Woman forced to sell her dream car after paying $40k in interest over 3 years

Mrs Botox lips wasnt victimized by the dealership

Shes another idiot that wanted to keep up with the Jones. She victimized herself AND her husband who went along for the ride obliviously.

No down payment and $1400 a month??
I can actually afford that, but I choose not to because these vehicles today skyrocketed in price (Bidenflation, Plandemic fukkery) with too much BS in them.

I can take a 00-06 or 2007-2013 Tahoe in pristine body condition, and put a new motor in, rebuild the trans myself, SS brakelines and come out 1/8th of what she spent with an equivalently capable vehicle. Thats what my son got at 16 very recently

Car repos hitting all time epic highs are a precursor sign to economic recession. We were accelerating into that post COVID
 
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Rickyd said:
If anyone is a victim here it's her husband. 🤣
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Actually, her husband is not just along for the ride, but is also a conductor on the train of stupid.

In another video, Arnold says that her husband pays 14% APR on his 2020 GMC AT4 Sierra 1500.
She adds that his monthly payment —$1,600 — is greater than her own.
Arnold says she and her husband bought the AT4 in 2022 and yet they still owe $72,000 to $74,000 of the $78,000 purchase price.

Looks like they sought each other out and their financial souls connected.
 
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RangerTJ said:
Actually, her husband is not just along for the ride, but is also a conductor on the train of stupid.

In another video, Arnold says that her husband pays 14% APR on his 2020 GMC AT4 Sierra 1500.
She adds that his monthly payment —$1,600 — is greater than her own.
Arnold says she and her husband bought the AT4 in 2022 and yet they still owe $72,000 to $74,000 of the $78,000 purchase price.

Looks like they sought each other out and their financial souls connected.
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This is absolutely nuts and I can't wrap my mind around vehicle payments like that. I struggle with wrapping my mind around a $500 payment. They must have a substantial income to even get approved for these loans, maybe.
 
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CreepinDeth said:
Correct, for most areas
Keeping the populace ignorant is how the machine of Banking thrives. Its up to us as parents to educate the next generation. Dont rely on the State to do it
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It's been that way for decades. I picked up loan amortization in a college math class, everything else I got from my dad (bachelor in finance) or from experience.

The post WW2 economic system depends on a continuing supply of good little consumers. They don't need a bunch of informed, free thinkers upsetting their apple cart.
 
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dave.jpg
 
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MaximusLJR06 said:
This is absolutely nuts and I can't wrap my mind around vehicle payments like that. I struggle with wrapping my mind around a $500 payment. They must have a substantial income to even get approved for these loans, maybe.
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I have that same 2017 payment frame of mind that I struggle to escape.
 
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Shank said:
I have that same 2017 payment frame of mind that I struggle to escape.
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definitely one of the hazards of aging. My first apartment was $400/mo. After a while we upgraded to one twice the size & it was $600/mo 😮

After a few years of the apartment life we scraped together a 5% down payment & bought our first house (1994). In my mind rent prices froze at $600/mo. While I was aware prices went up I never had occasion to look into any specifics until my son struck out on his own. When he came to me for advice on a place he & his girlfriend were looking to move into & he told me it was $1,500/mo I almost choked, then he told me that was the first year introductory rate, and that the actual rent was around $1,800/mo. And this was a one-bedroom little joint, and it was also pre-2020 when earth went off the rails.

Thankfully he extricated himself from that fuckery & bought a nice little townhouse when the rates were in the 2% range. I think that little shithole apartment he was in is now $2,100/mo.

I can't wrap my head around any of this nonsense, I have not consumed milk in 30 years but at that time I thought it should be a buck a gallon which is what the old man used to fork over in the drive thru dairy hut we frequented when I was a little kid.
 
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CreepinDeth said:
Yeah now that Ive seen the husbands payment, they obviously have a substantial income to be approved for both

Im wagering shes an “OnlyFans” fast income type
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She did say that GM Financial was the only lender who would approve her.

With them knowing that they could repo the vehicle at any time, it wouldn't surprise me if they were counting on her going into default.

Predatory lenders don't care about ancillaries like food. Or supporting your children.

My wife and I looked at a house years ago and there was a poster on the fireplace stating that you could afford this $300k house on an income of $55k per year. 🤡
 
The monthly payment on her Tahoe is $1,400, she says, and the Sierra payment is $1,600.

“Why did I do this to myself?” wonders Arnold in one video, which has 2.5 million views. Viewers on TikTok expressed disbelief, confusion and shock about her costs in the comments. Some said that they pay less for housing than Arnold does for the two vehicles. Others directly faulted her money management. Arnold did not respond to interview requests from MarketWatch.

Her conundrum is extreme: She financed the cars, it appears, in late 2021 and in 2022 at higher-than-average interest rates — the average rate for new-car loans ranged from about 4.3% in January 2022 to 6.7% in December 2022 — and she also chose to finance two pricey vehicles at once. But she is one of a growing number of Americans with car payments of $1,000 or more due to rising car prices and interest rates.

By this February, 17.4% of new cars were financed with a monthly payment of over $1,000, compared with 5% in February 2020, according to data from the car site Edmunds. Over the same period, the average transaction price for new vehicles jumped from $38,130 to $47,060, and the average interest rate on new-car loans went from 5.7% to 7.1%.

About 70% of monthly payments on large SUVs like the Tahoe are at least $1,000, and for large trucks such as a Sierra, that share is over 40%, said Joseph Yoon, a consumer-insights analyst at Edmunds. These cars are not uncommon, either: Large trucks are the third-best-selling category in the U.S., after compact and midsize SUVs, and the GMC Sierra was the seventh most popular car last year, according to Edmunds. The Chevy Tahoe was the 24th most popular SUV in 2023, with more than 110,000 units sold, according to Kelley Blue Book.

Arnold borrowed $162,000 in total for her two cars, according to her videos. “For those cars, they’re not great deals, but they’re not the worst deals that I’ve seen,” Yoon said. “And that’s the craziness of what has happened in the last couple of years.”

Arnold doesn’t disclose her income in the videos, although she characterizes what she makes as a healthy sum. She revealed her intention of selling the Tahoe because she didn’t want to make payments on it anymore, observing that she’d only paid down $10,000 in principal while forking over some $50,000 in monthly loan payments. She bought a used Audi VWAGY XE:VOW with cash, she says in one video.

Arnold says in a new video posted this week that she intends to pay off her $10,000 credit-card debt with earnings from social media and will cover expenses with cash from now on, rather than using borrowed funds.
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https://finance.yahoo.com/news/1-400-suv-payment-1-140400085.html
 
Wow, people don’t even read the truth in lending disclosure anymore do they? Hard to feel sorry for them.
 
bucky said:
Car Salesmen Screw Everyone they can it does not mater if they are Man. Woman or what ever the Fuck people identify themselves as.
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That is the only way they know how to sell a car - "what do you want to spend per month" Their head usually spins off when I say how much is the car? Don't care about the payment
 
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