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Originally Posted by camaro crazy 219
 And whats wrong with a camaro on every corner? As long as the people buying them take car of there finacial obligations to the creditors I see no problem. Bottom line is if you can't afford it don't buy it. Thats why the economy is the way it is now. to many people over extending themselves with credit. |
That is the problem; They don't! They rob Peter to pay Paul constantly. All of these ghetto folk in the poor sections of Los Angeles and New York City, were given balloon interest rates on mortgages, with some skyrocketing to 20% and above, but they didn't care. So they went out and wanted that nice new Escalade with 10K rims and all blacked out like gangsta rappers, and how did this happen? They took equity loans and ran up huge credit card debt with incomes that couldn't accomodate one-tenth of what they could actually afford. This isn't just for city folk. People all over the country were getting away with this crap. Selling food stamps for Air Jordan high-tops. How lame can you get and please don't tell me this never happened because it did.
Because this happened and the credit market tumbled, those in the middle class that could afford to pay their bills, save money and not spend beyond their means (like me and my wife) are now stuck being penalized, even with perfect credit and a good income. 7.1% on my Camaro with $25K down is downright disgusting. I wanted to punch that finance manager when she gave me my options. Unfortunately if I wasted time looking for banks, I may have lost the car. People that should be able to manage payments on this car, suddenly cannot because of those people that shouldn't. I can stomach it, but it sucks. These poor SOB's will always find a way around the system because "bling" is more important then responsibility and in the end, those that are responsible end up paying for it. So yeah, THANKS AMERICA for not knowing what you can afford!