Staggering credit numbers…

[(former)FormerSanDiegan]

What are the usual “Average cars” driven by J6P? 32K seems a bit steep. Camry is 17-25K Invoice and 18-28K MSRP. F-150 starts 17K MSRP. And they can only pony up $1500 to buy these toys?

It didn’t say the loan on an average car, like a Camry. It said the average car loan. A few expensive samples can really skew the numbers.

Consider a sample that has 5 average sedans (e.g.Camry’s at 25K each) and one Range Rover for 75K, with 10% down.
The average loan would be 30K.

[Trojan4Life]

That’s insane! I had a Corvette that I financed $25K on at 0% and my payment was in the neighborhood of $600. I thought that was a ton of money in 2004! I have neighbors who don’t have two nickels to rub together who go out and lease a new car when they get to the point that they need to replace tires because they don’t have the $$$ to buy new tires. This is absolutely insane.

On a different yet related topic, I found a very nice brand new townhome in Redondo Beach up here in LA. Really nicely done Med style, high quality finish materials (granite, travertine, crown molding, etc). It was completed and originally listed in Sep 07 for $859K, now reduced to $829K. Agent claims the seller/builder will refund $$$ to match sales price with last unit sold (i.e buy now for $829K and if the last of the ten units sells for $759K, I would get $70K back). Sounds too good to be true…so we know the adage.

Do you think I’d have a crack at a deal at a $750K offer? it’s blocks from the beach, good schools for LA, etc…
Also, we’re dealing with only being able to put about $100K down, are there still loan products out there to help me without burying me?

[Trojan4Life]

That’s insane! I had a Corvette that I financed $25K on at 0% and my payment was in the neighborhood of $600. I thought that was a ton of money in 2004! I have neighbors who don’t have two nickels to rub together who go out and lease a new car when they get to the point that they need to replace tires because they don’t have the $$$ to buy new tires. This is absolutely insane.

On a different yet related topic, I found a very nice brand new townhome in Redondo Beach up here in LA. Really nicely done Med style, high quality finish materials (granite, travertine, crown molding, etc). It was completed and originally listed in Sep 07 for $859K, now reduced to $829K. Agent claims the seller/builder will refund $$$ to match sales price with last unit sold (i.e buy now for $829K and if the last of the ten units sells for $759K, I would get $70K back). Sounds too good to be true…so we know the adage.

Do you think I’d have a crack at a deal at a $750K offer? it’s blocks from the beach, good schools for LA, etc…
Also, we’re dealing with only being able to put about $100K down, are there still loan products out there to help me without burying me?

[Trojan4Life]

That’s insane! I had a Corvette that I financed $25K on at 0% and my payment was in the neighborhood of $600. I thought that was a ton of money in 2004! I have neighbors who don’t have two nickels to rub together who go out and lease a new car when they get to the point that they need to replace tires because they don’t have the $$$ to buy new tires. This is absolutely insane.

On a different yet related topic, I found a very nice brand new townhome in Redondo Beach up here in LA. Really nicely done Med style, high quality finish materials (granite, travertine, crown molding, etc). It was completed and originally listed in Sep 07 for $859K, now reduced to $829K. Agent claims the seller/builder will refund $$$ to match sales price with last unit sold (i.e buy now for $829K and if the last of the ten units sells for $759K, I would get $70K back). Sounds too good to be true…so we know the adage.

Do you think I’d have a crack at a deal at a $750K offer? it’s blocks from the beach, good schools for LA, etc…
Also, we’re dealing with only being able to put about $100K down, are there still loan products out there to help me without burying me?

[Trojan4Life]

That’s insane! I had a Corvette that I financed $25K on at 0% and my payment was in the neighborhood of $600. I thought that was a ton of money in 2004! I have neighbors who don’t have two nickels to rub together who go out and lease a new car when they get to the point that they need to replace tires because they don’t have the $$$ to buy new tires. This is absolutely insane.

On a different yet related topic, I found a very nice brand new townhome in Redondo Beach up here in LA. Really nicely done Med style, high quality finish materials (granite, travertine, crown molding, etc). It was completed and originally listed in Sep 07 for $859K, now reduced to $829K. Agent claims the seller/builder will refund $$$ to match sales price with last unit sold (i.e buy now for $829K and if the last of the ten units sells for $759K, I would get $70K back). Sounds too good to be true…so we know the adage.

Do you think I’d have a crack at a deal at a $750K offer? it’s blocks from the beach, good schools for LA, etc…
Also, we’re dealing with only being able to put about $100K down, are there still loan products out there to help me without burying me?

[Trojan4Life]

That’s insane! I had a Corvette that I financed $25K on at 0% and my payment was in the neighborhood of $600. I thought that was a ton of money in 2004! I have neighbors who don’t have two nickels to rub together who go out and lease a new car when they get to the point that they need to replace tires because they don’t have the $$$ to buy new tires. This is absolutely insane.

On a different yet related topic, I found a very nice brand new townhome in Redondo Beach up here in LA. Really nicely done Med style, high quality finish materials (granite, travertine, crown molding, etc). It was completed and originally listed in Sep 07 for $859K, now reduced to $829K. Agent claims the seller/builder will refund $$$ to match sales price with last unit sold (i.e buy now for $829K and if the last of the ten units sells for $759K, I would get $70K back). Sounds too good to be true…so we know the adage.

Do you think I’d have a crack at a deal at a $750K offer? it’s blocks from the beach, good schools for LA, etc…
Also, we’re dealing with only being able to put about $100K down, are there still loan products out there to help me without burying me?

[patientrenter]

Trojan4Life, I know you didn’t ask for financial planning advice, but I’ll offer some anyway. If you asked yourself these questions, what would your answer be:

1. What’s my net income? (I)

2. What are my annual expenses, including everything (like occasional car replacement and health expenses)? (E)

3. How many years do I want to commit to working for? (W)

4. How many years after retirement am I prepared to run out of all my money? (R)

5. What is (I x W) – [E x (W+R)]?

I think you see where I’m going with the (simple) math.

Patient renter in OC

[patientrenter]

Trojan4Life, I know you didn’t ask for financial planning advice, but I’ll offer some anyway. If you asked yourself these questions, what would your answer be:

1. What’s my net income? (I)

2. What are my annual expenses, including everything (like occasional car replacement and health expenses)? (E)

3. How many years do I want to commit to working for? (W)

4. How many years after retirement am I prepared to run out of all my money? (R)

5. What is (I x W) – [E x (W+R)]?

I think you see where I’m going with the (simple) math.

Patient renter in OC

[patientrenter]

Trojan4Life, I know you didn’t ask for financial planning advice, but I’ll offer some anyway. If you asked yourself these questions, what would your answer be:

1. What’s my net income? (I)

2. What are my annual expenses, including everything (like occasional car replacement and health expenses)? (E)

3. How many years do I want to commit to working for? (W)

4. How many years after retirement am I prepared to run out of all my money? (R)

5. What is (I x W) – [E x (W+R)]?

I think you see where I’m going with the (simple) math.

Patient renter in OC

[patientrenter]

Trojan4Life, I know you didn’t ask for financial planning advice, but I’ll offer some anyway. If you asked yourself these questions, what would your answer be:

1. What’s my net income? (I)

2. What are my annual expenses, including everything (like occasional car replacement and health expenses)? (E)

3. How many years do I want to commit to working for? (W)

4. How many years after retirement am I prepared to run out of all my money? (R)

5. What is (I x W) – [E x (W+R)]?

I think you see where I’m going with the (simple) math.

Patient renter in OC

[patientrenter]

Trojan4Life, I know you didn’t ask for financial planning advice, but I’ll offer some anyway. If you asked yourself these questions, what would your answer be:

1. What’s my net income? (I)

2. What are my annual expenses, including everything (like occasional car replacement and health expenses)? (E)

3. How many years do I want to commit to working for? (W)

4. How many years after retirement am I prepared to run out of all my money? (R)

5. What is (I x W) – [E x (W+R)]?

I think you see where I’m going with the (simple) math.

Patient renter in OC

[bubba99]

“If it is that simple after the law change…I thought you can no longer declear chapter 7 and have your credit cards charges just disappear like that.”

Correct, Chapter 7 bankruptcy is only available to a few – no income people, and then only after month of “credit counseling”. And even then the judge can force them to chapter 13 if it is mostly consumer debt.

The rest will need to develop a payment plan under Chapter 13, and pay for the rest of their lives.

Unless Paulsen et al create a new bailout for credit card debtors.

[bubba99]

“If it is that simple after the law change…I thought you can no longer declear chapter 7 and have your credit cards charges just disappear like that.”

Correct, Chapter 7 bankruptcy is only available to a few – no income people, and then only after month of “credit counseling”. And even then the judge can force them to chapter 13 if it is mostly consumer debt.

The rest will need to develop a payment plan under Chapter 13, and pay for the rest of their lives.

Unless Paulsen et al create a new bailout for credit card debtors.

[bubba99]

“If it is that simple after the law change…I thought you can no longer declear chapter 7 and have your credit cards charges just disappear like that.”

Correct, Chapter 7 bankruptcy is only available to a few – no income people, and then only after month of “credit counseling”. And even then the judge can force them to chapter 13 if it is mostly consumer debt.

The rest will need to develop a payment plan under Chapter 13, and pay for the rest of their lives.

Unless Paulsen et al create a new bailout for credit card debtors.

[bubba99]

“If it is that simple after the law change…I thought you can no longer declear chapter 7 and have your credit cards charges just disappear like that.”

Correct, Chapter 7 bankruptcy is only available to a few – no income people, and then only after month of “credit counseling”. And even then the judge can force them to chapter 13 if it is mostly consumer debt.

The rest will need to develop a payment plan under Chapter 13, and pay for the rest of their lives.

Unless Paulsen et al create a new bailout for credit card debtors.

[Author]

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