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Car Repossessions Double in 2022 [CLOSED DUE TO POLITICS]

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desmomini

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There is an Employee Retention Credit... a lot of accounting firms aren't putting in the time to learn it because it's temporary... or at least should be... so it's not talked about a lot. But our business (a small business and tax firm) has been able to get a ton of business out of it.

I'm NOT an accountant, so I'm not an expert about the details... but it's out there.
And the EIDL (under the CARES package introduced in 2020 by the prior administration) could still be tapped until late Spring 2022, with a maximum loan value of $2 million per applicant.
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YippieKiYayMrFalcon

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Meanwhile I’m just sitting here having refinanced the Jeep to a lower rate and shorter term back in December.

I do feel for people that got in positions where they HAD to buy a car in the last year, but I’m guessing a lot of those repos are people just buying outside their means.
 

FrostySerb

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I am surprised that the Disinformation Bureau hasn't stepped in to shut this discussion down.
I know how much money I make relative to the "average" American and somehow it seems like everyone is buying a lot more than me, during a time when "things" cost more (relatively) than ever before (in recent history). Entitlement and mismanagement at a high level has lead us to a point of no return ... It will get significantly worse before it gets better.
 

JSFoster75

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Meanwhile I’m just sitting here having refinanced the Jeep to a lower rate and shorter term back in December.

I do feel for people that got in positions where they HAD to buy a car in the last year, but I’m guessing a lot of those repos are people just buying outside their means.
My wife and I each have $15k+ equity in our Jeeps, this is the first time in our history of buying cars that we've ever had equity. And that is based on realistic numbers, not the currently hyper inflated numbers.

It baffles me how CarMax can get so much money out of a base Jeep...
 

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TJJL19

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I don't want to start an argument and this thread to get shut down, but people are still collecting money from the first stimulus the PRIOR administration signed... (my family runs an accounting firm, their workload has doubled since there are several programs people are eligible for)
Wait, I'm missing out!!!
OH, well Just another Firecracker red neck
 

Rodeoflyer

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I am surprised that the Disinformation Bureau hasn't stepped in to shut this discussion down.
I know how much money I make relative to the "average" American and somehow it seems like everyone is buying a lot more than me, during a time when "things" cost more (relatively) than ever before (in recent history). Entitlement and mismanagement at a high level has lead us to a point of no return ... It will get significantly worse before it gets better.
Absolutely.. people haven't slowed down at all. More driving, more traveling, more enjoying things post pandemic like they're making up for lost time. I don't get it either. Gas could be $10/gal and I still don't think they would slow down. Fortunately I'm an old bachelor and have a great paying job. I don't know how these families do it. Dual incomes help I guess.
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