Another Big Reason We Need The Elio

[satx]

poor people with bad credit would still need financing for $6800

if $6800 were a solution for poor people, then why are the Ms of used cars for $6800 not NOW a solution?

 

[Horn]

I think professional ethics and personal responsibility should both be goals of a society we live in.

Very true, but as an individual, it is easier to change yourself, yet many want the company giving credit to change.

Also I don't think high interest rates to a risky person is unethical (to a point). If you invest your money in General Electric, you would expect less of a return than penny stocks or other risky companies.

 

[RUCRAYZE]

Addressing the car issues alone, yes we all pay to cover those losses- like credit cards and defaulted mortgages.There are many poor folks who get screwed might just include folks who had every intention of repaying- hey I'm sure they include Vets, middle class folks who lost everything when there is/was no work, I'd even bet there are former employees from the Hummer plant who wound up in this tough situation through no fault of their poor money management skills.
There but for the grace of G*d go I.

 

[goofyone]

poor people with bad credit would still need financing for $6800

if $6800 were a solution for poor people, then why are the Ms of used cars for $6800 not NOW a solution?

The used car market in this country exists because lower priced used cars are indeed a solution right now for many poor people. EM wants to offer this same market the choice of a new vehicle so instead of buying used they would now have the option of buying a new vehicle with a warranty which is also likely to be more reliable than a used car.

How people choose to finance their purchase will be up to them however at the very least EM will not want to be directly associated with shadier side of the loan market. So even if the EM financing options will be, by the necessity of higher risk, more expensive for people with poor credit these people will at least not be subjected to some of the shadier tactics used in parts of the used car loan market.

 

[NSTG8R]

People have to stop blaming the loan companies. No one forces you to take out the big loan. It is no different than a credit card. No one forces you to use it and not pay it off.

The loan companies arent going to change. The only person you can change is yourself.

We (society) need financial education at a young age. IMO it should start in middle school. Too many people screw up in college and already start with the table against them. Fortunately, I have a small student loan.

We (society) can't keep blaming the loan companies and have to look in the mirror. I bet if everyone with poor credit only paid 4-5% interest on any loan, hey would still screw up elsewhere. Most people get a high interest rate loan due to their low credit score....

There are many people who need to take responsibility for their OWN actions.

Amen, Brother!! Can I get a little personal responsibility up in here!
You are, where you are, like it or not, because of the dicision's you've to this point in you life. "If you're tired of fighting battles with yourself, change your mind." [Sister Hazel quote there].

 

[Rickb]

The H & R Block Budget Challenge should be a requirement for high school graduation. There is an APP for that!
It's a financial "timing is everything" game. Students would learn and more importantly PRACTICE many real world money management skills: Paying bills, managing expenses, saving money, investing in retirement, and more.
It may be played somewhat like the ever popular FarmVille only practical.

Kids learn personal spending habits by observing and interacting with their parents. The fortunate kids have parents that set a good example and make an interactive effort to raise financially responsible kids. Financially irresponsible parents feed the cycle and choosing to drive an Elio will not change their money management skills and bad credit ratings.

Our public school system could provide some important guidance in this important money management lifeskill. Perhaps money management could be added as a unit in the Public Schools "New Math Curriculum". It would seem as practical as say Algebra and Geometry.

 

[CompTrex]

The H & R Block Budget Challenge should be a requirement for high school graduation. There is an APP for that!
It's a financial "timing is everything" game. Students would learn and more importantly PRACTICE many real world money management skills: Paying bills, managing expenses, saving money, investing in retirement, and more.
It may be played somewhat like the ever popular FarmVille only practical.

Kids learn personal spending habits by observing and interacting with their parents. The fortunate kids have parents that set a good example and make an interactive effort to raise financially responsible kids. Financially irresponsible parents feed the cycle and choosing to drive an Elio will not change their money management skills and bad credit ratings.

Our public school system could provide some important guidance in this important money management lifeskill. Perhaps money management could be added as a unit in the Public Schools "New Math Curriculum". It would seem as practical as say Algebra and Geometry.

My kids have a finance class where they go through Dave Ramsey's Financial Peace University curriculum. It's not too bad and gives them some things to think about. I don't agree with everything Ramsey does, but he's geared the course to people that aren't responsible, ie can't pay off credit cards at the end of each month.

 

[Rickb]

The people the affordable Elio will really help are the financially responsible mid and lower income groups. They will have a little more money to manage. Go Elio!

The people that are lousy money managers take a class and save some downpayment before you buy your next vehicle or anything you can't pay cash for.

The financially responsible people that suddenly can't make a payment or two because of a job loss or illness need a break. They are responsible and will no doubt bounce back as the opportunities arise.

 

[Horn]

My kids have a finance class where they go through Dave Ramsey's Financial Peace University curriculum. It's not too bad and gives them some things to think about. I don't agree with everything Ramsey does, but he's geared the course to people that aren't responsible, ie can't pay off credit cards at the end of each month.

Like x 1000!!!!!

I do think Ramsey is good for lower end financial knowledge, but I seem to disagree with some of what he says. (I have worked in the financial industry and have a Bachelor's in Finance.). The thing about him though is that he almost has to present it that way. He would never make the argument that instead of paying extra towards your house payment that if you put that money towards retirement, you would actually come out ahead....assuming you continue those payments for the full life of the loan and return rate is higher than loan interest rate. He can't say things like that because people will do that and it takes a lot of dedication to make it happen. (BTW, i'm not recommending that, but in "theory" it is true)

I also don't like that it seems like he is always trying to sell something.

I thought about going back to my high school and teaching a basic finance class for free. Would help out significantly, but I have a few things going on right now. Maybe when I retire in 40 to 50 years...haha

 

[CompTrex]

The people the affordable Elio really helps are the financially respnsible mid and lower income groups. They will have a little more money to manage. Go Elio!

The people that are lousy money managers take a class and save some downpayment before you buy your next vehicle or anything you can't pay cash for.

The financially reponsible people that suddenly can't make a payment or two because of a job loss or illness need a break. They are responsoble and will bounce back as opportunities arise.

We started filling out our taxes the other day and realized we must be lousy money managers...