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Yellow | 50 Million People Are Not Paying Their Creditors

Triplex said:
Never bought a new car or truck in my life. From my first car, a 1949 Ford purchased in 1959 to a 2015 Ford Fusion purchased in 2022, all were used or as dealers like to say, pre-owned. Only new vehicles I ever bought were a CB750 Honda motorcycle in 1970 and a XS11 Yamaha motorcycle in 1978.
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Ultra low mileage only way I buy used. Don’t trust people to check oil, filters, etc. But I run my pickups til the frame rusts out.
 
The worst pay off experience was paying off the federal student loans. We had about a total that year of about 25600 or so left.

Went to our bank. Sat with the Bank Officer and created a fed wire SWIFT payment direct to the Loan Owning Bank. Called them up directly and said you got a payoff coming in right quick by Fedwire. You think they would be overjoyed.

Oh no they were not. Sirs, we cannot take this pay off today, it will be several months before we can process that pay off and the interest will accrue etc etc etc.

We sat with the bank officer at the desk figured 6 months interest to the penny, generated the payoff and above. Wired the damn thing.

That took 4 months before we got a payoff letter free and clear plus a small check in another 4 months back to close the whole sorry episode.

The problem is that the entire Student Loan Industry... NEEDS the constant monthly interest to accure. Thats their oxygen. If for some miracle the entire United States and all Visa students paid off dear uncle sam today at dinner time by wire almost 2 Trillin in cash... it will take 6 months to process or more as the loan holding banks fail like dominos. Poof.

Because they are in debt to themeslves to the hilt. They cannot breathe (Exist) properly for the time it will take to pay off it all. All of the loan holders will fail.

I dont know if we will still be a United States if that many banks suffered not only a two Trillion loss but all the other additional loans in force.
 
some people are in debt because of medical. If you have a disabled person or persons in your family or they are handicapped or you get put in the hospital a few weeks and you have no insurance or your insurance sucks it will flat out break you. Not everyone can put money back because of hardships. Its a hard world and you do the best you can.
 
Jeff said:
I wouldn't buy any new vehicle either, Newest in my driveway is a 2008 Honda Civic with 83k on it. I actually drive to work and back a 1998 Saturn with 200k on it.

Cars don't impress me at all
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The only new vehicle I have ever bought was a Silverado in 2012. I got it for a few thousand more than a used one with 50K miles. There were several incentives & rebates then. I still have it & use only for trips. My older trucks do the job & my wife's 2005 Tahoe will last us for as long as we are able to drive. Taxes & insurance are much lower on older vehicles. This state has for the last several last years raised taxes on almost all vehicles. The reason given was that vehicle values have increased. Taxes on my 1978 3/4 ton has not increased much though. However if you have a classic vehicle & insure it expect to pay more in taxes.
You never really own a vehicle, you pay sales tax when you buy it, peoperty taxes every year, fuel tax, tire tax, sales tax on parts & license fees.
 
Ive been offered 10K cash for my old rig. I wont sell it. You could plop a million but I wont sell. Because the old iron technology once sold is gone. And thats that you suffer with the modern crap. I dont think the State understands that just yet. They go by blue book at the revenuer which means its 300 dollars. Thus property tax on it is 21 something and change annually. 14 of that to the school. Ive been here 25 years and paid that. Sometimes on two cars. Or three. Each.

If the state makes laws to mark to market classic or antique vehicles theres going to be a problem.

Medical debt is the most dangerous. The last ten years I have witnessed in the realm of tens of thousands to pain management which does not. 30,000 to 50,000 in the last 5 years prior to me quitting 3 years ago and going to whiskey for bad days. Thats cheap which means quality sipping. No more owie. But have a home breath test kit and no driving or anything until 50 hours past last dose.

Surgical debt with surprise billing is the worst. Ive had two surgeries already this winter to fix specifically broken stuff at the trauma center in little rock and its going to be expensive. A friend of mine got stabbed decades ago in Baltimore he was choppered to trauma there. They gave him a full tour. (Leeches to remove blood, maggots to remove dead tissue, chamber etc) 7 days cost 110,000 USD. Because his attacker worked in a pizza joint at minimum wage the hospital wrote it off. He paid a thousand. Civil Court and criminal court came to nothing. Bad guy walked and was not given a judgement due to a liberal court. Aw hes a good boy didnt mean to do it etc. (This was a jury) leaving this victim with losses that almost destroyed him. Hes dead now so the story has no weight.

My costs for surgeries are about 400,000 billed. About 50,000 paid so far cash. Rest insurance. Physical therapy is the most disgusting. Thats 5000 a week billed. Made sure to start walking and fired them in a couple of weeks. Some patients still have them 6 months to a year on. They dont walk due to obesity etc. Or perhaps enjoy the attention or maybe by proxy a illness in the head or something I dont know.

Oh one last thought. I dont jab ::shit::. They asked about it currently and I tell them that. Since 2017. They dont like it gtfo. Or I go home and we do nothing today. Choose. At some point this particular choice is more valuable in a body thats not ruined someday.
 
DCM_Doc said:
The only new vehicle I have ever bought was a Silverado in 2012. I got it for a few thousand more than a used one with 50K miles. There were several incentives & rebates then. I still have it & use only for trips. My older trucks do the job & my wife's 2005 Tahoe will last us for as long as we are able to drive. Taxes & insurance are much lower on older vehicles. This state has for the last several last years raised taxes on almost all vehicles. The reason given was that vehicle values have increased. Taxes on my 1978 3/4 ton has not increased much though. However if you have a classic vehicle & insure it expect to pay more in taxes.
You never really own a vehicle, you pay sales tax when you buy it, peoperty taxes every year, fuel tax, tire tax, sales tax on parts & license fees.
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It's shame to have to pay taxes on a vehicle when you buy it then every year there after. It's wrong on so many levels. It's a product just like a washer and dryer once you paid for the taxes when purchasing that should be it. Our tax codes need to be revised and fixed from this theft
 
steercrazee said:
It's shame to have to pay taxes on a vehicle when you buy it then every year there after. It's wrong on so many levels. It's a product just like a washer and dryer once you paid for the taxes when purchasing that should be it. Our tax codes need to be revised and fixed from this theft
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That varies by state. Some states have lower property tax rates but tax more types of property.

CA has prop13 but they have high sales tax, income tax, registration fees, gas tax and now the dumbshits are working on a wealth tax.
 
steercrazee said:
It's shame to have to pay taxes on a vehicle when you buy it then every year there after. It's wrong on so many levels. It's a product just like a washer and dryer once you paid for the taxes when purchasing that should be it. Our tax codes need to be revised and fixed from this theft
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Maybe call the Scranton Economics Professor. I bet he would be all over those bastards in Washington.
 
EX396 said:
That varies by state. Some states have lower property tax rates but tax more types of property.

CA has prop13 but they have high sales tax, income tax, registration fees, gas tax and now the dumbshits are working on a wealth tax.
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In NJ you pay sales tax once when you buy the vehicle then a very low (by comparison) registration fee every year. No yearly personal property tax on a vehicle.
 
crazy said:
When we sold our home in Pa we were close to $6300 in property taxes and with all the combined taxes in SC we are just about $ 2000 total. That is a house and three vehicles. Debt free is really really nice..
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Property tax in CA is based on what you paid for the house, limited to a 4% increase per year. A house my father-in-law paid $19,000 for in 1972 now has property tax of $1700 per year. That house today is worth about $900K, new buyer would be paying about $11,000/year in property tax. Vehicle tags on my cars were between 300 and 800/year (depending on vehicle weight and value), moved to a new state and now paid $87.50 for LIFETIME plates as long as I don't move counties.
 
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