I hate my bank

[AwakenEvil]

On 3/19/2021 at 5:28 PM, rusty pins said:

Years ago I closed my bank account because they were trying to rip me off with fees.  When I closed it, I had $1.47 owing.  I was prepared to pay that, yet in the old days of calculators the bank stated I owed $9 and some change.  I said, "Nope!  Fingure it again!"  Then it dropped to $7 and some change, I said no, that's not correct either.  He tried two more times, getting it down to $5 and then $3 and change and finally the last time he came up with $1.47!  I was in my 20's at the time and rather brash with my comments, so as I left I made the parting remark, "It took you 5 times calculating to finally get the correct amount I owed, and you asked me why I wanted to close out my account?"

I had some real issues with a credit union in my early 20s and I made the mistake when I was 20 years old buying a brand spanking new mustang. It got repo'd cause 22k fully loaded V8 Convertible was way out of my price range but the dealership convinced me working at Mobil making less than $200 per week in/around year 1999 that I could afford this $450ish car payment.  Needless to say I had the car for about a year when repairs and rent finally caught up with me, and it got repo'd. I remember the car being for sale on the used market for a few thousand less but the credit union said it sold at auction for less than 3k. I fought with them over it for almost a year before finally saying fuck it and filling bankruptcy cause they wanted me to still pay 15k for a car I didn't own and one they claim was sold for 3k worth 15k to 18k at that time. The only bad experienceI had with a credit union in my home town.

[Dubious]

That's fucked up
When they take the car back by force in good condition they should delete the debt.

Thankfully its illegal to repo here the way its allowed in the states.
The court has to decide what to do. You can't just go take something back.
This can take months and even years. 
 

[rusty pins]

I bought my first new car in 1979 and it was a Cutlass for $6,600.  I was working making $4.00 an hour, age 20 and living with my parents.  I paid it off in 3-1/2 years and drove it for 9 years before trading it in on a new muscle sports car.  Of course, with the sports car they wanted me to take out a 5 year loan and I said no.  The finance director was a real butt hole and was belittling me all the way.  he said I couldn't possibly afford the payments.  Then I really got mad and said figure it out with interest for 5 years.  It came to $396 monthly payments with interest.  I said figure it out for 4 years and it came to $416 a month!  $20 difference and look at how much more I would have paid in interest!  I had that car paid off early too, 3 years and 4 months!  I learned a lot when I bought that first car in 1979 and after that I wouldn't take crap from anyone!  Push back, remember it's their job to make as much as they possibly can off of you.

[Diapered Jason]

Hey guys, agree that it is time to learn financial literacy. I love the guy above me who thinks he got a good deal on a car loan, lol. Dude, you got fleeced. Your like Hank Hill when he thought paying sticker price and not a cent more was a good deal. Always pay for your cars with cash! If you can't afford to pay for a new car without a loan, then you're are trying to but too much car, go get a used one.

For the OP, your #1 issue is not keeping an emergency fund. I'm surprised no one else mentioned this. Look guys, the bank is not going to bug you if you always have at least $2000 in your bank account.

Second issue, not having a budget that not only accurately accounts for your spending, but also predicts where you are going to need to spend money this month.

Third issue, should have done a side job real quick to get some money back into the account ASAP. The worst thing I have done when I was broke was donate plasma, but I recommend taking jobs on craigslist while you are looking for real employment. Use your talents.

Fourth issue, overspending. You got to kill these subscriptions if you have no income and you need to reserve all your money for the four walls; food, housing, water and electricity, and clothing. Everything else is not as important.

P.S. diapers don't count unless you are medically incontinent.

[feralfreak]

16 hours ago, Diapered Jason said:

Hey guys, agree that it is time to learn financial literacy. I love the guy above me who thinks he got a good deal on a car loan, lol. Dude, you got fleeced. Your like Hank Hill when he thought paying sticker price and not a cent more was a good deal. Always pay for your cars with cash! If you can't afford to pay for a new car without a loan, then you're are trying to but too much car, go get a used one.

For the OP, your #1 issue is not keeping an emergency fund. I'm surprised no one else mentioned this. Look guys, the bank is not going to bug you if you always have at least $2000 in your bank account.

Second issue, not having a budget that not only accurately accounts for your spending, but also predicts where you are going to need to spend money this month.

Third issue, should have done a side job real quick to get some money back into the account ASAP. The worst thing I have done when I was broke was donate plasma, but I recommend taking jobs on craigslist while you are looking for real employment. Use your talents.

Fourth issue, overspending. You got to kill these subscriptions if you have no income and you need to reserve all your money for the four walls; food, housing, water and electricity, and clothing. Everything else is not as important.

P.S. diapers don't count unless you are medically incontinent.

i gotta slightly disagree on one thing, if you are on something like ssi, even if you can save 2k, if you have that in an account you get in trouble with ssi, i think you are allowed something called an able account, but it has to be something you dont put money in yourself, as far as i understand it.

[Diapered Jason]

15 hours ago, feralfreak said:

i gotta slightly disagree on one thing, if you are on something like ssi, even if you can save 2k, if you have that in an account you get in trouble with ssi, i think you are allowed something called an able account, but it has to be something you dont put money in yourself, as far as i understand it.

$2000 is the resource limit for a single adult on SSI, but in that case, you can't be running a household, because it costs more than that if the A/C breaks for example. I'm not going to get into the weeds there though, because I have never been on SSI, so I am no expert there.

[feralfreak]

11 hours ago, Diapered Jason said:

$2000 is the resource limit for a single adult on SSI, but in that case, you can't be running a household, because it costs more than that if the A/C breaks for example. I'm not going to get into the weeds there though, because I have never been on SSI, so I am no expert there.

i know its a resource limit, im on it, not that i get that much anyway, only 794 a month, not counting stimulus whenever they do it

[Dubious]

I have a car loan..

Some times I wish I didn't get the car, but its nice to have when I need it and it will be paid off in 2022  (Was new in fall 2015)

Then I'm debt free

[feralfreak]

8 hours ago, Dubious said:

I have a car loan..

Some times I wish I didn't get the car, but its nice to have when I need it and it will be paid off in 2022  (Was new in fall 2015)

Then I'm debt free

we paid off our car 2 or 3 years ago, we was lucky, no interest, so every bit of it went to the balance, the only bad thing was that it was 500 a month, that took all of my ssi money each month, but mom gets ssdi, still had to use credit cards for food but oh well.

[rusty pins]

I'll never understand how people with low income and little money go out and buy a brand new car that they can't afford and it gets repossessed in a matter of months!  It's lunacy!  I bought two brand new cars in my life and paid them both off within 3 years!  I bought used ever since and never regretted it!  I bought a repo'd Ramcharger, 4 years old for $3,000.  I bought a Grand Cherokee 4 years old for half of what it stickered for brand new, and drove it for almost 20 years.  The Grand Cherokee I have now cost me $5,000 including parts and fixing the little things when I bought it used.  I paid cash for it, no loan and it's in like new condition.  If you can't afford it, BUY A GOOD USED CAR 5 OR MORE YEARS OLD!  No use buying something you can't afford, having it repossessed and ending up with nothing but bad credit!  It's just stupid!

[Dubious]

Guess I'm stupid ?

Car cost me about $40k, with about 5% interest  (I paid $10k cash, so $30k loan)
No idea what the end sum will be as I'm bad in math, but I'm sure its written in my contract

I pay it over 7 years cause at the time I couldn't afford more and now I wouldn't save much by changing the loan time

My first car I bought with cash, about $4k