Erac Q

the same boat as the bad sub-prime mortgage people? Most owe more than their gas guzzlers are worth, can't afford to drive them and can't sell them. That's a direct result of car dealers burying them further by tacking on their payoff trade-in balance due onto the new loan.
J.B., they will only bail you out if you're the Ferrari dealer or one of the top CEOs of the huge companies that went broke...apparently they're the only ones who get the bailouts and bonuses (Golden Parachutes). Us "common people" just get screwed.
Gas prices are "MAGICALLY" cheaper these next 2 weeks because there's an election going on. Haven't you ever noticed this ODD pattern?

bigmomma

I have a mini van. I have it because it's the only type of vehicle that will carry my Oxygen tank so that I can travel. Otherwise, I would be almost totally confined to the area around my small town. My husband and I are very conservative in our spending and outlook on life. I don't owe more on my van than it's worth. In fact, we will shortly pay it off. BTW, we are far from wealthy. We just don't have a need to own more than we can afford.

mark32541

Gas is cheap, why couldn't they drive them ?

Gas prices are almost back down to where they were when Republicans controlled Congress.

Clarke

I have an SUV note that's $289/mo and I spend $200/mo on gasoline at $2.65/gal. I've never missed a payment and my Jeep is sitting about 30 feet from me at work right now.

The problem is not with what people purchased. The problem is that PEOPLE PURCHASED THINGS THEY CAN NOT AFFORD. I can afford my Jeep and thus, I have no problem.

Rick K

You are right in what you are saying that people that have bought more automobile that their purse can afford, are in a financial problem.

But you should consider why they are in that boat.

Some of them were going along in like and paying their bills, but maybe working some overtime. At that time if you look at what they brought home, they had the money to buy that luxury car.

Now that the economy has recessed, the overtime is gone and in some cases the job is gone. So instead of working for $25 per hour they are working at Walmart or McDonald's for 8 to 10 dollars per hour. And yes they still are driving their Lincoln Navigator that get 11 miles per gallon.

Yes they made the wrong decision and yes they were probably convinced by the car salesperson that they could afford it, but how could they have known that they would lose their job.

None of the Financial Wizard that run our country knew either.

J B

If I buy a Ferrari and can't make the payments will the government bail me out?