Current New Vehicle Market

[sleek98]

My wifes parents bought her moms van on a heloc back in the 2005ish. It was a cheaper payment since it was interest only for 10 years. They were ****ing retarded. Got divorced not long after and he filed bankruptcy about 5 years later when his rolling negative equity and credit card debt finally caught up to him

 

[gimmie11s]

I've never seen it in 15 years. Car loans are cheaper than HELOC.

You wouldn't know or see it if they walk in with cash or cashier's check (from a recent heloc).

this has been going on for decades.

 

[gimmie11s]

My wifes parents bought her moms van on a heloc back in the 2005ish. It was a cheaper payment since it was interest only for 10 years. They were ****ing retarded. Got divorced not long after and he filed bankruptcy about 5 years later when his rolling negative equity and credit card debt finally caught up to him

This right here is going to be the story of our next, upcoming recession.

Hold your cash boyos and be ready to buy. The time is coming.

 

[Tezz500]

This right here is going to be the story of our next, upcoming recession.

Hold your cash boyos and be ready to buy. The time is coming.

Big facts. Lots of stupid happens when people see equity and start buying… I can understand an investment… but consumer spending like that is beyond retarded.

 

[5.0 Hatch]

This right here is going to be the story of our next, upcoming recession.

Hold your cash boyos and be ready to buy. The time is coming.

There was also a lot of refinancing last year to take advantage of the lower interest rates. I wonder how many pulled equity out in the process.

 

[13COBRA]

I doubt they’re walking in letting you know where the money came from. But cash in hand, absolutely a chance they’re that ****ing stupid.

You wouldn't know or see it if they walk in with cash or cashier's check (from a recent heloc).

this has been going on for decades.

Correct, on both accounts.

But people talk. If they think they're skirting the system to save money some how, they'll tell me all about it in the first 5 minutes of a conversation.

 

[Tezz500]

Correct, on both accounts.

But people talk. If they think they're skirting the system to save money some how, they'll tell me all about it in the first 5 minutes of a conversation.

I’m not saying it’s the norm… but it IS happening.

 

[13COBRA]

I’m not saying it’s the norm… but it IS happening.

What proof do you have?

 

[Tezz500]

What proof do you have?

Lol well…

Exhibit A:

My wifes parents bought her moms van on a heloc back in the 2005ish. It was a cheaper payment since it was interest only for 10 years. They were ****ing retarded. Got divorced not long after and he filed bankruptcy about 5 years later when his rolling negative equity and credit card debt finally caught up to him

When people have Equity, they do dumb shit…

 

[13COBRA]

Lol well…

Exhibit A:



When people have Equity, they do dumb shit…

So, nearly 20 years ago. LOL

 

[Tezz500]

So, nearly 20 years ago. LOL

Well, I don’t plan on digging for anything. So you’re right. It’s not happening. 2005 was the last time anyone used a HELOC to pay off a car loan or buy a new vehicle.

I concede.

 

[13COBRA]

Well, I don’t plan on digging for anything. So you’re right. It’s not happening. 2005 was the last time anyone used a HELOC to pay off a car loan or buy a new vehicle.

I concede.

I'm not saying that either. I'm simply saying that it's definitely not a rampant number of people doing so.

There are people who change their oil ever 30k miles....or every 3k miles. Neither make up the majority.

 

[Tezz500]

I'm not saying that either. I'm simply saying that it's definitely not a rampant number of people doing so.

There are people who change their oil ever 30k miles....or every 3k miles. Neither make up the majority.

No no no… it was nearly 20 years ago. Last one. Hasn’t happened since.

Sarcasm aside, we’re approaching the burst of a much much much larger financial/Housing bubble than in 2008.

The market/economy is cyclical.

2005 was just a few years before 2008…

Home equity is through the moon, mortgage rates were at historic lows…

With that, people do dumb shit.

With that said, I never said nor implied that the majority of people buying cars were using HELOCS.

You did however state that in 15 years you’ve never seen evidence of that. Which I think most would take as (it’s simply not happening.)



I guess we’ll find out when there are a bunch of cheap houses, Hellcats and Cobras floating around the market in the next few years.

 

[13COBRA]

No no no… it was nearly 20 years ago. Last one. Hasn’t happened since.

Sarcasm aside, we’re approaching the burst of a much much much larger financial/Housing bubble than in 2008.

The market/economy is cyclical.

2005 was just a few years before 2008…

Home equity is through the moon, mortgage rates were at historic lows…

With that, people do dumb shit.

With that said, I never said nor implied that the majority of people buying cars were using HELOCS.

You did however state that in 15 years you’ve never seen evidence of that. Which I think most would take as (it’s simply not happening.)



I guess we’ll find out when there are a bunch of cheap houses, Hellcats and Cobras floating around the market in the next few years.

I'm going to go ahead and build a bigger garage.

 

[Tezz500]

I'm going to go ahead and build a bigger garage.

I’m no financial wizard but I REALLY love this video from Ray Dalio And it’s inevitable with how much bullshit has happened recently. The crash has been accelerated exponentially.


It’s gonna happen. Question is when and how hards it gonna hit.

 

[JaCobro]

Looking back as of today, I should of pulled the trigger when Ford was doing 0% for 72 months during last Christmas. Ram always had deals, they had 0% for 72 on a big horn from Christmas till last month, plus 1-2k off msrp. Maybe this Christmas we will se the same for ford or even better. I honestly don’t see it getting better anytime soon. But I don’t look into it very much either.

 

[13COBRA]

Looking back as of today, I should of pulled the trigger when Ford was doing 0% for 72 months during last Christmas. Ram always had deals, they had 0% for 72 on a big horn from Christmas till last month, plus 1-2k off msrp. Maybe this Christmas we will se the same for ford or even better. I honestly don’t see it getting better anytime soon. But I don’t look into it very much either.

Those days are over for a while.

 

[JaCobro]

Those days are over for a while.

I believe it.

 

[gimmie11s]

I'm not saying that either. I'm simply saying that it's definitely not a rampant number of people doing so.

There are people who change their oil ever 30k miles....or every 3k miles. Neither make up the majority.

With the explosion in home values over the last 3 years people are 100% cash-out refi'ing and buying cars, boats, side by sides, et al.

Come on now...

 

[13COBRA]

With the explosion in home values over the last 3 years people are 100% cash-out refi'ing and buying cars, boats, side by sides, et al.

Come on now...

Proof of this?

Pretty sure I read an article not too terribly long ago from Rocket Mortage saying that last year was an all-time high for cash-out refis...and that 8X% of them were paying for home improvements, 1X% student loan debt, and the remainder spread out over several categories.