Did the recession begin?

[D19]

 

[2Driver]

repo

 

[Shrub Lurker]

Wow

 

[TrollerDave]

Dave wouldn’t let him use the car trailer.

 

[RCDave]

Its been here a while now. Hidden by massive money printing, debt deferrals, rent deferrals, etc. Brace yurselfs

 

[renodaytona]

Its been here a while now. Hidden by massive money printing, debt deferrals, rent deferrals, etc. Brace yurselfs

Yep going to get crazy. Hope to pick up a nice dual sport car for a good price.

 

[Activated]

As much as I would prefer a great economy, if it takes a giant shit...I am going to take advantage.

 

[Bpracing1127]

Same here

 

[zhandfull]

View attachment 940756

They probably owe more on that than my daily driver cost.

 

[RCDave]

As much as I would prefer a great economy, if it takes a giant shit...I am going to take advantage.

The strong conservatives will survive and thrive

 

[Flying_Lavey]

They probably owe more on that than my daily driver cost. [emoji16]

Definitely more than we paid for our pretty cherry '09 Escalade

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[LargeOrangeFont]

This is unpossible. I was told poor people only drive RZRs.

 

[zhandfull]

How long are they running loans out on the side by sides now and at what rate?

 

[HNL2LHC]

Come on all you Chicken Littles......They are just towing it down to the shop for more modifications. Everything is just fine.....

 

[socalrzr]

How long are they running loans out on the side by sides now and at what rate?

No Idea, but they used to do them on those manufacture credit cards and if you were late one time it went to something like 15% or more.

 

[socalrzr]

Its been here a while now. Hidden by massive money printing, debt deferrals, rent deferrals, etc. Brace yurselfs

Agreed. Early on I was hoping to pick up a decent toy at a discounted price. Never happened, and now Im thinking about selling everything. All I know is that whatever decision I make it will undoubtedly go the other direction. lol

 

[LargeOrangeFont]

How long are they running loans out on the side by sides now and at what rate?

3-6 years I believe. Rates are higher than a car loan I have heard.

 

[caribbean20]

Agreed. Early on I was hoping to pick up a decent toy at a discounted price. Never happened, and now Im thinking about selling everything. All I know is that whatever decision I make it will undoubtedly go the other direction. lol

Hey, we don’t need anyone else around here making stupid decisions, I’ve already staked the claim to that throne!

 

[monkeyswrench]

I sure as hell don't want to see people lose stuff, or fire sale to eat. Yes, their mistakes or short sightedness, but I don't like to see it.

That said, would like to pickup an old Ranger Crew...maybe.

 

[LowRiver2]

Saw a black Super Duty repo truck with tonneau cover over the gear in IE ,with license plate: “URWALKN”
Nice lol

 

[LargeOrangeFont]

Saw a black Super Duty repo truck with tonneau cover over the gear in IE ,with license plate: “URWALKN”
Nice lol

Guy probably bought the truck with PPP.

 

[Looking Glass]

3-6 years I believe. Rates are higher than a car loan I have heard.

"I have heard" is that like I read it on the internet, so it must be true?

 

[Ladsm]

View attachment 940756

Repo man from CHino Hills, I recognize that 7/11

 

[monkeyswrench]

"I have heard" is that like I read it on the internet, so it must be true?

I know the rates are higher on the dealer credit things. Probably not if financed through a bank or such, but don't know. The explanation given to me made sense...to me anyway. I was told that the SXS's are not primary, and usually "toys". That said, they are first to be cut loose by fringe owners. Why you would finance fringe owners, I don't know.

 

[LargeOrangeFont]

"I have heard" is that like I read it on the internet, so it must be true?

Pretty much. Looked at financing part of my new one. Just going to pay cash instead.

Its a toy, rates are higher for toys.

 

[TrollerDave]

Repo man from CHino Hills, I recognize that 7/11

Good eye. I missed that.

 

[zhandfull]

Guessing the ones that finance have about a $500 Per month payment on one of these at 60 months. Then you need a trailer and tow vehicle to use it. Starts adding up quickly. Think I’m the only one not making a $200,000 a year now.

 

[Havasu blue label]

New truck new toys house in Havasu and a boat paying cash I need a better job

 

[LargeOrangeFont]

Guessing the ones that finance have about a $500 Per month payment on one of these at 60 months. Then you need a trailer and tow vehicle to use it. Starts adding up quickly. Think I’m the only one not making a $200,000 a year now.

When your truck payment is $900+/ month it is easy to justify a toy for $500/month.

 

[Done-it-again]

Guessing the ones that finance have about a $500 Per month payment on one of these at 60 months. Then you need a trailer and tow vehicle to use it. Starts adding up quickly. Think I’m the only one not making a $200,000 a year now.

200k doesn't get you all that either.... or you are living on the edge....

 

[Shrub Lurker]

Other local repo truck personalized plate :

2LAT2RN

 

[DWC]

When your truck payment is $900+/ month it is easy to justify a toy for $500/month.

Sounds about right That’s how i picked ours up. Guys payment was just around that number Had to sell it because of another kid.

 

[NicPaus]

My Friend has 2 the 4 seater and the 2. Both $500 a month. His F350 is $1500 a month. He probably makes around $300K a year if I had to guess. Finances everything as he says if its under 10% interest he can make more with his cash on hand.

 

[Flying_Lavey]

My Friend has 2 the 4 seater and the 2. Both $500 a month. His F350 is $1500 a month. He probably makes around $300K a year if I had to guess. Finances everything as he says if its under 10% interest he can make more with his cash on hand.

Sounds like someone that is using his wealth to his advantage and has seriously looked at both sides of the coin. Good for him.


Ah crap..... Im sure the RDP financing gestapo will be along shortly to tell us we are all wrong and you should NEVER finance a toy or vehicle....

 

[Instigator]

My Friend has 2 the 4 seater and the 2. Both $500 a month. His F350 is $1500 a month. He probably makes around $300K a year if I had to guess. Finances everything as he says if its under 10% interest he can make more with his cash on hand.

That is called gambling.
Lol
It all going to be good for him until its not anymore.
When the tide goes back out everyone can see who is swimming naked.
Lol

 

[Instigator]

I wonder with interest rates so low how many people refinanced their houses and used the inflated equity to buy their toys.
History tends to repeat itself and alot of people likely didn't learn anything from the great recession.
Time will tell.

 

[monkeyswrench]

I wonder with interest rates so low how many people refinanced their houses and used the inflated equity to buy their toys.
History tends to repeat itself and alot of people likely didn't learn anything from the great recession.
Time will tell.

I wonder the same. I think it's everywhere, and the temporary covid money pushed it further. Last go around, that tide went out and I was streaking. No refi stuff, but leveraged to my neck. F' that. Don't want the stress again. Financing is fine for some, but I really like the idea of things being paid off or way down. If there's no work, we all still eat...Not living the high life, but not living for a paycheck either.

Of course now my wife realizes it wasn't the stress, I'm just an asshole.

 

[Kylemenz1]

I wonder with interest rates so low how many people refinanced their houses and used the inflated equity to buy their toys.
History tends to repeat itself and alot of people likely didn't learn anything from the great recession.
Time will tell.

I just refinanced and am sitting on a big wad of cash. Going to sit on it and watch the economy fall apart in the next couple of years. As tempting as it is to go out and buy a bunch of fun stuff I do remember 2008


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[Instigator]

I just refinanced and am sitting on a big wad of cash. Going to sit on it and watch the economy fall apart in the next couple of years. As tempting as it is to go out and buy a bunch of fun stuff I do remember 2008


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Me too. We have gotten rid of all of our toys except 1 and we did refi our house this year to a 15 year and lower the rate to 2.65 but we didn't take any cash out. It is now the only debt we have and hope to pay the house off in 3 to 4 years or sooner.
Can't wait to be 100% debt free.

 

[motormonkey]

We are headed into stagflation, which makes a recession seem easy. Lots of refinancing and low borrower rates are going to show the men from the boys here soon. I question if that's also reason banks are holding no cash.

 

[NicPaus]

That is called gambling.
Lol
It all going to be good for him until its not anymore.
When the tide goes back out everyone can see who is swimming naked.
Lol

His business is different than mine. Last recession it did not slow down as there is always demand. Mine is opposite. I was able to pay off almost everything last 3 years working my ass off. Wrote a check for my Can Am. I am expecting a slowdown this time got caught with my pants down last 1.

 

[rivrrts429]

I’ve literally sold everything in anticipation of this election and gambled on what the economy would do. It was a huge gamble but they’re just things. If it doesn’t work out I can buy another UTV, boat, truck, river pad, etc...

It’s a bit weird because my weekends are now wide open. But my lawn and house are on point along with two baths and a kitchen remodel lol

 

[JDKRXW]

I wonder with interest rates so low how many people refinanced their houses and used the inflated equity to buy their toys.

I like your term 'inflated equity'.
I think your scenario goes one step further.....
This inflated equity was used as a down payment to finance their toys.

 

[RCDave]

I’ve literally sold everything in anticipation of this election and gambled on what the economy would do. It was a huge gamble but they’re just things. If it doesn’t work out I can buy another UTV, boat, truck, river pad, etc...

It’s a bit weird because my weekends are now wide open. But my lawn and house are on point along with two baths and a kitchen remodel lol

Wise man 429

 

[rivrrts429]

Wise man 429

No sir, just a roll of the dice. I don’t wish any ill will for anyone but looking around it just appeared to be a bit off for the next couple years.

 

[monkeyswrench]

No sir, just a roll of the dice. I don’t wish any ill will for anyone but looking around it just appeared to be a bit off for the next couple years.

I think it was smart, taking the long view instead of the immediate gain. Time will tell, but with the way toys were selling, it's bound to drop. If not a lot, at least some. Either way, you still profit.

 

[Flyinbowtie]

Repos and such were esrly signs of the 2008 mess weren't they...but we shall see.
It was made clear during the election process that if the Progressive Socialists win they will do what they can to destroy the American oil industry. If they actually take office I think it is safe to say we will see 4.50 per gallon gas in states where it has been in the 3.00 range, and $5.50 a gallon in California. We will import more oil and be at the mercy of OPEC again.
If oil does what they say they want to see then inflation will start running, and it will hit every facet of the economy, IMHO. Employment will falter. I agree that we will see stagflation coupled with big tax increases and businesses will activate their plans for survival, which will include all the things that hurt the economy further.
Stagflation...sluggish economic growth/development coupled with falling employment..those of you old enough to remember the Carter years know what a nightmare that can be. 18-19% home mortgages. Think of that my friends. No matter who is in office if we do not begin to take on the pain that must come with dealing with this debt we are going to be in a very, very vulnerable position in this country.
I may be wrong. I sure hope so.

 

[renodaytona]

I don't think you are far off FBT. The wife and I had plans to do quite a few projects to the boat. We were going to sell the SXS and current 5th wheel. Then the plan was to buy a new truck, toy hauler and a sand rail. All those plans are on hold. Democrats will ruin the economy and blame it all on Trump.

 

[DWC]

I wonder with interest rates so low how many people refinanced their houses and used the inflated equity to buy their toys.
History tends to repeat itself and alot of people likely didn't learn anything from the great recession.
Time will tell.

We have a couple inmates that are in the business. Wonder what the percentage is of people that are pulling equity out.

 

[DLC]

Most people are F’ing STUPID with money and don’t have any type of savings, just spend spend spend.....

take that same $500 month and dump it into a savings account and invest in their future....