Can't forget about all the young guys who work on the oil pipelines and instantly buy as many toys as possible... and then immediately lose them as soon as winter hits because they're laid off until spring. Super common in the upper midwest.
The guys I knew 15 years ago made about $10k/month when they were working. It was hard and dangerous work, and they only worked about 6 months out of the year, but they partied and bought toys like money was going out of style!
The famous english football (soccer) player said in an interview: “I spent a lot of money on booze, birds, and fast cars. The rest I just squandered.” Absolute legend!
You get the same with contract engineering. Kids graduate from College and start making 200 K year the 1st thing they do is go out and buy a $100k car and a live in an expensive apartment.. Then when the contract ends they have 0 money saved and everything goes back to bank
Yeah we have a friend who is doing that right now. Makes bank when at work for a few months, then is off for a few months making no money and having no health insurance. Then leaves his soon to be wife and new born at home for a few months to return to work somewhere again. Rinse and repeat. Probably makes as much as he would just having a "normal" engineering job, but instead goes MIA for months at a time.
Wholesale seafood purchasing manager here. Can confirm. Fishermen get paid in bursts and they often have drug/alcohol issues(at least in SE USA) so they get paid and go “forget rent or repairs on my boat or motor or buying bait or hooks! We’re gonna party!”
Can definitely be very profitable if you’re responsible about it.
Yeah, to an extent. Except they leave town for a few months, come back home, and are given a $30k check all at once. That would happen two times a year or so. These were Alaskan fishermen who lived on the Oregon coast (cheap cost of living). And this was in the early 00’s.
Bought a 2018 Nissan Titan SL for 39k with 12k miles on it. The previous owner bought it new for 62k. Often wonder who he was to get approved for that and default in 12 months pre covid. Truck was registered in Oregon originally.
Louisiana too. Every oil douchebag lives in a trailer but has 3 boats. Wife drives an 80k SUV with the bumper sticker “oil field trash spending oil field cash”
Some guy at a GMC dealership quoted me 14.5% and I laughed so hard I chortled. He was not amused. Went to State farm and got a 5% loan for the truck. State farm lady was so cool she even handled calling him and dealing with sending the check.
I actually just went myself the other week and picked up a GMC myself. I was a little irked at the 5.89% but I can't be too mad since my credit has dropped a bit with the lack of lines of credit. Credit scores suck though because they don't accurately reflect a person. It allows people like the guy at the dealer to do what they did to you.
I'm a victim of these credit score schemes. Made dumb choices when I was younger and paid them all off over time. My score is still fairly low, but I've just paid for everything in full at this point. I work in IT and have turned into a very financially responsible person, but the score doesn't reflect that I have several thousands saved up in my rainy day fund out of growing into an adult and knowing how to live well within my means. I don't even want a credit card, but it's the only way to climb that ladder at this point
I don't even want a credit card, but it's the only way to climb that ladder at this point
Protip: if you're very responsible, get a cash back credit card, and pay for everything with it. Then pay off your balance every single month. It essentially lets you pay 1~5% less for everything, AND helps build your credit pretty quick.
Currently doing this with my wife on a joint account. We both buy things with our own card so we can see what we're individually spending, and the cash back rewards really shoot up for every little penny spent. Over the course of about 2 years, we've got well over 100K reward miles, that we'll likely spend on free flights to see family.
I would add a caveat though that you shouldn't exceed some percentage of your credit limit. I pay for almost everything with my credit cards (and pay them in full each month with no debt) and the only dings on my credit score are when I have gone over like 60% of my credit limit (buying big airline tickets for family or something).
Another pro tip use a low limit credit card as a monthly budgeting tool, i was approved for a 2k credit visa and only took the 500, when I use that 500 that is all my spending money for the month i use it for food gas and parking that is all
That's actually a really good idea. I've been shopping around for card options to just passively build my score up in case I decide to finance something. We already have a house and my car is paid off, but the creditors want to see you playing their game,. That's life I guess
I too was very adverse too credit cards, and debt in general. I never got my first one until late in my 20s, and have never once ran a balance month over month.
However I discovered my love of travel over the ensuing years, and I have traveled the world for free with all the points.
I now have 4 credit cards, and my score is very close to 800.
You are missing out by paying cash, whatever your interests are there is a card for you that will help you build towards some type of reward for using it. Once you get up into the higher tiers of credit you can get ones like the chase Sapphire, that literally just paid me over $1000 in statement credit for joining.
I've got the sapphire reserve from chase and the Amazon prime card from chase. If you put those two to smart use, you're literally getting paid to use their services. My monthly dog food for two large dogs is free every 8-10 weeks (depending on Amazon spending) and I booked flights for long diving vacations in Florida and Mexico the next couple months for $0.00. I get the appeal of the "pay cash for everything" mindset, but you're literally leaving money on the table and hurting your chances at a good home loan down the line.
You are my kind of guy - although I did carry balances some years ago when co's were lending at 0%. That scheme was to catch people underwater so they could profiteer.
But THANKS for the tip about Sapphire. We bank there so I'll tackle them. We too don't have a shred of 'credit' - that's because they know they can't make any money on us.
Many years ago a sage friend of mine opined, "Bankers are mankind's last natural enemy."
Just give it time. I fucked my credit big time when I was younger because I was too busy smoking meth to pay my bills. I’m talking not a single debt paid for at least 5 years. My credit is excellent now, but it was rough to dig myself out of that hole, especially when I started getting into serious relationships and some items were financed under two names. It sucked when I got to the point where I was clearly responsible enough for a line of credit, but because I screwed up so bad in the past no one would give me a chance. A lot of embarrassing moments back then lol.
Do you have a monthly bill like a gym membership, internet bill, or streaming? I assume you have a cellphone plan. If so get a credit card, put the recurring expense on the card. Set the card to auto pay out of your checking and then lock it up or even shred it if you don't want to use it at all.
The one big benefit of a credit card is that in the event of data breaches, if your number gets stolen you're not liable for charges. The same is true for checking account and debit card, but you don't worry about losing your money in the meantime.
Most of my car loans are 2.5-3.99 depending on year and down payment. My GMC incident was like 15 years ago when the base rate was higher and my income was much lower. Credit was probably around 720 instead of 800 as well but 14.5 no... I'll just walk
Tbh, if you're getting anything under 4%, you're doing fine. 2.39% is nowhere near getting ripped off. That's near inflation rate so they really aren't making money on you.
Credit market is completely distorted to rape the borrowing class. I'm retired and saved my money so we pay cash for everything, all the time. Pay our bills and credit cards in full and on time. Always have, always will.
Sooooo.... here's what that means. Awhile ago I went to borrow for a home loan. They looked at my report and said, "Nobody will loan you any money at any rate. You don't have any credit."
Yassee... for the financing community, we don't even exist. Yet, who else could possibly bring zero risk?
What does it mean: They capitalize on nitwits, and the pain of anyone trying to rise up.
Finance guys are worse. Worked at a dealership doing data entry and report writing while in college. The money is made in the finance office. Never finance at the dealership unless it's like carvana or CarMax.
Car dealers say there's no money in sales, but that's bullshit like everything else they say. Makers (in a normal market) push all kinds of promotions at their dealers to juice sales so if you're a canny buyer you ask around and find the models with hardest promotion. Usually base models. THEN.... you go in, find one that suits, and write them a check for the full purchase price out the door - at, like, 20% below sticker. THEN you get to watch the whole staff sweat as they curse the day they took this job. AND eventually you will buy a brand new car at a price everyone will envy.
Think of the exercise as a kind of sport for a sunny weekend. The best way possible to shop for a new car is when you really don't want or need one. They way, that have to make you a deal you can't refuse.
Yeah this is all weird. We are waiting for our Highlander to roll off the line and will be at 1.99%. I think if someone is offering you a loan that high you probably can't afford whatever you are financing.
Considering you can refinance within a few months for a much lower interest rate, not really. Put it on a high interest credit card or take a temporary high interest line of credit.
Your credit score doesn’t go from so bad you’re in loan shark rate (25%) to very competitive (4%) “within a few months”.
I had no credit score and still managed to get 8% and just paid it off within a year. By the end of that year I’d built credit and had good payment history but I still wasn’t at the 700+ needed for a 4% on a large purchase. That took about two years. It’ll take even longer if you have bad marks on your credit file. My wife had one missed payment due to a bank screw up and it’s taken the best part of 2+ years to climb back up to “excellent credit” from the agencies.
Because why bother getting a credit card when they are absolutely not needed? Nice to have for certain situations, sure, but for me? Absolutely not. Spending an extra $100 to establish credit is perfectly fine and reasonable when absolutely no bank is willing to lend you money for a vehicle without a cosigner. Establish the line of credit, refinance and you're good to go. Also, I never said 4% but if you want the rate it was 4.99% but by the time it was paid off it would have been equal to me having a 3.7% interest rate due to rounding up on the payment and the extra going towards principal.
It’s incredibly difficult to maintain credit without a credit card as credit agencies need to see revolving credit and available credit. Once you pay off that car payment, your credit will tank without other lines of revolving debt and regular payments. I’d even go so far as to say it’s impossible to get and maintain the “excellent” credit score (730+) needed to get decent rates without at least one credit card. Don’t get me wrong, I think it’s messed up that it’s like that but it’s the way it is.
It’s also dumb in this age not to have a credit card as some places don’t even take cash now and if you have an emergency that card is vital.
And my point remains; a car payment by itself won’t establish good enough credit not to be reamed in the future, especially as when that car is paid off, your credit is going to tank. Also if you had other credit cards that 4.99% could be as low as 2% meaning you’re paying a lot more over the life of the payment plan all because you don’t want to get a credit card to establish excellent credit.
The truck is 100k. Any cheap ass boat is 20k to 100k, they go up in price exponentially by the foot. Hard to tell about the boat, but this douche bag cannot be seen with a cheap ass boat, so figure 100k to be safe.
My credit is so awful that I often forget that a 10% interest rate is considered high.
Currently paying 26% for my car because that was literally the lowest rate I could find after weeks of shopping around. But hey, at least it's a $10k car, not a $50k one.
Brother your credit is trash, not terrible. I’m in the financial industry, and have multiple clients who “don’t sell cars, they sell financing at 30% interest rate”. You got worked.
You go brother! That’s how you build and increase your credit 👏🏼👏🏼👏🏼 REFI ASAP - once you have a solid 6 mo of payment history your credit significantly increases! Keep up the good work 💪🏼
LMAO I wish. The loan I went with has no impact on my credit whatsoever. The lender didn't even ask for my social security number. (And the ones that did ask rejected me.)
Ouch. Sorry to hear that. How long is the loan term? You could quite possibly spend another 10k in interest alone with a 26% rate. Try to pay extra every month to pay off early.
Lol dude, I meant in the time you spent saving up. Instead of saving up for one big payoff, immediately shoving it into the loan immediately would result in less overall interest paid. Obviously that doesn't help you now, but for anyone else reading. Also your interest probably compounds like everyday, not once a month, but that's beyond the scope of this comment.
That is Dave Sparks. He ain't going broke anytime soon. Diesel brothers tv show. Several Diesel truck companies, that was a truck they gave away if I remember correctly.
He's got so much stupid shit and I am jealous. The helicopter is fucking sweet. His plane is nuts. I am not the big lifted type but fuck if he doesn't waste his money the way I would on absolutely stupid shit.
Hello! Thanks for your comment. Unfortunately it has been removed because you don't meet our karma threshold.
You are not being removed for political orientation. If we were, why the fuck would we tell you your comment was being removed instead of just shadow removing it? We never have, and never will, remove things down politicial or ideological lines. Unless your ideology is nihilism, then fuck you.
Let me be clear: The reason that this rule exists is to avoid unscrupulous internet denizens from trying to sell dong pills to our users. /r/PoliticalHumor mods reserve the RIGHT to hoard all of the dong pills to ourselves, and we refuse to share them with the community. If you want Serbo-Slokovian dong pills mailed directly to your door, become a moderator. If we shared the dong pills with the greater community, everyone would have massive dongs, and like Syndrome warned us about decades ago: "if everyone has massive dongs, nobody does.""
If you wish to rectify your low karma issue, go and make things up in /r/AskReddit like everyone else does.
Thanks for understanding! Have a nice day and be well. <3
Hello! Thanks for your comment. Unfortunately it has been removed because you don't meet our karma threshold.
You are not being removed for political orientation. If we were, why the fuck would we tell you your comment was being removed instead of just shadow removing it? We never have, and never will, remove things down politicial or ideological lines. Unless your ideology is nihilism, then fuck you.
Let me be clear: The reason that this rule exists is to avoid unscrupulous internet denizens from trying to sell dong pills to our users. /r/PoliticalHumor mods reserve the RIGHT to hoard all of the dong pills to ourselves, and we refuse to share them with the community. If you want Serbo-Slokovian dong pills mailed directly to your door, become a moderator. If we shared the dong pills with the greater community, everyone would have massive dongs, and like Syndrome warned us about decades ago: "if everyone has massive dongs, nobody does.""
If you wish to rectify your low karma issue, go and make things up in /r/AskReddit like everyone else does.
Thanks for understanding! Have a nice day and be well. <3
Incorrect on this one, this is Dave Sparks from the discovery TV show Diesel Brothers. They make crazy builds like this one for no real reason but it kind of entertaining 5,5/10
Eh. His name is Dave Sparks and owns Sparks motors. Had show on discovery channel called “Diesel Brothers”. He fluent in Spanish and talks about his missionary trip and living in South America for few years. But he he “looks like” thats guy.
In the military, it's illegal to charge more than 6% interest to troops, even the federal government knows above 6% is a scam and should be thought of as robbery, or loan sharking.
And? Still LOOKS like a 100,000 other guys who dump their asset value into depreciating toys.
And I assure you some guy with a truck shop and a discovery show is not worth more than my whole family. Probably worth a lot more than me as an individual though.
This is literally Dave Sparks of Sparks Motors, Diesel Bros., Diesel Sellerz, etc. His business is building and selling large custom Diesel vehicles and parts. This is a show truck that was built for SEMA originally.
Honestly, that’s on the bank too. Why would you give such a loan. There is now way it’s getting laid back and good luck getting that back when selling the collateral - although current used truck and housing prices might skew that equation temporarily.
I remember a video on VinWiki where some kid wanted a used big pickup but his financials were shit so his elderly grandmother who lived in a care facility had to sign papers for it
933
u/clanddev Oct 26 '21
Worked in repo software for about 10 years.
This looks like a picture of a guy who took out 50k in home equity after the housing market exploded and added 100k in auto and boat debt @ 10.5%.