‘Anyone can get an auto loan’

For when the M1126 Infantry Carrier Vehicle just isn’t big enough.

OK, so, with the Russian war in Ukraine, random gun violence here at home, and inflation everywhere, we all have plenty to worry about.

But wait! There’s more!

Cyclists, pedestrians, and anyone else hoping for safe streets in a livable environment will hop the first dick-missile to Mars after scanning this New York Times story on what the quarter-point hike in the Fed’s key interest rate means for any of us chickens who’d like to cross the road without winding up fried and breaded in one of the Colonel’s buckets.

A couple key pull-quotes:

“There is far more variation in auto lending than in, say, the mortgage market because there are more credit types. Anyone can get an auto loan.” — Jonathan Smoke, chief economist at Cox Automotive, an industry consulting firm.

“Car-loan rates will move up as the Fed hikes interest rates, but it will be a nonissue for car buyers because it has such a limited impact on monthly payments. Nobody will need to downsize from the S.U.V. to the compact because of rising rates.” — Greg McBride, chief financial analyst at Bankrate.com.

Damn straight. Fuck a bunch of Prius. Whadda I look like, some hippie? I got an image to maintain. What are the Russian oligarchs driving this season?

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16 Responses to “‘Anyone can get an auto loan’”

  1. canamsteve Says:

    Just as doubling the price of wheat affects the price of a $5 loaf of bread by 10¢. You might think bread is mostly wheat – and you’d be correct. But that’s not where the cost comes from.

    Similarly, your bank will pay you 0.01% interest on your savings account and at the same time your credit card company thinks it makes sense to charge you ~20% interest if you fail to pay off he balance at the end of the month.

    I know I am old school, but so many people just have no concept of “bottom line” costs. And as someone said “We buy stuff we don’t need to impress people we don’t even know”

    • Patrick O'Grady Says:

      Herself has fought like a wolverine to get us out of debt and keep us out. We croaked the mortgage at warp speed and the cars (2011 and 2005, both bought used) are paid off. Credit card gets paid off every month. The TV is a dozen years old and the sound system even older. Somebody has a bike-acquisition disorder, but that can’t be helped.

      Our big purchases lately have been a new M1 Mac Mini for Herself (replaced a 2012 MacBook Pro) and an iPhone 13, also for Herself (replaced an iPhone 7). She keeps the books on the first and does almost everything else on the second.

      I’m thinking about a new iPhone, because I’d like to have the better camera. Mine is an original SE, which replaced a 5. But do I “need” it or “want” it? What drives me crazy is that even the most basic of actual cameras costs as much as a new iPhone.

      • canamsteve Says:

        Interesting parallels here. Similar situation – mortgage paid off, two decent cars bought “certified used” – not paid off but only because the loan rate was minimal (and the payoff is in the bank). We had both gone so long without a loan it was suggested as about the only thing we could do to boost our credit scores any higher (~800) was to get and pay off a car loan

        I replaced an old MacAir with an Amazon-renewed model that didn’t work so I got my money back and bought an M1MB. My iPhone is the 7Plus – bought specifically for the two-lens camera – and every new iPhone I look at I go “Nah – not better enough for that money”

        I’ve slowed down a lot on the N+1 bikes. I have too many – including NOS steel frames that I love to build up – but then they take up even more space. I have enough parts on hand to do me out and more – although I might be tempted to try one of the new “bargain” 1X drivelines for fun

        • khal spencer Says:

          We just got a letter from one of our credit card companies threatening to lower our line of credit. Why? Because we don’t owe anyone any money other than what we pay off at the end of the month. The reward for being careful is being insulted.

        • Patrick O'Grady Says:

          Counterintuitive, innit? “No credit for you, pal, you’re not up to your tits in debt.” These oinking swine want us on the chain gang from our first squeak to our last.

        • Pat O’Brien Says:

          The banks have a name for us folks with no debt that oay the credit card balance off every month. We are affectionally known as dead heads! No money to be made with these dead heads.

  2. khal spencer Says:

    The front end of those fucking SUVs and light trucks, with that superhigh flat front grille surface, might as well be specifically designed to kill pedestrians and bicyclists. I sometimes think we ought to do a little monkey wrenching in some auto dealerships, dontcha think?

    • Patrick O'Grady Says:

      They look like a meat tenderizer tool, which is what they are.

      I thought my 1996 F-150 was bad enough. And actually, it was. Worst vehicle I have ever owned. Absolutely useless. I thought I needed a full-size truck when we moved to Weirdcliffe. But as it turned out, an ’83 Toyota 4WD longbed was just enough truck for my simple purposes.

      • khal spencer Says:

        I borrowed my neighbor’s full size Dodge Ram turbodiesel once to take some crap to the dump. Was a hoot to drive but overkill. My ’96 Tacoma was more than adequate for everything. Wish I had not sold it.

    • B Lester Says:

      A guy posted pic of the view at a stoplight from the cabin of his new truck and the view from the front facing cam. It looked like a truck was in front of him, but the cam showed a corvette between them. I’ve stolen and extensively used Patrick’s “white guy penis extension device”.

    • canamsteve Says:

      I have a Honda Ridgeline – mine is 2017 year, but in 2021, Honda restyled the grille and hood to make it taller and uglier 🙂 to appeal to the macho crowd. The RL is a great compromise – essentially a Honda SUV inside and a bed that can take 4′ wide sheets flat (sticking out a bit). I use it a lot – hauling soil, lumber, yard equipment, etc. A friend has a GM 3/4 ton – the hood comes up to my shoulder and I am 6’2″. He also gets 13mpg and I get 25mpg

      • Patrick O'Grady Says:

        A contractor friend back in B-burg had a Ridgeline and loved it. Sort of a Pilot with a bed, yeah?

        Of course, now Honda has buggered the Pilot, too, turning it into a growth-hormone version of the CR-V. It used to look like a fat Subaru Forester.

  3. Pat O’Brien Says:

    Maybe Ken Layne’s optimism on fixing climate change in 3 to 5 years is a little too hopeful. But, my Escalade is electric so it’s OK. Bullshit, you still use a lot more energy than required to go get the tucker down at the Whole Paycheck. Unless you have a acre of solar panels to charge the beast, you are a problem not the solution.

    Now, that cars cost as much as my first house, some wall street dickhead says lets bundle those loans with some subprime ones, then tranche them and sell them to investors. And, they did it. Guy with a trench coat in front of a investment office opens it up and says, “Hey buddy wanna buy a Rolex? How about a derivative contract based on bundled auto loans?” Sound familiar? And the beat goes on.

  4. Herb from Michigan Says:

    Former business associate used to chide me for my lack of financial understanding. He espoused everything should be financed so you can invest in stocks, max out multiple credit cards and live the high life which he did. “Geez Herb you’ll be scrimping when you retire and waiting by the mailbox for your social security check while I’ll be barely dipping into my portfolio “ he’d say. Guess which one of us is divorced and deep in debt? And which one has zero debt and gets his social security automatically deposited each month? Who needs a mailbox anyway?

    • Patrick O'Grady Says:

      I know a dude whose wife buys into that financial strategy: finance everything, max out the cards, and bet the roll in the market.

      I hope they don’t wind up living in their car. It ain’t a real big car.

  5. khal spencer Says:

    Yesterday’s rant from Beau of the Fifth Column

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