corona virus

[Jaynelson]

With regard to the above post on loans in the leisure world (powersports, power equipment, RV’s, boats)...that’s my line of work. We are definitely seeing a buying frenzy across the board for anything outdoorsy. Who is buying? Everyone - old people, young people, broke people, rich people. I would say the largest growth has been the family and new buyer segments. Junior isn’t playing a lot of soccer tournaments right now, and the fam isn’t going to Mexico.

Contrary to popular belief - no one is buying houses, trucks, side by sides, dirtbikes or $10k mountain bikes with stimmy cheques or CERB. A couple g’s or whatever is largely irrelevant to today’s households...a few trips to the grocery store. The gov has probably made that all back and then some via sales taxes and real estate transaction taxes with the shear volume of crap people have bought. So its something to talk about and that’s about it.

Finance penetration (giggity) is pretty flat, so as a percentage no more people are buying on credit. But more total loans are being written. I would say the turndown percentage is pretty stable from historical levels as well. Yes you have some people trying to bury themselves, but you always do. If anything, you are seeing a few less turndowns from Poor credit alone....and a few more due to too many new loans, and/or high debt/service.

People have bought a lot of stuff in the past year, but for the most part it seems to be people who can afford it. If anything- covid crazy retail seems to have loosened the wallets of those that are typically on the cheap side. The people who try to buy everything in site have always been that way.

bit of a macro view, but the trends seem to hold true

 

[leisureexpress]

 

[Hawkster]

 

[Hawkster]

camera off , mask off

 

[Mafesto]

We're all over board in this thread, many things to comment on.
First, chinah flu was a health issue, not an economic issue. The left used the chinah flu to implement policies creating economic hardships. Had they allow people to determine their own behavior based on their own common sense and needs, the economic impact would have been much smaller and for the most part would have affected non-essential industries.

Second, the boomers are not the source of anyone's woes, and neither are us Gen Xers.
Every generation faced obstacles. The difference is that the millennials are the first that want to blame everything on someone else and refuse to pull their own weight.
I have worked with several and for the most part, they simply have zero interest in working overtime. Let me tell you, OT paid for alot of my toys and a ton of partying. It's laughable hearing some of you say that you don't have an opportunity to get ahead....overtime, work it.
Of course there are a select few that still have the work ethic. One of the millennials I have worked with for years worked 80 plus hours per week when it needed to be done. Guess what, he recently bought the business! Still works near double the hours, and is twice as productive while doing it. If he's on his phone,it's business related and his hands are still working. My goodness, I'd like to smash these children's cell phones.

Third, it's not if this economy bursts, it's when. The crisis has been created by the government paying people to not work.
During hard times there should be food lines and if needed work programs. Politicians are stealing from future generations and should be imprisoned or worse. Hard times are supposed to suck. There must be a huge gap in lifestyle between those working and those not.

Fourth, my generation was much softer than my father's generation. This current generation is much softer than my generation. I'm concerned that they are becoming so dependent on the government that they lack the resolve to stand up to it. This will be our undoing. Bank on it.

 

[stum1967]

With regard to the above post on loans in the leisure world (powersports, power equipment, RV’s, boats)...that’s my line of work. We are definitely seeing a buying frenzy across the board for anything outdoorsy. Who is buying? Everyone - old people, young people, broke people, rich people. I would say the largest growth has been the family and new buyer segments. Junior isn’t playing a lot of soccer tournaments right now, and the fam isn’t going to Mexico.

Contrary to popular belief - no one is buying houses, trucks, side by sides, dirtbikes or $10k mountain bikes with stimmy cheques or CERB. A couple g’s or whatever is largely irrelevant to today’s households...a few trips to the grocery store. The gov has probably made that all back and then some via sales taxes and real estate transaction taxes with the shear volume of crap people have bought. So its something to talk about and that’s about it.

Finance penetration (giggity) is pretty flat, so as a percentage no more people are buying on credit. But more total loans are being written. I would say the turndown percentage is pretty stable from historical levels as well. Yes you have some people trying to bury themselves, but you always do. If anything, you are seeing a few less turndowns from Poor credit alone....and a few more due to too many new loans, and/or high debt/service.

People have bought a lot of stuff in the past year, but for the most part it seems to be people who can afford it. If anything- covid crazy retail seems to have loosened the wallets of those that are typically on the cheap side. The people who try to buy everything in site have always been that way.

bit of a macro view, but the trends seem to hold true

Might be a regional thing around here, but I get to hear from our finance manager daily about how upside down a lot of customers are. In the last year it has gotten way worse. Good example is a guy in his 40's making 16k a month trying to finance a 17k used boat, to pull behind his financed 5th wheel that is pulled by his financed cummins. He sees this stuff every day.

 

[Skidoox]

 

[Skidoox]

 

[leisureexpress]

 

[leisureexpress]

 

[simple]

I just can't even get into Maf's load of garbage post. Good to know we were right he isn't the boss of anyone or anything.

The conclusion is the best "This will be our undoing. Bank on it"

Dude, how many times to we have to tell your MAGA moron ass that you are never right about anything. You are constantly wrong. So yeah...we can bank you losing that bet...again.

Honestly what did you do with your stimulus check? Did you tear it up in defiance? Don't lie now, Jesus is watching.

 

[Hawkster]

 

[simple]

Might be a regional thing around here, but I get to hear from our finance manager daily about how upside down a lot of customers are. In the last year it has gotten way worse. Good example is a guy in his 40's making 16k a month trying to finance a 17k used boat, to pull behind his financed 5th wheel that is pulled by his financed cummins. He sees this stuff every day.

I don't follow. Makes $16,000 a month? Has a couple of loans adding up to $120k? How is that upside down?

 

[Hawkster]

 

[Hawkster]

I have a question

Does anybody here actually know how PERFECT your DNA has to be to have what some would call a norm born child ??

Any alteration of a DNA will have a consequence , take away and X or Y and the child will be lucky to even take a breath of fresh air .

Genetically enhancing the parents is an okay thing ? when we don't even know the outcome since the tested animals died .

Are you nuts ?

Anyone to push the jab should be brought up on charges of killing those that have died since the jab is not liable for anything .

 

[leisureexpress]

 

[leisureexpress]

I have a question

Does anybody here actually know how PERFECT your DNA has to be to have what some would call a norm born child ??

Any alteration of a DNA will have a consequence , take away and X or Y and the child will be lucky to even take a breath of fresh air .

Genetically enhancing the parents is an okay thing ? when we don't even know the outcome since the tested animals died .

Are you nuts ?

Anyone to push the jab should be brought up on charges of killing those that have died since the jab is not liable for anything .

One of the few positives I see from this is that a bunch of brainwashed commies and socialists that are bad at math (pushing a experimental vax for a virus that has a 99.998% survival rate) are being very proactive in offing themselves from the planet so before too long we won't have to listen to them anymore. Until then, they are for entertainment value only.

 

[Hawkster]

 

[Jaynelson]

Might be a regional thing around here, but I get to hear from our finance manager daily about how upside down a lot of customers are. In the last year it has gotten way worse. Good example is a guy in his 40's making 16k a month trying to finance a 17k used boat, to pull behind his financed 5th wheel that is pulled by his financed cummins. He sees this stuff every day.

For sure it’s a bit regional - established people are pretty financially sound around here, and typically conservative with their spending. But we still see the full spectrum - less of the crazy debt now the the Alberta oilfield doesn’t pay what it used to. That crowd was king of make $150k a year, spend $225k....it was crazy times.

BUT those stories you elude to are nothing new. They’re always eye opening ...but they’ve been around for 20 years. Those examples are not decreasing in frequency, but there’s not a sharp increase either in my experience.

 

[leisureexpress]