Auto Loan delinquencies

http://www.msnbc.msn.com/id/23879390/

Jorge Valdes decided last October to get rid of his white BMW 525i sedan when the $700-a-month lease payments became too much to bear. “With gas and insurance I was paying over $1,000 a month to drive a vehicle and it didn’t make any sense,” said the 27-year-old firefighter who lives in Miami.

Once again I'd have to say that either this guy has other income streams or a Fireman in Miami makes some serious cash. My guess is that he, like many Americans, over extended himself and was forced to give up runnin' w/the Jones' and come back to reality. If you can't afford it and the associated costs that come with it, don't buy it. I could see him driving a 5-class being a young exec. but (call me a realist) a fireman.

LTRT2 wrote:http://www.msnbc.msn.com/id/23879390/

Jorge Valdes decided last October to get rid of his white BMW 525i sedan when the $700-a-month lease payments became too much to bear. “With gas and insurance I was paying over $1,000 a month to drive a vehicle and it didn’t make any sense,” said the 27-year-old firefighter who lives in Miami.

Once again I'd have to say that either this guy has other income streams or a Fireman in Miami makes some serious cash. My guess is that he, like many Americans, over extended himself and was forced to give up runnin' w/the Jones' and come back to reality. If you can't afford it and the associated costs that come with it, don't buy it. I could see him driving a 5-class being a young exec. but (call me a realist) a fireman.

Maybe his wife has a good job or maybe he has roommates, guessing he does living in Miami.

Firemen don't make that bad of coin.. even here. Maybe he'd be doing it for a long time and rented with some other guys so it was his only debt.. who knows. But I agree, he was overextended, got caught up in it.