With these kinds of spending habits she would not be rich for long. Most rich people make their money work for them. That’s how to get rich in the first place.
Woman forced to sell her dream car after paying $40k in interest over 3 years
- Thread starter Apparition
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With these kinds of spending habits she would not be rich for long. Most rich people make their money work for them. That’s how to get rich in the first place.
just like there are 3 generations to most small - medium businesses. The one that built it up, the next one rides it out and the third generation to drive it into the ground.
I can't imagine having a $1400/mon vehicle payment 
CreepinDeth
TJ Addict
Aaaaack…..bow wow
Maybe they came into some $$$ from a passed family member then, who knows
True of many loans, the lender wants to get their money out of it up front. Most of what is paid initially is interest, which is why I'm surprised that she's surprised she's only paid of 10k of it thus far. I'm no financial wizard but people need to understand what they're getting themselves into when they borrow money, or they need to do without.
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Blasphemy!!!!!
I need it NOW!!
No, I DESERVE it now!!
The salesman told me so!!
And he told me that he doesn't usually do this, but since he felt a kindred spirit with me, he called in a favor owed to him by the sales manager to get me this special deal.
I think people (especially younger) are just programmed to have debt, and that debt is normal. I graduated college in 2014. It took me 5 years, I commuted, worked a full-time job, and paid as I went. That isn't even possible today, so most college students graduate with a ton of student loan debt, and then are convinced what is a bit more debt to add your "dream car"?
Next thing you know they are working an entry level job making $30k a year with 150k in debt.
I know plenty of people my age (mid 50's) that make very good money (250K+) that live by the payment, 1 or 2 houses, multiple high end car leases, boats etc and they are fine with that. I moved my mortgage to a 15 year note and had it paid off in 10, second house was cash, most cars bought 1 - 2 years off lease with nothing longer than a 3 year note. Kids college paid for by starting funds when they where born.
WestCoastDan
TJ Addict
deadbeat son
TJ Addict
This article is very poorly written garbage. First it says it was an $84k vehicle, purchased with 0 down and negative equity. Then later it references her "$84,000 loan" and says that she paid $50k on it at $1,400 per month, which resulted in her paying $40k in interest and $10k in principal. That's impossible with the stated rate of 10.2% APR. I'm an accountant and can whip up an amortization table in excel pretty quickly and these figures just don't add up.
Not that it makes it better, but she probably paid $40k in interest, sales tax, dealer fees, and negative equity from her previous car and $10k toward the Tahoe.
Not that it makes it better, but she probably paid $40k in interest, sales tax, dealer fees, and negative equity from her previous car and $10k toward the Tahoe.
OP
Correct it wasn't an $84,000 loan. It was only an $84,000 vehicle plus other costs and negative value.
Yep, they always spend more than they make so they appear to be wealthy instead of living below their means to gain true wealth and financial security. In Texas there is a saying: "big hat, no cattle".
LONGJP2
TJ Expert
I was going to guess internet 'Content Creator'.
They usually get stupid amounts of money for posting stupid shit.
deadbeat son
TJ Addict
True. Nor did she pay "$40,000 IN INTEREST ALONE" in 3 years as the BS headline asserts.
OP
Agree, she paid off the other car debt and $10k of her dream car purchase price in addition to whatever fees and interest she was charged.
When you ask her what her favorite book is, and she replies "Your checkbook"...run like hell!!!
Financial irresponsibility is rampant. Just look at the government.
My friend's wife used to work at a bank.
One of her coworkers and her husband had ran up over $40k in credit card debt.
The interest was killing them so they got a home equity loan to pay it off.
The coworker almost immediately gets a new credit card in her name and very quickly racks up over $10k on it that is unknown to her husband.
I'm still puzzled as to how her husband didn't notice $10k worth of new stuff lying around.
My friend's wife left the bank before that time bomb exploded so I don't know the end result, though I would think divorce would be discussed.
My friend's wife used to work at a bank.
One of her coworkers and her husband had ran up over $40k in credit card debt.
The interest was killing them so they got a home equity loan to pay it off.
The coworker almost immediately gets a new credit card in her name and very quickly racks up over $10k on it that is unknown to her husband.
I'm still puzzled as to how her husband didn't notice $10k worth of new stuff lying around.
My friend's wife left the bank before that time bomb exploded so I don't know the end result, though I would think divorce would be discussed.
This isn't a meme so probably no one will read this.
My son works with an idiot who has no idea how to handle money. He has maxed out everything.
When he wanted a car he told the salesman I want that one because it was his favorite color.
He had his loan for his old car rolled into his new car it became a 84 month loan.
He has a girlfriend from the Philippines who he video chats with. He already asked her to marry him. We are all pretty sure when she gets here it will be a short marriage.
He gambles on pretty much everything too.
My son works with an idiot who has no idea how to handle money. He has maxed out everything.
When he wanted a car he told the salesman I want that one because it was his favorite color.
He had his loan for his old car rolled into his new car it became a 84 month loan.
He has a girlfriend from the Philippines who he video chats with. He already asked her to marry him. We are all pretty sure when she gets here it will be a short marriage.
He gambles on pretty much everything too.
OP