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Re: Overhead at the bank today
« Reply #17 on: February 10, 2013, 08:02:36 AM »
I didn't even know you could get a car loan that high.  I can't wrap my head around it. 

JanMN

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Re: Overhead at the bank today
« Reply #18 on: February 10, 2013, 10:50:41 AM »
I didn't even know you could get a car loan that high.  I can't wrap my head around it.

Agreed.  And in general I consistently have to work to get my head around about how some people feel about their cars, and how they want others to feel about their cars.  Case in point:  An executive let us know on a conference call that he drives a Lincoln, and that, in the course of giving a co-worker a ride home from work, she told him he has "a grown-up car"...  you could tell he felt very status affirmed by that...

Really?

BlueMR2

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Re: Overhead at the bank today
« Reply #19 on: February 10, 2013, 11:18:46 AM »
I didn't even know you could get a car loan that high.  I can't wrap my head around it.

Ugh.  That car loan payment is twice what my mortgage was!  Amazing.

BuildingFrugalHabits

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Re: Overhead at the bank today
« Reply #20 on: February 18, 2013, 05:26:04 PM »

It's a funny juxtoposition. I look at it this way. Drive something crappy looking and be looked down upon now. I'll look down upon those still working (involuntarily) at age 65, who wasted their life to buy things like new BMW's and such*. Kind of a high school "who's cool now" type of thing. Childish but helps keep me going (what can I say... guess I'm a child).

*without a conscious thought of what that impact does to retirement

You should worry about yourself and ignore what others are doing.  Everyone has their own circumstances.  Personally, I'm content driving around in a lower end car that gets me from A to B and I wouldn't think twice about how others see it.  As long as it's mechanically sound that is.  That being said, I do like to keep my property well maintained so it's it good working order.

Forcus

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Re: Overhead at the bank today
« Reply #21 on: February 20, 2013, 08:54:24 AM »

It's a funny juxtoposition. I look at it this way. Drive something crappy looking and be looked down upon now. I'll look down upon those still working (involuntarily) at age 65, who wasted their life to buy things like new BMW's and such*. Kind of a high school "who's cool now" type of thing. Childish but helps keep me going (what can I say... guess I'm a child).

*without a conscious thought of what that impact does to retirement

You should worry about yourself and ignore what others are doing.  Everyone has their own circumstances.  Personally, I'm content driving around in a lower end car that gets me from A to B and I wouldn't think twice about how others see it.  As long as it's mechanically sound that is.  That being said, I do like to keep my property well maintained so it's it good working order.

I don't "worry" about what others are doing but I do examine what they are doing to understand context. Similar to why we are all here. Looking at what MMM is doing and seeing what parts we can use in our own lives to improve them. The #1 thing I learned from the recession was just because someone looked like they had a lot of money didn't mean they did and that escapes most people's attention. Ignoring that would have meant I'd still be a mega consumerist.

DebtDerp

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Re: Overhead at the bank today
« Reply #22 on: February 20, 2013, 09:56:33 AM »
I can tell consumer confidence is improving because I'm starting to see a lot of brand new full-size trucks in the company parking lot.  Which is weird because we don't employ any farmers.

Sorry for the blatant advertising but I think this Super Bowl commercial was extremely effective.


jp

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Re: Overhead at the bank today
« Reply #23 on: February 20, 2013, 10:01:58 AM »
I can tell consumer confidence is improving because I'm starting to see a lot of brand new full-size trucks in the company parking lot.  Which is weird because we don't employ any farmers.

Sorry for the blatant advertising but I think this Super Bowl commercial was extremely effective.

It has been a long time since I watched a commercial.  That was a nice bit there, "farmers are great/earnest/hardworking! Farmers might need a work truck. You, non-farmer, should buy a new Dodge truck to commute in!"  I love it.