quote:

In desperate need of some advice.
My parents are growing older and have 0 savings. They are debt, mostly credit card debt from vacations they go on.
This has caused a lot of contention in my relationship on how to take care of my parents when they are older. For some context, my husband and I both went to college together, we tried very hard to make it, living frugally and carefully.
Now we both have careers. I'm a programmer making around 60k a year, and he is on YouTube making around 30k. We have a combined student debt of 60kand paying it off very quickly because again we are living very cheaply. We also have an 80k mortgage and a 8k car loan.
Together financially we are doing very well. We're saving and paying off our debts quickly.
But we are fighting a lot about my parents. I have also already been in fights with my parents about how they spend money. My husband tells me that they are being wasteful and careless, and that because they have 0 savings, we are going to be paying for all of their expenses in old age as I am their only child. He estimated it likely be around 6-8,000 a month to take care of them.
I understand where he is coming from, but I don't know what to do.
I also feel very upset at them myself. They did not help me financially with school, and when I was younger even tried to tap into a small trust fund for education I had from my grandpa. And now I am going to be subsidizing their selfish lifestyle.
Obviously, besides talking to them, and to a financial advisor... is there anything else I can do? Realistically, how much will they cost me?
My husband wants me to tell them I will do nothing for them in their old age if they don't entirely change their lifestyle right now. I know they will never do this. What do I do?

OP posted:

Not only did they live for 60+ years and have less money, they started with large inheritances, combined at least half a million. And somehow they do not even have the house paid off, with all the reverse mortgages. meanwhile they pass on $0 to me and even try to tap into my trust fund from my grandpa which was like 70k to buy themselves a car, and also used my grandpa's fund to pay for my dental, medical, and education bills growing up, so that there wasn't much left for college. I don't understand how I'm the one who feels so guilty all the time but somehow I am.

quote:

What is the worst financial shape you've seen for a potential customer?

What's the worst credit score to get approved for a loan?

quote:

The kid had 420 credit owed $1500 to metro, $7500 Tiffany's, 2 repos and this guy made $1000. 23 years old with a kid and he didn't grasp the fact why he couldn't get a $20,000 new car for $100 a month with 0 down and why he couldn't get approved for any car loan

quote:

Worst I've seen is $20k upside down on a 17 Toyota Sienna that they couldn't afford. I told them their best bet was to see if they could get a free consultation with a financial adviser about bankruptcy so they could keep their car and still be able to buy food.

Worst credit I've had get approved was in the 400s. We got them on a credit amnesty deal that had like a 20% interest rate with a 3 year term and an extremely high payment on a $14,000 truck. They desperately needed a truck for the guys work (construction) and he made good money. He just wasn't good at managing it.

quote:

370ish. Divorced and unemployed. No job history at all. Had a trade in worth ~$3k. Maybe $10k in late signature loans and title loans between her and the vehicle.

quote:

My old roommate had no credit and was doomed to an apr of 24%. Her debt to income ratio was fantastic so they worked with her.

quote:

Had a girl come in with 3 separate repos on record and fake paystubs

quote:

That's only happened to you once? That's a once a week minimum occurrence in my area.

​

I had a customer so dumb that the watermark for the paystub generator they used was still on the "paystub".

Ixian posted:

I mean, a strong argument could be made that the financial industry, aided and abetted by the government, along with schools raising costs to as much as the new loan market can bear, are the real culprits, but how do people willingly walk in to so much debt, often with so little in return? For the borrowers they are likely the worst loans they will ever take out in their lives, and that is saying something.

quote:

could really use your help turning this ship around.

I'm 27, and I graduated six months ago (BS in Computer Science from a state school). Over the last year, I've been dumping my money into various cryptocurrencies. Historically, the value of my crypto investments had a tendency to briefly skyrocket, and then suddenly crash with me (unwisely?) holding on for dear life. I'm currently down across the board.

Robinhood claims that I'm currently at a 45% all time loss (although there's some debate as to whether or not this is accurate).

Here are some figures to help you understand my financial health as of this morning:

Big Picture Numbers

Income: 90k USD annually, in Palo Alto, CA (getting a raise soon)

Debt: 20k USD (student loans) I'm making $120 payments on this on a monthly basis.


Investments and Account Balances

Vanguard ROTH IRA value: **15k USD (**I haven't made contributions to this in a while)

Current value of Robinhood portfolio: 11k USD (allegedly down about 45%)

Checking account: 2k USD (I spent a lot during the holidays)

401k: 2k USD (From my previous employer -- I changed jobs recently and have not started investing in my new company's 401k program yet. It uses a non-Fidelity 401k platform that I would have to roll over into, and they do not yet provide a matching bonus which sucks.)

I have nothing in a savings account, I've resolved to create one starting this month.


My monthly expenses are:

Rent: 1k USD

Food: 500 USD

Transportation: **200 USD (**I commute about 80 miles a day cumulatively)

Other expenses (haircuts, bar/club nights w friends, dates, self indulgent purchases): 1k USD

My employer takes care of most other expenses, gym, phone, etc.

​

My credit score is 729 (TransUnion) 727 (Equifax) as of today.

I own my car outright, it's worth about 12k USD. Cost of maintenance for the car is negligibly low, and it's insured (as a gift, my family is covering the cost for the first year of ownership).

I've held a couple of low paying part time jobs in restaurants over the last 8 years, but stupidly never paid taxes for them. I don't think I ever made more than 20k USD to 30k USD per year in any of them, but I want to include this detail so that you can get as complete a picture as I can provide for you. I will of course be paying taxes on the income I've made in my big boy job, this year.

​

I really want to become financially independent ASAP. My dream is to own income-generating multi-families or apartment buildings, and get out of tech. If you were me, what steps would you take to get closer to that goal?

Nocheez posted:

I'm not supposed to know any of this. It's mind boggling how a person can be a dentist for their whole life and still have absolutely nothing to show for it.

AndrewP posted:

top trim Accords are fast as poo poo

Leon Trotsky 2012 posted:

https://www.reddit.com/r/legaladvice/comments/3cd6oj/im_in_highschool_and_money_was_stolen_from_my/

OP posted:

The last thing I want to do is spend it all. I know it isn't a lot when compared to the figures I see on this sub, but I wanted to see if I could do anything with it. I was thinking of buying shares but I have no idea how it will work. I just don't want it to sit and do nothing.

In the end, I want to be able to have my money/investment to grow over time and possibly earn me passive income (which is probably impossible given how much I'm starting with.

I've looked into both company shares and the (volatile) crypto market, but I wanted to come here before I take my first step.

Any help and advice would he greatly appreciated.

Not the OP posted:

Depending on your total finances I would put some into crypto (only bitcoin). A lot of people may bash the idea but I feel A) it's an interesting gamble and you could make some money and B) you're supporting (in my opinion) a concept/practice that takes power away from big banking business.

Krispy Wafer posted:

I had a co-worker who was driving a Ford Ranger getting sub-20 mpg about 80+ miles per day. He thought maybe he'd get a cheap Civic to commute with. The savings (gas was almost $4/gallon at this time) would pay for the car payment.

Instead he gets a Mazda RX-8. While it got marginally better gas mileage, maintenance costs were so much worse (premium gas, expensive tires, the fact he wrecked it two weeks after purchasing).

Hyrax Attack! posted:

The shutdown is showing both the distressing number of Americans living paycheck to paycheck, and also those with no living expenses saved up. I know it’s a ridiculous situation not at all their fault and they should be getting paid, but still crazy how missing two weeks of pay immediately requires food banks to be set up for Coast Guard workers.

With the low unemployment rates I wonder how many TSA workers are getting better gigs and not coming back.

Hyrax Attack! posted:

https://www.nytimes.com/2019/01/11/business/federal-shutdown-divide.html

https://www.nytimes.com/2019/01/12/business/contractors-government-shutdown-effect.html?action=click&module=Top%20Stories&pgtype=Homepage

TSA agents at SeaTac have always been alright, although I don’t fly much. They should be getting paid for their work, many support families.

quote:

I literally got an email from a guy once who is $25k upside down on a Toyota Yaris. “Please let me trade my car” I laughed really hard but deep down it broke my tiny black heart.

quote:

I got a friend in the Army, I tried to help him buy a car. But he as a FICO of 450 and an avg daily balance in his checking account of negative $205. He says its ok because his bank allows him to go as much as $300 negative...he's also a PFC and makes like $2,000 a month.

Anyway he tried to buy a Journey, he has nothing to put down. Had he even been approved he would have needed the dealer to front his downpayment on his insurance would have been like $150

He just texted me that he's put down a $500 non refundable deposit on a 2005 Maserati Quattroporte with over 125,000 miles.

To say I'm impressed with his stupidity is an understatement.

He's 20 yrs old.

Even if some bank decides to finance a guy that makes $2k a month on a 100k+ mile 14 yr old Maserati the insurance alone will destroy him. And even if he's able to get past that, the very first repair bill will destroy him. He showed me his bank account (he only has one) he's CONSTANTLY carrying a negative balance in his checking account.

He asked me whats going happen. I told him he's going get declined on financing and the dealer is going keep his $500

Guinness posted:

Kind of surprised a 2006 Quattroporte with 125k miles can’t be bought outright for $500, because seriously that’s about all it’s worth at this point.

Fitzy Fitz posted:

Crazy that the government and banks are running the student loan scam out in the open and we all just have to acknowledge it.

Fitzy Fitz posted:

It is tremendously stupid to rack up almost half a million in student loans (what the gently caress), but it shouldn't have been possible in the first place. We have more regulations on poo poo like scratch off tickets than we do student loans (except when it comes to repayment, in which case you are an indentured servant for life).

Involuntary Sparkle posted:

As someone originally from central Florida (and I went to UCF), I kept waiting for him to mention Full Sail. A couple of my friends went there before it was nationally known (2001ish) and it's always amusing to see it pop up everywhere now.

Edit: to include BWM, they might still be paying off the loans.

Blinkman987 posted:

This is the sneaker market and I’m continually shocked at how people haven’t run into liquidity issues yet holding onto 6 year old pairs of Kevin Durant sneakers because they gotta get their 40% over MSRP.

Leperflesh posted:

My little sister, who I love but who makes bad decisions and then asks me for advice about them afterward, bought a lightly used hybrid SUV for >$18k, on a 78 month loan.

She is disabled (depression +PTSD) and is living on disability in the Seattle area.

She thought I'd approve and be really happy for her because this particular vehicle gets great safety ratings and great mileage! It has the room to transport her large works of art to the sci fi conventions she goes to to sell them for a little extra cash. It's sooo much better than the paid-for, ~20 year old subcompact that she had to pay $600 for a new transmission for because you know, ughhh, these maintenance costs were killlling her.

So yeah eventually I'm convinced she's gonna be trying to sell a 10 year old hybrid SUV which still has 4 years of payments owed, and is gonna be really upset to learn it's literally worthless.

I can't even really talk to her about it because it's so upsetting for her when she realizes how loving stupid a decision it was, and it's crippling her budget every month. Not everyone makes terrible decisions because they're morons, a lot of people just don't understand what the right priorities are, and let a sales person talk them into buying based on payments and features.

Plek posted:

How do you even get a 78 month loan for a used car? What bank was like 'yeah this is legit?' My condolences on the forever debt.

Slugworth posted:

I got one on a couple year old truck, because I have excellent credit but make garbage money. So, long term loan, but low interest rate and monthly payments. It's a bummer being locked in such a long loan, but the truck will outlive the loan, so eh, whatever.

Grakkus posted:

"I just got a job, my credit is bad, I have $4000 and I need something to drive. gently caress buying a 2-3k Honda, clearly the answer is to finance a GIGANTIC TRUCK". It's sort of hard to feel sorry for the guy.

Though that subprime loan bond poo poo should have been made illegal with huge punishments for doing it 10 years ago, how is it still a thing..

Cacafuego posted:

But you needed the truck, right?

Slugworth posted:

I needed a new (used) automobile and a truck best fits my lifestyle, while definitely not being an absolute necessity, yes. Trying to shame someone for having a vehicle that isn't 100% the most practical possible option for them is a super bizarre take in AI. For the record, the loan was 6 months longer than the one I had previously on my focus, and 12 bucks more a month.

I appreciate the concern/superiority, but the reason I have excellent credit is because I don't take on loans I can't afford??

Slugworth posted:

I was literally called out over it and someone *else* posted it here. If it's off topic though, I'll gladly drop it.

Thanatosian posted:

What's a "good interest rate?" What's an "affordable monthly payment?" What is a "fairly negligable increase in what I would pay total?"

quote:

My friend is about $7,500 underwater on a 2016 Ford Mustang. Getting this car was not their idea (long story), but being more mature than their parents.. he wants to get out of this insane car payment into something more practical.

Anyway he is looking to me for advice and I have come up with 2 options. My first question for askcarsales is are my 2 options the best choices for this person?

Option 1: Selling the car for as much as you can. Take a personal loan to cover the negative balance, and get a used, reliable car as best you can.

Option 2: Go to a dealer(s) and explain the situation. Tell them that you want to get into a more affordable payment and see if there are any new cars on the lot (not picky) with lots of manufacturer incentives / rebates in order for their finance company to roll in the negative balance trade-in into the new car payment and still have it not be that high.

My questions for you guys:
1) Is option 2 feasible?
2) Is it more likely to work with a Ford dealership or should we expand the search to other dealers?

quote:

Option 2 if you want to go on a Journey.

OP posted:

Thanks for replying. Are you saying there are currently alot of incentives for a Dodge Journey?

potee posted:

My personal favorite "feature" on the Mk4 was the wax sealant that was chemically similar to crayons, and in hot weather made the whole car smell like a Crayola factory.

OctaviusBeaver posted:

OP posted:

I’m looking to finance a 2018 Mustang GT or 2016-2018 Camaro SS preferably used so I can save some money.

I’m currently 23 and have a 2016 Mustang Ecoboost which I’m going to sell privately so I can “upgrade” to a V8. I was 20 back when I bought I this car new in April 2016 and I got a pretty good APR (4.9) even though it was my first car and I had pretty much no income, but I gave $12,000 down on it.

I’m going to sell the Ecoboost to a friend who is going to give me 21,000 for it and I currently owe $14,200 and I’ll have about $7,000 left over which I can put some as a down payment on the new car.

Now the problem is that I don’t have to much provable income. In 2018 I made about $20,000 which I can prove and my credit score at the moment is 663 with my credit cards almost full but I haven’t had any late payments ever.

I’m going to be using a co-signer who has a credit score of 755 but again she also has little income.

I’m looking at cars in the price range of $32,000 and I want to give about $3,000-$4,000 as down payment and keep my monthly payments at around $520 or lower, but what are the chances of actually getting approved?

OP posted:

I’m on my parents insurance and the difference from what I’m paying now is $31 a month for the Mustang GT and $15 for the Camaro SS.

OP posted:

I should’ve mentioned that when I got my car back in 2016 my credit score was 713 and I only owed about $3,000 in credit cards and now I’m about $11,000 in credit card debt.

TVsVeryOwn posted:

I like it, but can we work pets in there somehow?

quote:

Hi Reddit - I'm in a very high interest car finance with Source One Financial, I'm looking to pay off my vehicle early and keep it as my daily. I was looking too see if my contract makes sense. I was 23 when i got the car and in a tough spot, needed a car for work and made a bad decision, been paying for it for 2 years now. Got the car March 2017, I can afford to continue making the payments but I don't want to continue paying so much interest as my financial situation has improved since. Below are the facts;

​

Cash selling price - $12,539

Optional Warranty (i didn't know this was included, my fault for not paying attention) - $1,866

Net Diff - $15,108

HST - $1,984

Subtotal - $17,072.04

Cash down - $500

Registration Fee - $99

Source One Admin Fee - $795

Amount Financed - $17,466.04

Number of payments - 66

Interest rate - 26%

Cost of borrowing - $16, 134.57

Total Payable - $33,600.71

​

Also need to mention - When i called to ask how much it would be to pay off the loan they told me $14,500. I was under the assumption it would be lower as the $14k is the amount owed if i continued with the 5 year term? Or am i wrong. I pay about $235 bi weekly now. As it stands i've paid 50% of the balance but its purely been interest.

quote:

Hello all. I'm 31 and secure in my employment. I make about 155k annually, max out my traditional 401k, have about 6 months of emergency money squirreled away in various forms, and my only debt is a 50k aircraft loan @ 5.5% which I'm overpaying on and should be done with in 3 years.

I'm looking at diversifying my retirement portfolio and a Roth IRA seems like the best way to do it, however I can't seem to wrap my head around how to do it. I'm pretty sure my AGI would allow me to open one today, but in the future with promotions and raises, would I still be able to contribute to it if my AGI exceeds the maximum allowable? Should I just bite the bullet and pull $6k out of my emergency fund and fully fund it with post tax money? Is there a better option for me?!

quote:

colorado: Ok I have no idea how to proceed and I need help.

My wife and I (two girls... maybe they saw us as easy prey?) leased a Jeep from a local dealership. She drives quite far for work so they advised to get high milage and if we went over it would cost us at the end. So they said if we turned it in before 32,000 miles and for another lease vehicle then we could avoid it. We did that twice then wanted a cheaper car. They let us “lease” a 2009 Buick. Turns out we bought it but they led us on to believe we were leasing it. It had a high payment but they said they rolled in the other jeeps and at the end of the lease we would be done. It was a lower payment than the second Jeep so we were happy. Payment was $219/ month. We tried to trade it in this weekend and found out they screwed us over. The value of the car is $2500 and the loan was over $10000. And it looks like we bought it cuz you can’t lease a used car, so they lied to us. And it looks like they sold us gap insurance, assholes. They really did a number on us.

I am humiliated, embarrassed, and furious. I wanna know if I have a case for small claims court? I want out of this car and loan. What are the risks? Do I have any other options? It’s a big dealership so they have the money.

Lawyers, car salesmen, decent people of reddit... HELP.

quote:

I had an up last night, guy was looking at a used Tacoma. Had just moved from Cali, where he had bought a 2019 Ram 1500 Laramie Longhorn 4x2. I'm in the freezing, snowy, midwest. And he had, since August, put 27,000 miles on it. His job had been paying 3/4s of his payment but he gave it up to move back home so he needed to get out of it. Couldn't even find an appraisal number from Mannheim or anybody, but we think, in our region, a 4x2 with that many miles might be worth 35-40k.

Guy owes 61,500.

So what's the worst you've seen?

quote:

2014 Dodge Avenger worth $4500 owed $26,500. Lady had a car she was upside down in, bought another and rolled negative equity, then bought the avenger and rolled even more into it. Came to me asking if I could lower her payments....

Also I like how all of the other comments and OP’s post is about Chrysler products

quote:

not a car salesperson but my nephew's bosslady general manager rolled her crossover financing into a couple year old BMW X3. All told negative equity was around $22K according to my maths. She runs a store for a high-end brand and already had maxed out credit cards so I don't know how they let her do it.

quote:

A family that reupped two deals and collectively rolled $50000 neg collectively between two deals

quote:

2017 Jeep Patriot base 4x2, bought new as a leftover with no incentives. Rolled negative into it. 4 months later wanted out. 24k underwater.

therobit posted:

I know, but along with self-posting a staple pd this thread is making fun of people who live in places like Iowa for the cheap housing and insist it is every bit af good ad living in lower Manhattan. I'm sure the $1.8MM, 6k square foot home is very nice.

Enchanted Hat posted:

Upside down on our car

https://old.reddit.com/r/personalfinance/comments/ahy9lb/upside_down_on_our_car/

quote:

And trying to get out of a payment. Long story short, I needed a reliable car 2 years ago for my out of town clinical rotations and my '01 Audi with 200K+ miles wasn't going to cut it. I now have a '13 Chrysler 300 and my husband's friend who owns a dealership sold it to is for the price he bought it at (around $17K) plus fees, etc. so the total loan was just under $20K.

Well, we're upside down, owe a little over $15K and have a baby on the way any day now. If we can get another reliable car and not have a payment, the extra $300/ month in our pockets will be a blessing. We are about $4-$4500 upside down.

Another car that my husband's friend may want to trade/ sell us is an '05 Audi S4 wagon and apparently has drive train issues but is worth between $4-8K (or so my husband says because "it has nice wheels). My husband is a mechanic and owns an auto shop and will inspect it before we make any changes.

So, we may try to go through the friend's dealership, have him take in the Audi and Chrylser, work a deal so we get the Audi, and my husband may have to give up his '76 Chevy to "break even". I just don't want my husband to give his truck up for a 14 year old vehicle when the Chrysler is only 6 years old and less than 90K miles. My husband sees it as getting out of a payment and having a paid off car but we'll be out 2 vehicles for 1 paid off one. His truck is worth at least $8K but as hubby says "it's only worth what someone will pay".

I'm sorry if this is long and doesn't make sense. I will clarify if anyone can give me some basic advice. The car is in my name only and my dad cosigned for me for the best interest rate and because I didn't have credit.

OP posted:

About to buy this car, I’m getting an amazing deal on it cause a friend is selling it to me. I was talking to my mechanic who was going to look at something that my friend told me was wrong with the car, and he told me that because it’s a Audi v8 that in the future I’ll get a lot of problems and it’ll run my pocket down. Car looked good to me otherwise though. Any opinions on this?

quote:

Well you obviously hate money...as you’ll soon be bankrupt

BMan posted:

Thanatosian posted:

Though, "buying a $10k ring" is definitely BWM.

GoGoGadgetChris posted:

Homeboy bought a $10k ring on a $60k salary?

Residency Evil posted:

Must...resist...urge...to...selfpost.

quote:

The fire chief for Woodlawn Fire Company in South Whitehall was recently charged with pulling a gun on a 12-year-old Boy Scout who had placed a flyer for a food drive on the door of his home, according to court records.

According to a criminal complaint, James R. Kutz, 39, told police he believed the boy was attempting to enter his home on Nov. 4. South Whitehall police spoke to the boy and another Scout who both said a man, later identified as Kutz, followed the boy to another home, pulled a gun and ordered the boy to the ground, court records show.

Kutz, who is also a captain with the Allentown Fire Department, was charged on Jan. 11 with simple assault and harassment. He was arraigned by District Judge Jacob Hammond and released on $25,000 unsecured bail.

EAT FASTER!!!!!! posted:

It might have been me, I recommend that book to everyone. I love business gently caress-up books and Bad Blood is top tier. If you like that, many of the Michael Lewis books are good, as are Enemy at the Gates (RJR/Nabisco), The Smartest Guys in the Room (Enron) and When Genius Failed (Long-Term Capital Management).

Inept posted:

Saving on a game to lose your life savings

I just lost my entire life's savings to online fraud, what do I do now?

SpartanIvy posted:

Am I reading this right. One of the employees paid the IRS hundreds of dollars in back taxes for their employer?

Blinkman987 posted:

What could the conversion fee on that be? 1% - 3%.

So, risk $422k to save $4.2k to $12.6k? Like, I get it but Jesus Christ not when the outcomes are either you save a used car or lose a house worth of cash.

Residency Evil posted:

I think many dual high income couples will be pleasantly surprised by their tax bill this year, which I'm pretty sure was the whole point of the tax cuts.