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Forum » LMFAO at financing making everything expensive
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Thread: LMFAO at financing making everything expensive

post 1611143311 07-20-2020, 11:08 AM
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Yes
And all these borrowers are the reason why our financial system keeps collapsing and this covid virus was to check every borrower into place.
Expect another round of lockdowns to put the final nail into the coffin
This about punishing the borrowers that keep creating alll the bubbles in every god damn market .
Phuck you

Good chit op
post 1611143421 07-20-2020, 11:10 AM
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Originally Posted By MIKES3⏩
Its tough to pay for anything straight cash now a days. Even when you buy a car you still have to finance and then pay it off at one time via cash. Same with a house
What lol

Paid both my vehicles with cash and never had to do any of that, agreed on a price put a deposit down and went back the next day with a bank money order. Drove away with it without pulling credit or anything
post 1611143881 07-20-2020, 11:15 AM
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Originally Posted By Anachron⏩
For the average Joe that eats up his shtick, yes.
Whatever, *******. This is coming from a guy who doesn't use top tier Gillette razors.
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post 1611144191 07-20-2020, 11:18 AM
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Originally Posted By GooBaaa⏩
What lol

Paid both my vehicles with cash and never had to do any of that, agreed on a price put a deposit down and went back the next day with a bank money order. Drove away with it without pulling credit or anything
ok , that's awesome. but again, the reality is that the average yearly income is like ~$35k in America right now. Im sure you're capable of producing a response as to how its still possible on that income, especially with your 180+ IQ, but it doesn't change reality for most people who are making the same amount of money that their parents did when they entered the workforce in 1973.

EDIT: most people dont have $20k cash to purchase vehicles outright, many don't even have $5k cash for a 10+ year old chitbox. Hell, most dont even have $1,000 for an unexpected bill.
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post 1611144691 07-20-2020, 11:23 AM
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Originally Posted By pojo18⏩
ok , that's awesome. but again, the reality is that the average yearly income is like ~$35k in America right now. Im sure you're capable of producing a response as to how its still possible on that income, especially with your 180+ IQ, but it doesn't change reality for most people who are making the same amount of money that their parents did when they entered the workforce in 1973.

EDIT: most people dont have $20k cash to purchase vehicles outright, many don't even have $5k cash for a 10+ year old chitbox. Hell, most dont even have $1,000 for an unexpected bill.
I have no idea what your rambling on about but I was responding to that guy that said you still need to finance and then pay a one time cash payment.......

Nvm read his post wrong
post 1611144721 07-20-2020, 11:23 AM
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Originally Posted By GooBaaa⏩
What lol

Paid both my vehicles with cash and never had to do any of that, agreed on a price put a deposit down and went back the next day with a bank money order. Drove away with it without pulling credit or anything
I was looking at it in a diffrent perspective. Thats not the same has pulling up with a briefcase full of cash and buying a car. That was electronically done
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post 1611144731 07-20-2020, 11:24 AM
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Originally Posted By Austanian⏩
Can pretty much guarantee the cost of GAP is out earning your interest gains. Particularly if you are keeping the money liquid as you should be if are taking the zero percent on a depreciating asset.
why would u let ur money sit in the bank? take the money and put it into real estate, i bought an office condo for $40k in 2017 and i just listed it for $400k on the market last Friday (to make a quick sale) and taking that and buying a whole building and renting it out.

poor people stay poor because they are afflicted with the poor person's mindset (also $400k is literally nothing these days)
post 1611145171 07-20-2020, 11:28 AM
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I’ve wondered about this too OP

Op isn’t talking about whether it’s optimal or not for an individual to finance or not. He’s talking about the collective effect on prices from everyone financing. No one individual has control over this effect. So it may be locally optimal for you to finance, but globally optimal for everyone to not finance. Game theory 101
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post 1611145481 07-20-2020, 11:31 AM
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Originally Posted By pojo18⏩
yes, your egregious examples illustrate the idiocy of financing in a lot of situations.

However, financing is a necessity for most people. Many due to their own poor decisions, but for many its the only way due to larger societal/geopolitical influences.

Wages have been largely stagnant for nearly 50 years now, all while cost of living continues to increase. Economic inequality is prevalent at rates not seen since the 1920's.

Many Americans don't have $500 saved for an unexpected repair, let alone purchasing a $20k car outright, or even a $5k chitbox outright. Average yearly income is like ~$35k or some chit for an individual.

everyone on the misc has a liquid networth in excess of 7 figures though, so they don't see the larger picture. brb everyones lazy, brb everyone is an idiot (this is true for many , but certainly not all and explaining away the economic problems of todays society due to laziness or stupidity alone is a reflection of the ignorance and stupidity of whoever participates in such explanations)
Financing is a necessity simply because it exists.

If consumers could not afford products that are priced to require financing then those products would either not exist or be priced so that consumers could afford them.

That is my whole issue with "financing." It's direct inflation of any market.

There are people in this thread that could still afford the things they finance, or otherwise make money by borrowing. I get that, I do it, I make more money in investments than I do in my day job but I don't day trade or swing trade.

We're such a small, small component of the market that we're NOT driving the demand and pricing of most products. But think about that...

6 fig+ earners should be driving the demand in a lot of markets, but aren't. When I go to an atv dealership to find a UTV to put in my paid off toy hauler on family camping trips, I'm shocked to find most cost more than my 31' toy hauler RV. That implies the market is bounded by the payment, not the value. Every thing that requires a personal/atv loan creeps to the max you can get a personal/atv loan for.

Kinda like how in most suburbs the house values all creep towards what value loans people can get.

The banks are driving the markets you silly pantsed bastards.
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post 1611145751 07-20-2020, 11:34 AM
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If you have to pay no interest on top of the loan (good luck), it would be stupid not to take the loan. Take that extra money and invest it somewhere else.

I think OP is directing this more at the people who finance stuff with like 8+% interest rate over 5+ year loan and end up paying thousands of dollars more than what the item was worth, on top it probably depreciated.
post 1611145981 07-20-2020, 11:37 AM
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Originally Posted By Beararms⏩
If you have to pay no interest on top of the loan (good luck), it would be stupid not to take the loan. Take that extra money and invest it somewhere else.

I think OP is directing this more at the people who finance stuff with like 8+% interest rate over 5+ year loan and end up paying thousands of dollars more than what the item was worth, on top it probably depreciated.
Lots of big brand stores have credit cards that offer 0% interest if paid off in a certain time frame. You cant lose in a situation like that.
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post 1611146441 07-20-2020, 11:41 AM
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Originally Posted By Beararms⏩
If you have to pay no interest on top of the loan (good luck), it would be stupid not to take the loan. Take that extra money and invest it somewhere else.

I think OP is directing this more at the people who finance stuff with like 8+% interest rate over 5+ year loan and end up paying thousands of dollars more than what the item was worth, on top it probably depreciated.
No, he’s not directing the message at any one type of individual, rather than society at large.

Take the John boat example at bass pro shops. Even if buy it for 0% interest, you’re still paying 30k for a simple boat. If financing didn’t exist, the price would be lower, say 10k. The mere option of financing drives prices up.
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post 1611146461 07-20-2020, 11:42 AM
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Lately whenever I shop online almost every store offers installment plans. Even for like a $100 purchase. It’s absurd.
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post 1611147091 07-20-2020, 11:50 AM
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Originally Posted By blissful88⏩
In after delusional copecel misc

You finance things because you lack the funds

ergo;

you end up paying more than intended





This is why 90% of Muricels are in debt up to their eyes




If you own more than 1 credit card, I have some bad news for you




Spoiler!
you're poor boyo
I own 3 credit cards to earn all those bonuses. I've never paid a penny in fees or interest.

I also always pay cash for my car and never leased/paid monthly for a phone.

Oh yeah, I'm not poor buddy definitely not rich.

I don't drive a POS.
I paid cash for my phone ($550-600) because my cell bill is less than $15. I'm not paying an additional $30 a month for 2 years for a phone.
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post 1611147261 07-20-2020, 11:53 AM
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Originally Posted By xMetalocalypse⏩
Lots of big brand stores have credit cards that offer 0% interest if paid off in a certain time frame. You cant lose in a situation like that.
They are preying on customers that way (well the stupid ones at least). A lot of the stores state that if they don't pay off the card by that time frame they have to start paying interest and ALL the interest that they would have been charged.

People just see that 0% then sign all lines.
post 1611147631 07-20-2020, 11:58 AM
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Originally Posted By xMetalocalypse⏩
Lots of big brand stores have credit cards that offer 0% interest if paid off in a certain time frame. You cant lose in a situation like that.
...unless a fake pandemic happens and you lose your income
post 1611149141 07-20-2020, 12:17 PM
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post 1611150101 07-20-2020, 12:26 PM
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Financing leads to purchasing outside of means.

However, it is far beyond the root cause of making things expensive.

You missed:
- fiat currency
- women in the workforce doubling the labor supply
- multiple bubbles
post 1611150651 07-20-2020, 12:33 PM
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Originally Posted By doza808⏩
that's why i budget to buy things up front. car dealerships are shocked when i walk in and be like "i'll take that lol. cash"
this. walked and rode a bike until i bought a cool car and i just cut the check and went on my way. hate recurring payments.

used to work in a tv store and we had financing for tvs. everyone who signed up for it had the worlds worst credit scores. it was marketed to bad credit owners. shiit blew my mind.
post 1611150741 07-20-2020, 12:35 PM
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Originally Posted By orangetide⏩
Financing leads to purchasing outside of means.

However, it is far beyond the root cause of making things expensive.

You missed:
- fiat currency
- women in the workforce doubling the labor supply
- multiple bubbles
financing is happening NOW
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post 1611151471 07-20-2020, 12:43 PM
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Originally Posted By doza808⏩
that's why i budget to buy things up front. car dealerships are shocked when i walk in and be like "i'll take that lol. cash"
cash? they probably think you're a drug dealer boyo
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post 1611152471 07-20-2020, 12:54 PM
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I always lul at idiots who finance chit like ATVs, Phones, Electronics, Luxury Cars, Etc. If you have to finance chit like that, then you simply can't afford to own it. Also just LOL at middle class idiots buying brand new cars that depreciate 30% during the first 2 years of ownership. Blows my mind that people don't buy cars that are fresh off of lease. I bought my wrangler used with a certified warranty that was better than what they offer on new vehicles and i let someone else take a hit on the depreciation. I'm a big fan of Dave Ramsey, minus his chit advice on never using credit cards even if you pay them off in full every month and never carry a balance. His get out of debt philosophy is solid.
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post 1611153091 07-20-2020, 01:02 PM
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Originally Posted By QuickShotSteve⏩
Love going to basspro and seeing a 65K bassboat with a sign "Just $350 per month" but works out to be over 135K at the end of the loan LOLOLOLOL. ****ing rednecks.
This blew me away when I first saw the terms of a boat loan. Ten fukking years for a $35K boat? You're avin a giggle m8.
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post 1611153911 07-20-2020, 01:10 PM
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yeah, why do you think luxury watches have skyrocketed in price the past few years. Its ridic.
post 1611154491 07-20-2020, 01:15 PM
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Originally Posted By HalfDragon⏩
Because you could buy a perfectly fine older model phone for $200 and spend $20/mo on a 3rd party carrier like mint or altice. Instead of upgrading every 2 years and having a $100+/mo bill.

$80/mo savings doesn't sound like a lot but its like $50,000 saved over your adult lifetime which if invested in a Roth IRA is $515,000 tax free from age 18 to 59.5.
So you can take the savings from a cell phone bill over your lifetime and invest it when you are 18? Sounds like wizardry.
post 1611154731 07-20-2020, 01:18 PM
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0% APR on five year financing crew checking in.

You would have to be an idiot not to take advantage of that.
post 1611154851 07-20-2020, 01:20 PM
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Originally Posted By Jms89⏩
I always lul at idiots who finance chit like ATVs, Phones, Electronics, Luxury Cars, Etc. If you have to finance chit like that, then you simply can't afford to own it. Also just LOL at middle class idiots buying brand new cars that depreciate 30% during the first 2 years of ownership. Blows my mind that people don't buy cars that are fresh off of lease. I bought my wrangler used with a certified warranty that was better than what they offer on new vehicles and i let someone else take a hit on the depreciation. I'm a big fan of Dave Ramsey, minus his chit advice on never using credit cards even if you pay them off in full every month and never carry a balance. His get out of debt philosophy is solid.
lol at buying a Wrangler and lecturing anyone on financial accumen
post 1611156151 07-20-2020, 01:35 PM
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Originally Posted By Clockbro⏩
lol at buying a Wrangler and lecturing anyone on financial accumen
Not everyone is a basement dwelling prius driving soyboy like you are *******. You have no idea what my net worth is, but i can tell you that a wrangler isn't a blip on the radar when it comes to my "financial accumen" as you so eloquently stated. 4 wheeling is a hobby of mine. Hobbies are great and EVERYONE should have one, as long as they aren't leveraging their future/retirement to participate in said hobby.
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post 1611156471 07-20-2020, 01:38 PM
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Originally Posted By Rajc⏩
you are an idiot if you are NOT making money off of this 100% srs, people come to me wanting to buy my product ASKING if i can offer financing options


when you have your own business, you partner up with a credit union.. they give the geek the finance, pay you everything and then it's the credit unions problem to collect, not yours

you just sell more product
thats why AfterPay is so successful in Australia. Pretty sure they're going for world domination
post 1611157391 07-20-2020, 01:47 PM
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Originally Posted By Jms89⏩
Not everyone is a basement dwelling prius driving soyboy like you are *******. You have no idea what my net worth is, but i can tell you that a wrangler isn't a blip on the radar when it comes to my "financial accumen" as you so eloquently stated. 4 wheeling is a hobby of mine. Hobbies are great and EVERYONE should have one, as long as they aren't leveraging their future/retirement to participate in said hobby.
you seem upset, probably because you are pushing a p-o-s used Wrangler on the side of the road, lol
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