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Kind of defeats the purpose, doesn't it?
Posted by: DP
Date: March 30, 2020 06:32AM
Hearing about institutions that will defer payments for a mortgage or car payments, etc. On the news, business owners are reporting that their leasing company, for example, will let them defer rent for four months. But then, at the end of four months they have to pay the four months all in one payment!

And my wife has a lease thru Ford Credit on her F-150. She called and she can defer her payments but they will charge a fee of 30% of the monthly payment for every month she defers! She said it would cost her less to not make the payment and pay the late fee! Yes, there would be the hit to her credit rating-but, jeez, there's going to be a hit to a lot of people's credit ratings as a consequence of this crisis, right?

If you're going to help because people have no money right now it's not going to help if you pile more costs on top of it!





Disclaimer: This post is checked for correct spelling, punctuation, and grammar. Any attempts at humor are solely the responsibility of the author and bear no claim that any and all readers will approve or appreciate said attempt at humor.
My name is DP, and I approve this message.
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Re: Kind of defeats the purpose, doesn't it?
Posted by: bazookaman
Date: March 30, 2020 07:06AM
Quote
DP
If you're going to help because people have no money right now it's not going to help if you pile more costs on top of it!

That's the American way!




__________________________________
There’s a guy wearing overalls with no shirt.
Which I think we all know is the International uniform for the last guy you’ll ever see.
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Re: Kind of defeats the purpose, doesn't it?
Posted by: Fritz
Date: March 30, 2020 08:17AM
I expected nothing more from car companies (banks). crooks.



!#$@@$#!

If there are spelling issues, please pardon, Owen the cat is sitting on my keyboard.
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Re: Kind of defeats the purpose, doesn't it?
Posted by: spacescape
Date: March 30, 2020 08:50AM
I'm still working so I haven't been hit with any financial hardships yet. However, I'm tempted to call Ford Credit and see how I'm treated to determine if I lease a new ford in June or not.
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Re: Kind of defeats the purpose, doesn't it?
Posted by: modelamac
Date: March 30, 2020 09:35AM
The key is cash flow. Businesses need it to pay their own bills: Rent, wages, etc.

If everyone uses credit, the "cash" keeps flowing. No interest is charged. Yes, there is a day of reckoning when this is all over, but meanwhile the maximum number of folks survive without economic pain to deal with. At that point, you add a 2% sales tax for a FIXED PERIOD of time. The state gov't collects it and pays it out to those who carried the debt. The day you are out of work is the day the debt starts accumulating. The day you go back to work ends the state's coverage. It is not perfect, but I think it could work. It does let us concentrate on survival.

Retirees are not being laid off, but will participate in the taxes to pay back the debt. I have no easy answer for that. We are the most vulnerable, and probably tax the health system more than others.

This is everyone's problem and everyone is taking a hit in some form or another. It's harder on some than on others, but we are all in this together and need to figure our a way to survive together.

If you see flaws in this, figure out a different way, but don't just complain my way won't work.



Remember how when you were little
you could just rip off your diaper and
just run around naked and everyone
thought it was so cute and funny?


Anyway, I need bail money.



Edited 2 time(s). Last edit at 03/30/2020 09:47AM by modelamac.
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Re: Kind of defeats the purpose, doesn't it?
Posted by: NewtonMP2100
Date: March 30, 2020 10:20AM
....that's the lease(t).....of their worries.....



_____________________________________

I reject your reality and substitute my own!
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Re: Kind of defeats the purpose, doesn't it?
Posted by: Rick-o
Date: March 30, 2020 10:22AM
Certainly not a deal. RollingEyesSmiley5



Mr. Lahey: A lot of people, don’t know how to drink. They drink against the grain of the liquor. And when you drink against the grain of the liquor? You lose.

Randy: What the @#$%& are you talking about?
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Re: Kind of defeats the purpose, doesn't it?
Posted by: Zoidberg
Date: March 30, 2020 10:46AM
Quote
bazookaman
Quote
DP
If you're going to help because people have no money right now it's not going to help if you pile more costs on top of it!

That's the American way!

agree smiley



(BTW, it's spelled < y'all >.)
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Re: Kind of defeats the purpose, doesn't it?
Posted by: Buck
Date: March 30, 2020 11:33AM
Those deferred payments will just make the loan that much longer.
The question is: Will they keep accruing interest or not?
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