97 Month Auto Loan
- Thread starter The Critic
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I've got what they call a lifetime loan. I keep paying until I have to change the fluid in the transmission.
I swear everyone has lost their mind. Trading in a car with negative equity? wow
Originally Posted By: Cutehumor
If I was a CEO of a car company, I would drop the lease down payments to 0 and increase the monthly payment. you would sell alot of cars then because everyone loves to get a new car every 2-3 years.
I see $0 down leases all the time, I think this is already quite common.
If I was a CEO of a car company, I would drop the lease down payments to 0 and increase the monthly payment. you would sell alot of cars then because everyone loves to get a new car every 2-3 years.
I see $0 down leases all the time, I think this is already quite common.
Originally Posted By: The Critic
http://autos.yahoo.com/news/introducing-the-97-month-car-loan-202203365.html
alot of cash poor people out there. this is just to appease them.
http://autos.yahoo.com/news/introducing-the-97-month-car-loan-202203365.html
alot of cash poor people out there. this is just to appease them.
I can only imagine what happens when the warranty runs out and they now have monthly car payments AND large maintenance bills. You can BET repos will be the next "bubble" we see. LOL
Imagine all the 6, 7, and 8 year old repos that will be considered new cars. HAHAHAAAA!
Imagine all the 6, 7, and 8 year old repos that will be considered new cars. HAHAHAAAA!
Originally Posted By: antiqueshell
I can only imagine what happens when the warranty runs out and they now have monthly car payments AND large maintenance bills. You can BET repos will be the next "bubble" we see. LOL
Imagine all the 6, 7, and 8 year old repos that will be considered new cars. HAHAHAAAA!
This, so many people have these huge payments on cars and put miles on them so fast they are out of warranty within 1 or 2 years. When something catastrophic happens like a trans going out they are SOL.
We just had a customer with a Fusion with the FNR5 that did no servicing on her vehicle whatsoever because she couldn't afford it. The trans went out and it was somewhere around 6 grand for a Ford reman trans.
I can only imagine what happens when the warranty runs out and they now have monthly car payments AND large maintenance bills. You can BET repos will be the next "bubble" we see. LOL
Imagine all the 6, 7, and 8 year old repos that will be considered new cars. HAHAHAAAA!
This, so many people have these huge payments on cars and put miles on them so fast they are out of warranty within 1 or 2 years. When something catastrophic happens like a trans going out they are SOL.
We just had a customer with a Fusion with the FNR5 that did no servicing on her vehicle whatsoever because she couldn't afford it. The trans went out and it was somewhere around 6 grand for a Ford reman trans.
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.
Worse than that, BHPH lots often have questionable 10+ year old vehicles with weekly payments, sometimes $80 or $100 a week. Imagine paying nearly $400 a month for a 10 year old vehicle scraped from the bottom of the barrel at an auction.
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.
Worse than that, BHPH lots often have questionable 10+ year old vehicles with weekly payments, sometimes $80 or $100 a week. Imagine paying nearly $400 a month for a 10 year old vehicle scraped from the bottom of the barrel at an auction.
Wow...that's crazy. Just buy a cheaper car...
Now I have noticed more "lease then buy" cars. A Buddy of mine just leased a 13 Cruze LS pretty cheap for like a few hundred down. He could make a full payment, but the lease is like 119 a month. He's current paying down the rest of his debt, and already nearly has a few grand aside for this car. He figures at the end of a few years, he'll have more than half the money to pay it off. What is left will be a 36 month payment plan (guessing penfed) paid off in less than half.
You would think people would have a plan, or at least a bigger down payment...
Now I have noticed more "lease then buy" cars. A Buddy of mine just leased a 13 Cruze LS pretty cheap for like a few hundred down. He could make a full payment, but the lease is like 119 a month. He's current paying down the rest of his debt, and already nearly has a few grand aside for this car. He figures at the end of a few years, he'll have more than half the money to pay it off. What is left will be a 36 month payment plan (guessing penfed) paid off in less than half.
You would think people would have a plan, or at least a bigger down payment...
Originally Posted By: daves87rs
Wow...that's crazy. Just buy a cheaper car...
Now I have noticed more "lease then buy" cars. A Buddy of mine just leased a 13 Cruze LS pretty cheap for like a few hundred down. He could make a full payment, but the lease is like 119 a month. He's current paying down the rest of his debt, and already nearly has a few grand aside for this car. He figures at the end of a few years, he'll have more than half the money to pay it off. What is left will be a 36 month payment plan (guessing penfed) paid off in less than half.
You would think people would have a plan, or at least a bigger down payment...
Whoa whoa whoa, people have to be responsible for their finances now? That's no fun, they want their car now, not when they can afford it.
Wow...that's crazy. Just buy a cheaper car...
Now I have noticed more "lease then buy" cars. A Buddy of mine just leased a 13 Cruze LS pretty cheap for like a few hundred down. He could make a full payment, but the lease is like 119 a month. He's current paying down the rest of his debt, and already nearly has a few grand aside for this car. He figures at the end of a few years, he'll have more than half the money to pay it off. What is left will be a 36 month payment plan (guessing penfed) paid off in less than half.
You would think people would have a plan, or at least a bigger down payment...
Whoa whoa whoa, people have to be responsible for their finances now? That's no fun, they want their car now, not when they can afford it.
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.
I think it's a sign of the times. Nobody makes anything anymore. I'm just lucky I got into a good trade that pays well and so did my wife. I truly feel sorry for the folks in retail getting 8 bucks an hour with little to no chance of anything any better.
It ain't no joke...if u don't pay that note!!!
Originally Posted By: bdcardinal
This, so many people have these huge payments on cars and put miles on them so fast they are out of warranty within 1 or 2 years. When something catastrophic happens like a trans going out they are SOL.
Ding, ding, ding! There are a lot of people with ADD out there who just have to jump in the car and go gallivanting around with little foresight or planning. Amazon Prime and a Denver Boot would add years to these guys' cars, and money to their gas budgets.
Forget a trans going out, 4 tires at $200 each is a "catastrophe" for these jerks.
This, so many people have these huge payments on cars and put miles on them so fast they are out of warranty within 1 or 2 years. When something catastrophic happens like a trans going out they are SOL.
Ding, ding, ding! There are a lot of people with ADD out there who just have to jump in the car and go gallivanting around with little foresight or planning. Amazon Prime and a Denver Boot would add years to these guys' cars, and money to their gas budgets.
Forget a trans going out, 4 tires at $200 each is a "catastrophe" for these jerks.
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