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      04-13-2020, 01:56 AM   #23
Earlando86
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Originally Posted by Pimpsy View Post
Whenever possible...spread kindness and empathy rather than negativity and criticism.

If that seems difficult, take your magnifying glass off of others and use it to examine yourself instead.
Mind if I start using your first sentence? 👌❤️😇
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      04-13-2020, 10:55 AM   #24
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Originally Posted by Salespunk View Post
Incomes have been down for 3 weeks, max. If we were 4 months into this it would be understandable, but I don't have any sympathy for someone that can't afford a BMW payment at this point.

Reality is that people buy things they shouldn't. I have done it in my life when I was younger as well. This is going to be painful and it sucks, but we didn't mail out checks during the financial crisis and we didn't mail them out during 9/11. 87'? Nope. 92'? Nope. So why now? Those weren't the fault of most people that lost their jobs. They are all unforeseen issues with the economy, so what is different now?
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Incomes have been down for 3 weeks, max. If we were 4 months into this it would be understandable, but I don't have any sympathy for someone that can't afford a BMW payment at this point.

Reality is that people buy things they shouldn't. I have done it in my life when I was younger as well. This is going to be painful and it sucks, but we didn't mail out checks during the financial crisis and we didn't mail them out during 9/11. 87'? Nope. 92'? Nope. So why now? Those weren't the fault of most people that lost their jobs. They are all unforeseen issues with the economy, so what is different now?

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...
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      04-13-2020, 11:58 AM   #25
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Mind if I start using your first sentence? 👌❤️😇
Please do
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      04-13-2020, 12:01 PM   #26
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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



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Originally Posted by wanesso View Post
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...
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      04-13-2020, 12:57 PM   #27
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Originally Posted by Ehloo View Post
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:
Originally Posted by wanesso View Post
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...
[QUOTE=Ehloo;26043055]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






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....
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      04-13-2020, 04:13 PM   #28
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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
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      04-13-2020, 07:02 PM   #29
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Quote:
Originally Posted by Ehloo View Post
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

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...
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      04-14-2020, 06:30 AM   #30
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Quote:
Originally Posted by TrevorM3 View Post
Quote:
Originally Posted by Ehloo View Post
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

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...
They probably didn't get approved and the don't have a 120k car
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      04-14-2020, 09:10 AM   #31
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Quote:
Originally Posted by TrevorM3 View Post
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...
People lie, dealers lie- and the BMWFS buying centers reward good high fico credit with auto approvals even if he/she has more issues that are not shown on a credit file. Gross income is easily manipulated and waived in the auto finance underwriting world (keyword gross and not take home). BMWFS rarely stips for POI on deep files- its not like getting a full doc jumbo mortgage where the lender sees your tax returns, w2's, bank statements, etc. But in a normal world (we are not there right now)- good deep credit means character and these buyers find a way to make things happen. But with no check to check its all out the window.

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.
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      04-14-2020, 02:45 PM   #32
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Quote:
Originally Posted by TrevorM3 View Post
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...
If you have ever looked at the M5 pic thread.....it seems the M5 might literally be what the houses cost in some of these peoples' neighborhoods. So yeah, I don't know there. I think credit is king here.....if you have a good credit score, you likely will get the loan.
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      04-15-2020, 11:47 AM   #33
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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..
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      04-17-2020, 03:13 AM   #34
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Quote:
Originally Posted by mjr24 View Post
If you have ever looked at the M5 pic thread.....it seems the M5 might literally be what the houses cost in some of these peoples' neighborhoods. So yeah, I don't know there. I think credit is king here.....if you have a good credit score, you likely will get the loan.
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      04-25-2020, 01:15 PM   #35
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Originally Posted by wanesso View Post
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...
First off thank you for everything you are doing and putting yourself in harms way if you are a healthcare worker.

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..
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