You know, it seems like only a month ago I was doing a posting on the government stepping in to bail out those who gambled and lost in the real estate market with adjustable rate mortgages. (Oh wait, it was just a month ago!) Well it seems that much like I had warned, the auto industry is picking up torch and is running with it as if they were on their way to the Beijing games with a bunch of Tibetan protesters nipping at their heals.I don't know if you have been listening closely to the car dealers commercials lately, but I have. They are offering deals on new car purchases which include paying off the loan on your existing car, even if it's $10,000 more than your car is worth!
Perhaps I am simply over-reacting to the situation; but it seems to me that if you are financing a new car plus $10,000 more that you still owe on the old one, you might be placing yourself in a questionable financial situation. The fact that you are probably buying this new car because you can't afford the gas for your current vehicle might likewise make us believe that you are a someone potentially in an over-extended credit position.
Of course these auto dealers, and the people stupid enough to buy cars using such a program are probably counting on the fact that it is more than likely that we will see a Democratic majority in Congress (and a Democratic president as well). Certainly such a kind, compassionate, and caring group of politicians will look with equal favor upon these transportation ne'er-do-wells going down the road (pun intended) and likewise find a bail out program for these victims of "big oil" and "predatory auto lenders".
Now if you will excuse me, I have to go find my duct tape. My head is about to explode....
1 comment:
Hey, if you can't find your duct tape, I still have plenty left.
It was a big roll.
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