Collection Agencies Using MySpace?

[Exavior]

Blah Blah Blah....he shouldn't buy a car he can't afford. Blah Blah Blah...he should have saved up money for when times are hard....Blah Blah Blah.......

I find it very amusing that the people here, without knowledge of this guy, can pass such judgement about him.

For all you know he lost his job, has serious medical problems that depleated his savings and now can't afford a car that he used to be able to afford.

Sometimes things happen in life that depleat your savings and leave you neck deep in shit.

Otherwise we can be like everyone apparently is here, $1mil in savings, no debt and health insurance that will never go away.

While I understand that a person could fall on hard times that doesn't change the fact that he should / could have sold the car when he first was unable to make the payments. Otherwise he should have just given up the car. I know it sucks, but if you can't pay on your car you lose it, if you can't pay for your house you lose it, if you can't pay for your new tv then you lose it...

Had he sold the car maybe he could have gotten a little bit extra to get another vehicle. I am going to assume that a Mercedes should hold its value pretty good. So maybe he could have gotten what he owned on it + some on top of that and got an older cheaper car. Again it sucks, BUT if you can't afford what you have and are going to lose it anyway, you might as well try to get the most that you can instead of losing it and getting nothing.

 

[Loki008]

Had he sold the car maybe he could have gotten a little bit extra to get another vehicle. I am going to assume that a Mercedes should hold its value pretty good. So maybe he could have gotten what he owned on it + some on top of that and got an older cheaper car. Again it sucks, BUT if you can't afford what you have and are going to lose it anyway, you might as well try to get the most that you can instead of losing it and getting nothing.

Not entirely true. I have a relative that got laid off and ended up having to take just about anything that came his way that dropped him from around $100k/yr to $40k/yr in pay, he tried to do a voluntary repo on the car because he knew he couldnt pay for it, and the bank refused. He tried to sell it on his own and couldnt becasue with where is is at in the payments (a little over a year in) and the current market he cant sell it for what is left on the car.

He has been working with the bank and he pays them what he can when he can, and they have been a bit understanding, but mostly because he tells them to take the car back and they dont want to becasue of the number of cars in default. Its along the lines of what is happening in the housing market.

 

[MavericK]

Blah Blah Blah....he shouldn't buy a car he can't afford. Blah Blah Blah...he should have saved up money for when times are hard....Blah Blah Blah.......

I find it very amusing that the people here, without knowledge of this guy, can pass such judgement about him.

For all you know he lost his job, has serious medical problems that depleated his savings and now can't afford a car that he used to be able to afford.

Sometimes things happen in life that depleat your savings and leave you neck deep in shit.

Otherwise we can be like everyone apparently is here, $1mil in savings, no debt and health insurance that will never go away.

That sounds like an extremely unlikely scenario, though. Sure, it's possible, but it seems far more likely that he bought a $70K car that he couldn't really afford.

Unless you have like a $150k+/yr, reasonably stable job, you shouldn't be buying a car like that. He could have just as easily bought a decent, reliable car for less than half that price. Also, even assuming he bought the car brand-new, the economy was not exactly stable or well-off back in 2007, either. In fact, it was a lot of retarded lending companies back then who have caused it to collapse to what it has today.

 

[EliteFantasy]

Blah Blah Blah....he shouldn't buy a car he can't afford. Blah Blah Blah...he should have saved up money for when times are hard....Blah Blah Blah.......

I find it very amusing that the people here, without knowledge of this guy, can pass such judgement about him.

For all you know he lost his job, has serious medical problems that depleated his savings and now can't afford a car that he used to be able to afford.

Sometimes things happen in life that depleat your savings and leave you neck deep in shit.

Otherwise we can be like everyone apparently is here, $1mil in savings, no debt and health insurance that will never go away.

I remember seeing a picture of Bill Gates driving a Mercury Grand Marquis. Warren Buffet still lives in the house he bought before becoming rich. A person should not be buying a $70,000 car on credit. If he would have bought a $20K car it would have been paid off by now. If a person chooses to buy expenses things on credit without a backup plan, they have failed. If he could truly have afforded this car, he would have had a large chunk of a cash down payment. Sell the car and get a sub $10K car. Now when they take his car no lending company will give him another loan that size.