A little off topic, but apparently Capitol One, Ally and Wells Fargo have removed dealer floorplan financing and has quit the subprime car lending. There is more detail, but these two tweets skim over the basics. Is this a sign of the banks prepping for rough times ahead? This guy is pretty interesting and I like the information he puts out.
Btw, what you are about to read is not an angry rant-it is just a fun philosophical rant. Gimme hell if you want. I am interested in rebuttals. Regarding the subprime lending, this system puts people in cars that they have no business owning, I have some personal pet peeves. Maybe it is me being a little envious or old fashioned (I still haven't owned my hotrod to this day, but that day will come after kids out of college). But, some of these young dudes driving brand new expensive camaros/corvettes/mustangs/bmw or whatever either have wealthy parents or live at mommy and daddies working for the car payment, but not helping parents with rent, utilities or food bills. I know some of you may give older dudes a hard time by labeling them as "mid-life crisis" if you see them in a shiny new corvette, but don't you think that theoretically, older dudes should be the ones driving the toys. I mean, we all had dreams when we were young about these cool sports car, but couldn't afford it for obvious reasons. Most of us are busy paying a mortgage, college, etc.., and don't really have the cash to have that extra vehicle. We have to settle for a family car to make sure there is plenty of room for all of the family. Anyway, you put that dream on hold until you can properly afford it when the mortgage comes down, kid's college is paid and some of life's expenses that are lowered when you no longer having kids in the house.
