97 Month Auto Loan

[racer12306]

This is just insane.

People need to get over themselves. You need a car. You don't need the newest or the nicest car.

A lot of this problem is my generation and the generation behind me.

Sure, I want to go out and buy a nice, new car but I don't need to and I'm certainly not going to take out an 8 year loan just to have that new car in the driveway.

 

[itguy08]

Originally Posted By: Nick R
Ok now even I would say that 97 months is a little... Um... Yeah. I mean 84 and even 72 are pushing it but 97 is getting to the point of ridiculousness even for me.


Even 72 months is a little long. Usually the higher interest rates of the longer loans means that payments are not that much less than the shorter term with a lower rate.

 

[KrisZ]

Sign of time I guess. But what do you expect when for sweet 16 most get a brand new car from their parents because their little precious will be concentrating on schooling (usually bachelor of fine arts or some other useless degree), so they don't want them to worry about cars breaking down.

This wouldn't bother me the slightest, but someone will have to pick up the bill for the financially challenged and it will be people with good jobs and savings.

 

[oilmaven]

It bothered me to finance the Suzuki for 48 months...will have it paid off in 36 (which is a good thing considering Suzuki isn't selling cars here anymore). The dealer recommended a 60 month loan but I insisted on 48...never used to do more than 36 months but with the prices of new cars the payments can be pretty steep for a short term. At this point in my life I have other goals and will probably never own another new car.

 

[jimmy87]

Originally Posted By: dishdude
Even worse are people buying 3-4 year old used cars and financing for 5-6 years. You would be amazed the number of people that are driving 10 year old cars that have a lien on them.


my first truck back in 2009 was an 04 gmc, I got 9.25 apr for 66 months at $399 a month, paid off and maintained it just fine! Now I'm 25 and in 2011 I financed a brand new 2011 at 1.45 apr, I'm in the army and truth be told I'm ready to get out! A couple months ago somebody up in Dallas totaled my truck, it sucks, knowing that it would not be wise to leave the service with a $30k+ loan, I opted for a used truck once again, So now I have a 2009 gmc sierra I owe just over 15K and I got a 4.99 apr, it's a used vehicle. On my 2011 I was paying $399 a month for 72 months, not a bad deal for me especially since I had already proven to myself that I can handle that kind of financial responsibility.

 

[racer12306]

Originally Posted By: oilmaven
At this point in my life I have other goals and will probably never own another new car.


I'm honestly not sure if I would even buy a brand new car. Significant savings are to be had with a 1 year old vehicle with less than 20,000 miles. Almost new, pretty hard to cause significant damage to a car in 20,000 miles and someone else took that new car price hit.

 

[itguy08]

Originally Posted By: racer12306

I'm honestly not sure if I would even buy a brand new car. Significant savings are to be had with a 1 year old vehicle with less than 20,000 miles. Almost new, pretty hard to cause significant damage to a car in 20,000 miles and someone else took that new car price hit.


I don't think that is the case any more. People/Dealers want crazy amounts for lightly used cars. Usually within $10k of list price of the same new model. With good negotiating skills, incentives, and lower finance rates the new car becomes mighty attractive, especially when the difference shrinks to less than $5000.

The "new car hit" only applies if/when you try to sell it. If you drive it into the ground it's of no worry to you.

 

[Doog]

Originally Posted By: Barkleymut
I swear everyone has lost their mind. Trading in a car with negative equity? wow


+1 exactly......

 

[Doog]

Originally Posted By: racer12306
Originally Posted By: oilmaven
At this point in my life I have other goals and will probably never own another new car.


I'm honestly not sure if I would even buy a brand new car. Significant savings are to be had with a 1 year old vehicle with less than 20,000 miles. Almost new, pretty hard to cause significant damage to a car in 20,000 miles and someone else took that new car price hit.


+1 All you need to do is get a 2 year old Toyota which had Toyota care and the oil changes are all documented. Any car under 45,000 miles falls into this category. If oil changes were done the rest is meaningless. I got my daughter a 2 year old Civic with 40,000 miles that sold new for $19,800 for $12,800. It now has 65,000 on it and I have put $300 total in maintenance in it. Plus it is certified with a 100k warranty. The dealer also gave her a $500 iPad with it too.

 

[VNTS]

LOL Toyota, leading the way in customer service, I wonder if Squire was there to help he r get the loan LOL

Originally Posted By: itguy08
[censored]! $480 for a crummy Camry for the next 7+ years. I pay $555 for my Taurus SHO for 60 months and have been paying on it to pay it off in 4 years.

 

[bdcardinal]

Originally Posted By: eljefino
Forget a trans going out, 4 tires at $200 each is a "catastrophe" for these jerks.


See it almost every day. They insist on the 18-19-20" tire option when they buy the car. When they never do rotations, or even the new problem of the 10k mile OCI with never having a rotate they get an estimate for new tires at their first oil change. I always quote the same factory tire to match, or try to find less expensive alternatives with the same speed rating / load index. I always get someone wanting to know if we sell used tires or take offs, and it is usually those people.

 

[itguy08]

Originally Posted By: bdcardinal
See it almost every day. They insist on the 18-19-20" tire option when they buy the car. When they never do rotations, or even the new problem of the 10k mile OCI with never having a rotate they get an estimate for new tires at their first oil change.


I had to get new tires for mine in February (they were unsafe in the snow). The looks that I got when I said my OEM tires lasted to 52k were priceless. People couldn't believe it. Guess that's what good rotation will do for you. Pay a little now or a lot later.

And, no I didn't have a heart attack on the price for the 20's. I knew what I was getting into going in, also a rarity. Only thing I asked of the dealer was to match Sears as Sears was $200 cheaper for a set of 4 with installation.

 

[supton]

97 months? Wow. I thought it odd when they offered me 66 months (I think it was because it got the payment to that 300/month mark, I know for me--and probably others--that is a nice number).

 

[sciphi]

That's crazy. If you can't pay it off by the time the powertrain warranty runs out, don't get it.

Wife is insisting on a new car once her Fit reaches 10 years old. I told her, "We'll see how it's running then". It's pretty up to date on maintenance, so it seeing over 10 years is a possibility. Her old car was a quivering basket case by 10 years old. Her Fit looks/runs like it did after we drove it off the lot.

 

[01rangerxl]

Originally Posted By: eljefino

Forget a trans going out, 4 tires at $200 each is a "catastrophe" for these jerks.


And tires aren't maintenance, they are "OMG THE CAR BROKE!!!11!"

One of my neighbors has an '06-'08 Ram 1500 with the 20" wheel package. One of the tires was down to the belts, so it got one new tire, the other three drag slicks are still on there. I can't imagine driving that truck in the rain. The owner is a nice guy, but clearly maintaining a crew cab truck on 20s is beyond his means/desire.

Then again, almost everything here is a hooptie in some way. There's a lawyer who works down the street with a scratched up, dirty, raggedy Maybach. Maybe Birmingham will have the first Pull-A-Part with a Maybach in it.

 

[Clevy]

Originally Posted By: Silverado12
It ain't no joke...if u don't pay that note!!!


I love that show. Dunno who writes the script but when I saw their repo vehicle get crushed I almost peed.

Anyways I haven't had a car payment in 6 years. I also don't buy new cars. I buy cars under 10 grand that I can fix myself or with a little help. My days of paying mechanics 100 a hour are history.
And soon I'll be Harley independent as well as I learn how mine works. All I need is the machine shop.
Guys paying 7 year notes on cars obviously can't afford the car. Heck my first house was a 10 year note paid in 7.
Debt sucks. I don't even have credit cards. Just a safe,well guarded and buried.
It helps that I don't spend much either. Fuel is my largest expense really.

 

[Tdbo]

Ninety seven months. That's just crazy.
People have to have the newest and fanciest.
Banks have to make a killing.
Manufacturers have to move the iron.
Gotta get the payments down to make them affordable.
Probably the only thing that will last in that transaction will be the payment.

 

[Vikas]

Why 97? Shouldn't it be 95? If I apply the usual ending in .99 scheme to it, it should be under 8 years instead of over 8 years

 

[sciphi]

Originally Posted By: eljefino

Forget a trans going out, 4 tires at $200 each is a "catastrophe" for these jerks.


That's the truth!

The Cruze will need tires soon, and it won't be cheap for good ones with the necessary V speed rating. Yes, the car is happy at triple-digit speeds, and can attain those speeds rapidly, even 130+ mph. I also happen to like how it handles on V speed rated tires. I knew that going in, and was willing to pay to play. If you wanted "cheap", should have purchased a LS with 16" steelies.

 

[hattaresguy]

No problem, these people make great renters!

Someone has to be stuck on the payment treadmill!