04-13-2020, 01:56 AM | #23 |
Second Lieutenant
124
Rep 205
Posts |
|
Appreciate
0
|
04-13-2020, 10:55 AM | #24 | ||
Lieutenant
193
Rep 546
Posts
Drives: '08 e92 M3, no mods,no probs
Join Date: Jul 2009
Location: NY
|
Quote:
Quote:
Wow— the impact of this pandemic differs greatly from prior financial crises and the impact on society is beyond measure . Being a health care worker, I can't begin to tell you how different this is from 9/11, ,92, or the Great Depression. I take it you are not in health care, stay well and enjoy the things you like. Empathy can go farther than you think... |
||
Appreciate
2
gatorfast4969.00 wesleyan921343.00 |
04-13-2020, 11:58 AM | #25 |
Captain
418
Rep 862
Posts |
__________________
Retired 2016 BMW 550i xDrive MSport | 2013 BMW 550i xDrive MSport | 2012 BMW 535i xDrive | 1988 BMW 325ic | 1984 BMW 318i
|
Appreciate
0
|
04-13-2020, 12:01 PM | #26 | |
Captain
548
Rep 944
Posts |
Everyone has a point and I feel for those greatly affected. But I was shocked myself first hand from friends that started having issues 3 weeks into the shutdown. April’s rent and payments weren’t even due yet. That would mean these guys have 0 money in the bank and living check to check.
So I would have to agree that splurging on a 120k car was a bad financial decision. Live within your means Quote:
|
|
Appreciate
0
|
04-13-2020, 12:57 PM | #27 | ||
Lieutenant
193
Rep 546
Posts
Drives: '08 e92 M3, no mods,no probs
Join Date: Jul 2009
Location: NY
|
Quote:
So I would have to agree that splurging on a 120k car was a bad financial decision. Live within your means I'm sure you mean well with the advice... BTW, my inquiry into early lease termination is not out of need, I can afford the payments, but believe it or not I'd rather have a different car. Anyway, this is now too off topic to be helpful.... |
||
Appreciate
0
|
04-13-2020, 04:13 PM | #28 |
Colonel
1852
Rep 2,383
Posts |
OP: if you have a good relationship with the FM/GSM they CAN do a buy back (yes, on a lease) and get you into a less expensive bmw. You may need to front some cash depending on the current estimated residual however, if the numbers make sense, you will be out of a 4 figure/mo lease. my 0.02
|
Appreciate
1
wanesso193.00 |
04-13-2020, 07:02 PM | #29 | |
Banned
3318
Rep 8,083
Posts |
Quote:
well, we hear it all the time. A majority of Americans do in fact live paycheck to paycheck. Covid has exposed that. Many lessons to be learned from this. My question is, how the hell does someone who lives paycheck to paycheck get approved for 100k BMW? i mean, i know BMW can't see in your bank account, but... jeez... |
|
Appreciate
0
|
04-14-2020, 06:30 AM | #30 | ||
Lieutenant
193
Rep 546
Posts
Drives: '08 e92 M3, no mods,no probs
Join Date: Jul 2009
Location: NY
|
Quote:
|
||
Appreciate
0
|
04-14-2020, 09:10 AM | #31 | |
Lieutenant General
18961
Rep 10,095
Posts |
Quote:
I feel for anyone who has been laid off, furloughed, or just cut. Now that little thin 750 fico with 4 pieces of credit, no depth, and joint authorized user accounts will get conditioned or declined when he or she wants that 110k net cap unit.
__________________
2023 BMW M8 Coupe Competition Alpine White
2022 BMW M3 Competition XDrive Aventurine Red 2022 Porsche Carrera GTS Coupe Shark Blue 2020 Audi R8 V10 Performance Suzuka Gray 2012 Mercedes Benz C63 AMG Black Series Obsidian Black |
|
Appreciate
0
|
04-14-2020, 02:45 PM | #32 | |
Colonel
1628
Rep 2,398
Posts |
Quote:
__________________
2022 M8 Comp GC, 2021 AMG GT53, 2022 X5M Competition, 2021 X7 40i, 2019 M5, 2018 M550I, 2017 Audi Q7, 2014 M6 GC, 2013 Mercedes CLS550, 2011 750LI, 2008 M6 Cabrio, 2008 Porsche Cayenne S, 2004 Mercedes SL55 AMG, 2003 Mercedes SL500, 2000 Mercedes CL500, 1993 Lexus SC400, 1989 525i, 1985 318i
|
|
Appreciate
1
knepsterd375.50 |
04-15-2020, 11:47 AM | #33 |
Major
784
Rep 1,395
Posts |
this crisis exposed our current economic system which encourages people to spend beyond their means on goods. The good thing about the system is it grows the economy and we have been lucky as a country that our dollar is the reserve currency for the world and most if not all countries look up to us .. so we have gotten away both as individuals and government with accumulating debt without any consequences to speak of, so that encouraged us to accumulate more debt, and the party keeps going on until we reach a breaking point
when the breaking point will happen ? no one knows but it seems we are getting closer and this crisis shed some light on that .. on the positive side , I hope that we all learn as people and government to be careful with spending money and focus on a more balanced approach to life on the negative side , we all have to spend money to revive the economy so we have to do that at least temporarily and hopefully in the future we take gradual but decisive action to curtail our individual and national debt … and whether we like it or not , the people that live pay check to pay check or the people that can survive for years without income , at the end of the day we are connected and if the system collapses we are all going to drown.. |
Appreciate
0
|
04-17-2020, 03:13 AM | #34 | |
Second Lieutenant
124
Rep 205
Posts |
Quote:
|
|
Appreciate
0
|
04-25-2020, 01:15 PM | #35 | |
Lieutenant Colonel
1741
Rep 1,697
Posts |
Quote:
My post was harsh on purpose, the fact that someone can't afford a $1500/mo car payment is a first world problem. We as a society have a much larger issue supporting third world countries that are going to be absolutely overwhelmed by this pandemic. In Ecuador they are dumping bodies in the streets because the government can't pic them up. Mexico says they have understated their infection rate by 8-30x. My point was that because of government stimulus the financial impact of the coming recession/depression will be delayed by several months. A large portion of people are making more money on unemployment than they were working so their spending habits have not been altered yet. Someone that is already unable to make a payment (that BMWFS is already saying they don't have to make right now) is a non issue because they wouldn't have been able to make that payment this month even if everything is fine. There is no doubt in my mind that things are going to get very, very bad. Highly likely that it will be way worse than 2008 with massive devaluation of our currency due to the Fed creating more M2 in March than any previous FULL YEAR. In addition the destruction of lower level service jobs in the US and globally will have a trickle up (geyser up?) effect on the rest of us. Lot's of other points to illustrate (negative commodity prices, companies being forced to issue equities, jumbo mortgage market freezing up, etc, etc), but I don't want to bore everyone. Last edited by Salespunk; 04-25-2020 at 01:20 PM.. |
|
Appreciate
0
|
Post Reply |
Bookmarks |
Thread Tools | Search this Thread |
|
|