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Are car loans driving us towards the next financial crash?
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vtsnowedin



Joined: 07 Jan 2011
Posts: 4857
Location: New England ,Chelsea Vermont

PostPosted: Sun Jan 21, 2018 7:27 pm    Post subject: Reply with quote

raspberry-blower wrote:




What is the betting that they will then be bailed out?
So we can start the whole stupid process all over again Twisted Evil

I'll bet against that as none of the large governments have any assets left to bail out anybody of any size. Also the PCP/ leasing fraction of the auto market is still a small share of the total and the cars that get defaulted on are sold back in for their actual book value so are not a total loss to the lender.
We should be teaching our young people how these plans work against them and for the dealer so they each don't have to learn the lesson the hard way.
As to the ill built rabbit hutches as you call them the buyers of those are probably middle aged and should know better by now but apparently all it takes to convince a customer they are getting a "High Quality" house is granite counter tops and a restaurant quality range plus a large master bath and a walk in closet for Her Majesty.
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Catweazle



Joined: 17 Feb 2008
Posts: 2206
Location: Little England, over the hills

PostPosted: Tue Jan 30, 2018 10:20 pm    Post subject: Reply with quote

I bought a large van to move myself to Wales, and now I'm here I won't swap it for anything. Not only is it incredibly useful for a smallholder, but the experience of driving it around here is so much better than driving a car - I can see over all the hedges and enjoy the scenery, whilst car drivers exist in a claustrophobic tunnel.
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vtsnowedin



Joined: 07 Jan 2011
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Location: New England ,Chelsea Vermont

PostPosted: Wed Jan 31, 2018 12:31 am    Post subject: Reply with quote

Catweazle wrote:
I bought a large van to move myself to Wales, and now I'm here I won't swap it for anything. Not only is it incredibly useful for a smallholder, but the experience of driving it around here is so much better than driving a car - I can see over all the hedges and enjoy the scenery, whilst car drivers exist in a claustrophobic tunnel.

It sounds like you have realized the utility of a utility vehicle. In the cashing in not the recognition meaning of the word. Wink
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Potemkin Villager



Joined: 14 Mar 2006
Posts: 1042
Location: Narnia

PostPosted: Wed Jan 31, 2018 11:12 am    Post subject: Reply with quote

Catweazle wrote:
I bought a large van to move myself to Wales, and now I'm here I won't swap it for anything. Not only is it incredibly useful for a smallholder, but the experience of driving it around here is so much better than driving a car - I can see over all the hedges and enjoy the scenery, whilst car drivers exist in a claustrophobic tunnel.


Apparently Transit Van drivers are not that bad after all! Very Happy

http://www.ladbible.com/news/uk-cars-bmw-drivers-have-been-voted-the-rudest-uk-road-users-20180110
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woodburner



Joined: 06 Apr 2009
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PostPosted: Wed Jan 31, 2018 6:22 pm    Post subject: Reply with quote

Those “surveys” are merely opinion polls and as we know from election opinion polls bear little resemblence to rality or fact. The title “ladbible” should tell you something.
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RenewableCandy



Joined: 12 Sep 2007
Posts: 12605
Location: York

PostPosted: Fri Feb 16, 2018 6:48 pm    Post subject: Reply with quote

Fils passed his driving test last year. Everyone says what an excellent driver he is. I am very proud, doubly so as I can't drive.

Last week he bought himself a black Beamer.

My excuse for all this is that driving is a useful skill that easily goes rusty. And he might be the 21st century Greg Preston.
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adam2
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Joined: 02 Jul 2007
Posts: 6816
Location: North Somerset

PostPosted: Fri Feb 16, 2018 8:41 pm    Post subject: Reply with quote

RenewableCandy wrote:
Fils passed his driving test last year. Everyone says what an excellent driver he is. I am very proud, doubly so as I can't drive.

Last week he bought himself a black Beamer.

My excuse for all this is that driving is a useful skill that easily goes rusty. And he might be the 21st century Greg Preston.


But will people "trust his petrol notes" ?
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RenewableCandy



Joined: 12 Sep 2007
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Location: York

PostPosted: Fri Feb 16, 2018 11:31 pm    Post subject: Reply with quote

He's actually trustworthy. Even though he likes to wear shades while driving! So yes, they should Smile
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kenneal - lagger
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PostPosted: Sat Feb 17, 2018 12:04 pm    Post subject: Reply with quote

RenewableCandy wrote:
...And he might be the 21st century Greg Preston.


Which of the 2.5 million entries for Greg Preston which a Google search turns up is he Candy?

So he bought a Bloody Money Waster did he?
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raspberry-blower



Joined: 14 Mar 2009
Posts: 1651

PostPosted: Sun Mar 11, 2018 2:22 pm    Post subject: Reply with quote

Independent: British consumers losing interest in buying cars on finance

Quote:
And the problems being stored up could affect the retailers far more than the consumers. KPMG recently published a survey of automotive executives that showed 61 per cent believe issues could arise if significant numbers of vehicles are handed back with a lower-than-anticipated value.


Where the major problem lies - a collapse in the resale value of cars will be disastrous for the finance companies. Which means they'll get a bail-out
Evil or Very Mad
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raspberry-blower



Joined: 14 Mar 2009
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PostPosted: Sun Mar 11, 2018 2:39 pm    Post subject: Reply with quote

vtsnowedin wrote:
raspberry-blower wrote:




What is the betting that they will then be bailed out?
So we can start the whole stupid process all over again Twisted Evil

I'll bet against that as none of the large governments have any assets left to bail out anybody of any size. Also the PCP/ leasing fraction of the auto market is still a small share of the total and the cars that get defaulted on are sold back in for their actual book value so are not a total loss to the lender.



Didn't James Howard Kunstler recently scribe there are two ways in which a central bank can go bust. One is that they run out of money - the other is that they continually print money that then rapidly devalues and becomes worthless. (he may well have been paraphrasing someone else although I am not sure whom) Given the current policy run by the Central Banks to gradually ease of QE "asset purchases" then your suggestion that they will "run out of money" looks the more plausible scenario. Then there will be a major panic - fire up the printing press and currency devaluations will kick in - again.

vtsnowedin wrote:
We should be teaching our young people how these plans work against them and for the dealer so they each don't have to learn the lesson the hard way.

Well from the article I just posted, nearly three quarters of those who were taking out PCP didn't shop around first. Doesn't appear to being taught does it? Rolling Eyes
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vtsnowedin



Joined: 07 Jan 2011
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Location: New England ,Chelsea Vermont

PostPosted: Sun Mar 11, 2018 2:53 pm    Post subject: Reply with quote

raspberry-blower wrote:

Didn't James Howard Kunstler recently scribe there are two ways in which a central bank can go bust. One is that they run out of money - the other is that they continually print money that then rapidly devalues and becomes worthless. (he may well have been paraphrasing someone else although I am not sure whom) Given the current policy run by the Central Banks to gradually ease of QE "asset purchases" then your suggestion that they will "run out of money" looks the more plausible scenario. Then there will be a major panic - fire up the printing press and currency devaluations will kick in - again.

The end of QE will be a return to NORMAL and if done properly and gradually should not lead to any panic.

vtsnowedin wrote:
We should be teaching our young people how these plans work against them and for the dealer so they each don't have to learn the lesson the hard way.
Quote:

Well from the article I just posted, nearly three quarters of those who were taking out PCP didn't shop around first. Doesn't appear to being taught does it? Rolling Eyes

Or at least not listened to.
"Experience is a hard school but some will learn from no other".
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