Now auto loan deliquencies

[fett]

The car guys make their money on financing a $25,000 car. Well, now that is coming home to roost. Mortgage payment on an adjustable rate teaser going up $300/month. Housing prices stagnant or declining. Car payment, $350. I may be Chicken Little, but I am sure as hell glad that both my coops are paid for. And, my 1989 Areostar is going strong. My point is, be real careful out there. This economy is getting into serious shit. Save your money.

[rjohnstone]

That's why I only float one car loan at a time.
I always have one fully paid for ride in my garage. (Currently my 2002 Highlander)
Shit happens, but it's pretty hard to get to work when you don't have a car.
Specially here in Phoenix as our public transportation SUCKS.

[missionguitars1]

Car payment, $350.

Wow, you've been out of California for a while - I don't know anyone with a car payment under $600! :ROTF:

Fully paid '95 Jeep Wrangler and '01 Toyota Sienna here...and a mortgage that equals a rent payment on a one-bedroom apartment to boot!

I am just one cheap bastard...

[fett]

Remember the old "Trickle down economic effect"? Well, it has taken on a whole new meaning. Buy the house with no money down. Watch my house go up in value for a year or two. Re-fi. Get a new kitchen. Buy a big fucking-screen TV. Get a car and a whole lot of other goodies. I can get way over my head as long as my house rises in value and I can max out my credit. And then I have to support all those payments. And then........ ? I have been there to a fett extent.

[rjohnstone]

My only major payments are my mortgage ($1k month) and my new '07 Odyssey ($500).
I just took out a second to build a pool, but that loan was for less money than the Odyssey... and it's spread out over 15 years, not 5!

The next highest bill I have is my electric bill.

[SweetPete]

rjohnstone,

Phoenix? Gulp...

Housing bubble ground zero.

Is it really as bad as I'm hearing?

[Axewielder]

Question: might I expect some sweet foreclosure auctions in the next couple of years? I don't want to be a dick guilty of "Schadenfreude" or anything (look it up!), but, well, I'm just throwing that out there.

[Jason1212]

Everything is pointing to a buyers market. Be it auctions or homes that just arent selling.

[rjohnstone]

rjohnstone,

Phoenix? Gulp...

Housing bubble ground zero.

Is it really as bad as I'm hearing?

It's terrible here.
Great houses just rotting away on the market.

I was smart and refi'd a few years back when rates were lower. (30 year fixed at 5.08%)
I'm in good shape and have no desire to move.

I just wish I had the ability to snap up some of these foreclosures.
There are some fantastic deals to be had right now.

[horns666]

I never buy what I can't pay for..money saved.

My wife hasn't worked in a year..you just have to learn how to budget..and work with it.

[Jason1212]

Words to live by Bill. I will never do revolving credit again. I have a mortgage and one car note. My daily work car is paid for. Right now it is moving into the time of the saver. Interest rates on savings and timed accounts are creeping up.

[Outlander]

That's why I only float one car loan at a time.
I always have one fully paid for ride in my garage. (Currently my 2002 Highlander)
Shit happens, but it's pretty hard to get to work when you don't have a car.
Specially here in Phoenix as our public transportation SUCKS.

Just wait till they get that lite rail in that's gonna solve everything...WHAT A JOKE~!!
and let's be honest about our electric bills here, about 8 months a year they can run between $300.00 to $800.00 a month!
That's one of the reasons I moved northeast a little to Show Low. The weather (less heat) and it's beautiful. My electric was about $80.00 a month through the summer.

[scotty]

Do you think they built to many houses in AZ?

[jacksoncsplayer]

Not much of a good budgeter here,not much in savings, my interest rate is good, our 3 cars are paid off, a little credit card debt (maybe 10g) but we eat out all the time because we're lazy. We buy shit because we want it, and i'm a golfer and flyfisherman, quite the expensive hobbies. I have to get some financial self discipline or i'm gonna be in a meltdown myself.

[Inazone]

The car manufacturers are offering some really good incentives right now, or at least the dealers around here sure are. Taking on the expense of buying our first house, the wife and I won't be looking at new vehicles until hers is paid off in the spring, so I'm hoping that there are still financing or cash-back deals to be found when we get to that point.