I completely agree but like rodents, many Americans get fat on owing money to banks for their entire lives, they just can not say no, willfully tie themselves to sharing their income each and every week with banks for stuff they shouldn't be buying and money they should not be borrowing. It's REALLY crazy and getting worse ... it will blow up, at sometime the future. Insanity ...
2024 Chevrolet Equinox EV
- Thread starter E365
- Start date
I have a car payment. 0% interest to Ford credit. The money I would have used to buy the car outright is still sitting in my 4.5% Marcus account. No other debt and there won't be unless it is also 0%.
I get that but the masses are not you, meaning even if they get that deal one time, the next time they will still finance.
You dont have any other debt so you're doing well.
There is one thing that some do not know, zero percent interest loans from dealers sometimes can be traded out for a lower purchase price. Also for others, transaction fees OR if they do not have "worthy credit" they will get whacked.
People either don't realize or refuse to care that with current market rates it's around $12k in interest to fully finance a $60k vehicle and take 72 months to pay off. I don't know how anyone could do this without a heavy down payment or a very low promotional financing rate and feel good about the deal.
There's definitely a tradeoff between interest rate and discounts. That's the deal I remember. Either so many thousands off or 0%, 1.9%, or whatever rate may be and it's usually about the same savings in interest as the discount, assuming you fully finance the vehicle with nothing down.
They just updated the info on the 1LT. 319 miles for $33,600 ($35k with destination). Comes later this fall. The $30k model got canned, but that was going to have a smaller battery & range.
Probably stripped-out enough that most people will avoid it though.