Mike ashley trouble? (2 Viewers)

[Bruno]

The Big Short.

 

[Nick Name]

Just bought a new Subaru and financed it, 0% financing for 48 months. A person would be nuts to pay cash if you can finance for 0%.

Both of my Vettes were 0%

 

[mw6789]

A few years ago I was interested in a car. I asked the lady 3 or 4 times what the cost of the car was. She responded every time with “what kind of monthly payment are you looking for?” Knowing what her motives were as she went in to supposedly check the price I just left. I may have bought it had I not felt she was trying to play me.

Cars are sold on payments, at least for most folks. Knew of a local new car store that would raise the price of the vehicle once they got you locked in on a payment. MUCH more money to made these days on financing autos, not to mention selling service contracts and credit life, etc. Lot of the mega stores will sell the car at cost to get you in the finance office. They MORE than make it up in there.

 

[z28]

A few years ago I was interested in a car. I asked the lady 3 or 4 times what the cost of the car was. She responded every time with “what kind of monthly payment are you looking for?” Knowing what her motives were as she went in to supposedly check the price I just left. I may have bought it had I not felt she was trying to play me.

had a dealer do that to me too. see ya. sell to the next guy

 

[ironpony]

I go in and say this is the wife discount code, they show me the price. I finance get another 1-2K off and say NO to all ad ons. Go home and pay it off.
Now the 0% for XXX I would probably make the payment s for a year or so then get tired of it and pay it off.
Once you get to the point of being debt free on everything you hate making payment to anyone.
I have not owed anyone anything for about 10 years. It changes your entire mindset.

 

[mikebcurve]

Once you get to the point of being debt free on everything you hate making payment to anyone.
I have not owed anyone anything for about 10 years. It changes your entire mindset.

I agree. It sure did change my mindset. Between paying off mortgages and saving some money back nothing has ever given me more peace of mind. Being young living paycheck to paycheck sucked, lol.

 

[Joker]

Just fyi, 0% is not always the best deal. If you have great credit and can get a low rate, its better sometimes taking the rebates and financing it at a lower rate than doing 0% but not getting the rebates. And better for you in the long run aswell if you ever need to get rid of it, bc you will owe less on it.

 

[Jeff]

Agreed Justin, both of my mid 20's son's have vehicles financed at Space City Credit Union for 1.9% ..... the dealers all have to participate in 0% by giving up part of their holdback (the real profit that is not factored into invoice price).

I spoke with Justin and Mike a couple of times a month or so ago kicking the tires of the injected nitro assets they are selling ... it was pretty evident once Mike got on the phone that this Texan and that northern banker weren't going to see eye to eye on much. It was rather entertaining to listen to his pitch though .... basic premise is that this team (Anthony Disaro's old "Nitro U" assets) were packaged to be sold to someone who had absolutely zero current investment in racing assets. Hard to imagine jumping in with next to nothing, but I guess it happens.

The tough thing about trying to blame the corporation itself (let's say a public wall street firm) is that you end up punishing the public shareholder's .... who have no idea of the wrongdoing. Going after the individuals is the only way you can try to change people's actions.

 

[Nunz]

I've read in a couple places that Justin is making his TF debut at Charlotte this year. He's teamed with Dustin Davis.

 

[Rat]

I just hope Justin's company is clean. Not to mention having that last name must be a red flag in that industry.

 

[ironpony]

I just hold Justin's company is clean. Not to mention having that last name must be a red flag in that industry.

Define "clean" has not been caught yet or figured out how to get around the law as written.

 

[Nunz]

Define "clean" has not been caught yet or figured out how to get around the law as written.

So you're saying Justin is doing business in an illegal manner? That's not really fair to assume, is it?

 

[ironpony]

I simply asked for their definition of clean and if it is getting around the law as written that would not be illegal would it?

 

[MHayes]

I simply asked for their definition of clean and if it is getting around the law as written that would not be illegal would it?

Regardless of how you asked it, you are implying that he is not an ethical businessman. That is a big assumption to make when you know nothing about him, only his Dad.

 

[Rat]

You cannot make assumptions about Justin. It obviously a successful business if it's operating in the real estate sector. Until a story or tip comes out about trying to sniff around any coverups, he is clean. I do think that last name hurts him right now. Not everything is "like father, like son" crooked, yet I can't say I wouldn't keep my distance with that company due to what could be. I live about 15 mins from the actual "Lend America" location.

 

[Jer]

who knows whos clean,but i certainly would not to business with someone with the last name ashley esp when your father and grandfather got into some major trouble and now the young one is in the same business lol

 

[Jeff]

So back then (and those times don't exist anymore) there was no "income verification" .... the government needed the economy to expand and housing starts are a critical part of the economy (even greatly impacting the oil and gas economy that I make my living in). Mortgage originators loaned money that was repackaged as FHA/VA qualifying and sold to larger investor groups (largely you, me, the Chinese, and our retirement plans). They provided a decent return and were 100% backed (to the investors) by the US government. The fine print was pretty fine and the government kept lowering the standards to keep the economy going. Yes, I'm guessing Mike did something wrong, but (while I've not researched this at all) I'm gonna bet the regulators intentionally turned a blind eye until the bottom fell out. I'm not saying he was driving 66 in a 65, but I bet he wasn't over 85.....

Mortgage originators are a commodity business, somebody who wants to buy (or sell) a house is not very likely to care or know much at all about who they are doing business with .... they want a house.

As my lawyer has to tell me all the time our US legal process is not about getting justice .... it about seeing how much justice you can get, and don't expect 100% justice.

 

[ironpony]

who knows whos clean,but i certainly would not to business with someone with the last name ashley esp when your father and grandfather got into some major trouble and now the young one is in the same business lol

So, you are saying

The fruit does not fall far from the tree.

 

[mike]

So, you are saying

The fruit does not fall far from the tree.

Right on

 

[Rat]

So back then (and those times don't exist anymore) there was no "income verification" .... the government needed the economy to expand and housing starts are a critical part of the economy (even greatly impacting the oil and gas economy that I make my living in). Mortgage originators loaned money that was repackaged as FHA/VA qualifying and sold to larger investor groups (largely you, me, the Chinese, and our retirement plans). They provided a decent return and were 100% backed (to the investors) by the US government. The fine print was pretty fine and the government kept lowering the standards to keep the economy going. Yes, I'm guessing Mike did something wrong, but (while I've not researched this at all) I'm gonna bet the regulators intentionally turned a blind eye until the bottom fell out. I'm not saying he was driving 66 in a 65, but I bet he wasn't over 85.....

Mortgage originators are a commodity business, somebody who wants to buy (or sell) a house is not very likely to care or know much at all about who they are doing business with .... they want a house.

As my lawyer has to tell me all the time our US legal process is not about getting justice .... it about seeing how much justice you can get, and don't expect 100% justice.

The regulators ABSOLUTELY turned a blind eye until the bottom fell out. Then it came back to "ok, who are the fall guys?"