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Old 02-18-2019, 10:29 AM   #16
JustRalph
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Originally Posted by MONEY View Post
Last week I went to a used car dealer in Victoria Tx. with my son.

We found a car that we were interested in, but the only price on the car was $1,000 down.

My son told the salesman that he wanted to pay cash for the car, if the price was right.

The dealer refused to sell the car for cash or give us a price.
He just kept insisting that my son accept one of the great finance deals that the dealership was offering.

Needless to say, we left without making a deal.
He has probably already installed the “location package” which can cost him between $80 and 800 depending on what he’s using. Then he sells the same car two or three times over the next three years and repo’s it a couple times using the location gear.

He makes huge money off the interest etc. very nice shiny cars get this treatment. Chargers and sports cars from Dodge, very often. Anything sporty
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Last edited by JustRalph; 02-18-2019 at 10:30 AM.
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Old 02-18-2019, 11:08 AM   #17
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Originally Posted by Clocker View Post
Part time jobs are not counted as being employed in the government data. If you have two part time jobs, statistically you are unemployed.
I think anything over 20 hours a week is counted as employment, stat-wise.
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Old 02-18-2019, 11:29 AM   #18
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I think anything over 20 hours a week is counted as employment, stat-wise.
All part time and full time jobs are considered as being employed. No shades of gray so to speak. From the Bureau of Labor Statistics:

https://www.bls.gov/cps/cps_htgm.pdf

Who is counted as employed?
People are considered employed if they did any work at all for pay or profit during the
survey reference week. This includes all part-time and temporary work, as well as regular
full-time, year-round employment. Individuals also are counted as employed if they have
a job at which they did not work during the survey week, whether they were paid or not,
because they were:
 On vacation
 Ill
 Experiencing child care problems
 On maternity or paternity leave
 Taking care of some other family or personal obligation
 Involved in a labor dispute
 Prevented from working by bad weather
These people are counted among the employed and tabulated separately as with a job but
not at work, because they have a specific job to which they will return.
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Old 02-18-2019, 11:32 AM   #19
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Originally Posted by TJDave View Post
I’d hope this dealer goes broke.
But I’ll bet he’s not carrying the paper.

Why would they be carrying the paper? Dealerships that once specialized in being a repo depot have gotten away from it in a large way, my parent group as well.
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Old 02-18-2019, 07:07 PM   #20
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I have been told that dealers are leasing cars without running credit checks or income verification. Could this be the next financial crisis that hits the US.
Not likely. It's a lot easier to repo a car vs. a house.

Plus, the total amount of these loans doesn't come anywhere close to what was happening in the housing market over a decade ago...
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Old 02-18-2019, 08:04 PM   #21
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Originally Posted by Clocker View Post
Part time jobs are not counted as being employed in the government data. If you have two part time jobs, statistically you are unemployed.
Total bullshit my friend...

https://www.bls.gov/cps/cps_htgm.htm

Who is counted as employed?
People are considered employed if they did any work at all for pay or profit during the survey reference week. This includes all part-time and temporary work, as well as regular full-time, year-round employment. Individuals also are counted as employed if they have a job at which they did not work during the survey week, whether they were paid or not, because they were:
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Old 02-18-2019, 08:41 PM   #22
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Originally Posted by delayjf View Post
I have been told that dealers are leasing cars without running credit checks or income verification. Could this be the next financial crisis that hits the US.

Income is almost never verified unless you are a sub-prime score.
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Old 02-18-2019, 08:56 PM   #23
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Originally Posted by sammy the sage View Post
Total bullshit my friend...

https://www.bls.gov/cps/cps_htgm.htm

Who is counted as employed?
People are considered employed if they did any work at all for pay or profit during the survey reference week. This includes all part-time and temporary work, as well as regular full-time, year-round employment. Individuals also are counted as employed if they have a job at which they did not work during the survey week, whether they were paid or not, because they were:

Did you just cut and paste part of a post about 4 posts back?

The BLS computes a number of "unemployment reports". In some cases they classify part timers who want full time work as unemployed. I think that gives important information about the state of the economy, and the government should be more open about it.
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Old 02-18-2019, 11:48 PM   #24
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Originally Posted by sammy the sage
Total bullshit my friend...
To be more precise, the BLS (Bureau of Labor Statistics) computes 6 unemployment rates, U-1 to U-6. U-1 is the least detailed and the least informative. When the government and the media talk about "the unemployment rate", they are always talking about U-3. As you move from U-1 down to U-6, at each step you get more and more detail, and more and more truth and reality.

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The official unemployment rate used by the U.S. government and recorded by the Bureau of Labor Statistics (BLS) is called the U-3 rate. This is the percentage of the labor force that is unemployed and has actively sought employment within the past four weeks. The portion of the unemployed that has not looked for a job in the past four weeks is no longer considered unemployed but is considered "marginally attached."

The U-6 rate, on the other hand, factors in this marginally attached percentage of the labor force in its unemployment calculation. The marginally attached group includes discouraged job seekers who have given up looking for work. This group includes workers who have unsuccessfully looked for work sometime in the past twelve months. Marginally attached workers also include people who have returned to school or become disabled, in which case they may or may not return to the labor force.

In addition to the marginally attached category, the U-6 rate also includes the underemployed in the labor force in its metrics. The underemployed represent people who would prefer full-time jobs but have settled for part-time jobs due to economic conditions. While the U-3 rate considers this category of workers to be employed, the U-6 considers the group unemployed. For this reason, the U-6 rate is considered a indicate of the state of the economy because it consists of people who would like full-time jobs but have been unsuccessful in their job search.
https://www.investopedia.com/terms/u/u6-rate.asp
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Old 02-19-2019, 05:45 AM   #25
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To be more precise, the BLS (Bureau of Labor Statistics) computes 6 unemployment rates, U-1 to U-6. U-1 is the least detailed and the least informative. When the government and the media talk about "the unemployment rate", they are always talking about U-3. As you move from U-1 down to U-6, at each step you get more and more detail, and more and more truth and reality.

https://www.investopedia.com/terms/u/u6-rate.asp
Well at least the walk-back was MUCH more factually correct...appreciate where you're coming from now... your original BROAD BRUSH statement (written like a politician)...was mis-leading......of which everyone here has done a time or too...although I try hard not too...
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Old 02-19-2019, 11:54 AM   #26
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Well at least the walk-back was MUCH more factually correct...appreciate where you're coming from now... your original BROAD BRUSH statement (written like a politician)...was mis-leading......of which everyone here has done a time or too...although I try hard not too...
As the old saying goes, there are lies, damn lies, and statistics, especially government statistics. You can use them to prove just about anything. And with 6 different unemployment rates, you can claim a lot of different things depending on what you want. My point was that not being able to find a full time job when you want or need one is a real form of unemployment, a form that the government tries to ignore.
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