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Loan offers in the mail today....oh happy day.


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#21 Tom Geiger

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Posted 19 December 2013 - 04:54 PM

 

...CFC did nobody any favors in the long term, it simply got people to spend money many of them shouldn't, dried up the supply of good older used cars that people in the lower echelons of the earning brackets, like myself, or people who simply don't like to spend a lot of money

 

I don't believe Cash For Clunkers hurt the used car market much. Most of the cars that got traded in were at the end of their useful life anyway.  A buddy-0-mine traded in an old Jeep wagon with 250,000 miles on it and got a new Honda Civic.  I was interested so I toured a bunch of local car dealers on Sunday (when they were closed) to look at the CFC trade ins. You could spot them easy because the dealers pretty much kept them all together at the back of their lot.  What a bunch of loser cars.  Mostly beat to death SUVs like old Explorers and tons of rotting mini vans. On one lot I saw a Caddy Catera that I thought was very nice until I walked around it and saw that the entire passenger side was wiped out. No doubt totaled. And those were troublesome cars that deserved to die!

 

I just checked out the Philly Craigs List and there are plenty of decent cheap cars out there if you care to spend the time to seek them out.



#22 Ace-Garageguy

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Posted 20 December 2013 - 02:54 AM

SEMA's opinion on the Cash for Clunkers deal: http://www.sema.org/...h-clunker-myths

 

 

 

If you don't want to read it all, this is one of the closing paragraphs:

 

“Scrappage programs as proposed will also hurt thousands of independent repair shops, auto restorers, customizers and their customers across the country,” said SEMA Vice President of Government Affairs Steve McDonald. “This industry provides thousands of American jobs and generates millions of dollars in local, state and federal tax revenue. It is time to help the entire auto industry with programs that focus the incentive on the purchase of new vehicles, not destroying valuable old cars and parts.”

 

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SEMA News, Dec.19, 2013 regarding Cash for Clunkers:   http://www.sema.org/?q=node/1701



#23 Mike_G

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Posted 21 December 2013 - 03:05 PM

From the fine print on the Check Into Cash (a paycheck cash advance/loan company) website:

 

The Annual Percentage Rate (APR) for payday loans varies in each state and depends on the advance amount, fees, and terms of the transaction. The APR for a $100 single-payment payday loan may range from 260.71% to 782.14% on 14 day terms. 

 

And yes, it's completely legal.  :o

 

Not in Oregon- we ran a bunch of those businesses out of the state a few years back. ;)



#24 Tom Geiger

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Posted 08 January 2014 - 10:47 AM

I noticed right after the holidays the car title loan folks are advertising on the low budget tv channels to pay your Christmas bill by taking out a loan on your car!