Proverbs 22:7 - The rich rule over the poor, and the borrower is slave to the lender.
This is what I've been talking to you folks about.
I heard about a situation the other day;
A person had LEASED a used, high mileage truck and between insurance and lease payments, they were spending close to $1,000 a month!
They couldn't afford this (...well, yeah!) and they also couldn't get out.
Why? Because a leased or financed car ISN'T yours. The lender takes on almost no risk in most transactions. If there's any risk at all? Co-signer.
Tina was talking to a colleague of hers who had just purchased a vehicle a couple of years ago; she was test driving a new vehicle over the weekend and brought it in to work on Monday morning.
Tina told the colleague about our journey with the new RVR morphing in to the new Santa Fe and our regrets about the negative equity, the depreciation, the waste.
She probably won't listen, probably can't afford it, and probably will kick herself in a year or two.
Guys, we have to ask ourselves - why are lenders tripping over themselves to lend us money? Why are "More than half of Canadians {living} paycheque to paycheque and more than a third have no retirement savings"?
...hope you like the car!
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