I was perusing the used car ads and a dealer in New Hampshire has a full page ad of '07 and '08 cars and SUVs with 84 month loans. Aspen $329/84 mo. Subaru Legacy with 19K miles, $315/84 mo. '08 Kia Sportage $219/84 mo. '08 Jetta/84 mo. '07 Yukon $439/84 mo. Etc. AND all of the above are with $2995 down/6.99 APR. I just can't believe people are going with 7 year loans with such lousy terms especially on a used car. I don't know...or maybe I just need to get with the times.
The 7 year USED car loan
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Can you say Gap insurance.
Places like JD Buyrider specialize in this type of fleecing, where they won't even put a sales price on the vehicle. Instead, the only info you get is the monthly payment and loan terms.
$350 a month for a late model Legacy sounds awesome to someone who doesn't know how to amortize a loan and figure out how much they're paying for a car.
$350 a month for a late model Legacy sounds awesome to someone who doesn't know how to amortize a loan and figure out how much they're paying for a car.
Originally Posted By: Drew99GT
Places like JD Buyrider specialize in this type of fleecing, where they won't even put a sales price on the vehicle.
Right. No price tags I walk before the sales person makes it out the door.
Kind of makes me long for the socialist 50s when there were 2 year loan limits even for new cars.
Oh and they enfoced other bank regs, too. Oh well, everybody know the economy stank in the 50s. j/k
Places like JD Buyrider specialize in this type of fleecing, where they won't even put a sales price on the vehicle.
Right. No price tags I walk before the sales person makes it out the door.
Kind of makes me long for the socialist 50s when there were 2 year loan limits even for new cars.
Oh and they enfoced other bank regs, too. Oh well, everybody know the economy stank in the 50s. j/k
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Raised my son right. I offered to help him slightly with a new car for college and we would Cash for Clunkers the old Dakota, with stipulation it would need to be an economical car like a G5, Cobalt, Focus, or (gulp) Caliber. He turned me down, saying he didn't want a car loan and instead wants to save up through college and get a car he really wants upon graduation. Can't argue with that. The boy doesn't like the concept of going into debt.
Wow, that's highway robbery!
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Quote:
Places like JD Buyrider specialize in this type of fleecing, where they won't even put a sales price on the vehicle. Instead, the only info you get is the monthly payment and loan terms.
My son is the loan man at a JD Buyrider. I don't know if I'd call it fleecing. You're selling to high risk clients.
There you have no credit or bad credit. You don't shop for a specific car, you're shopping for "a" vehicle that you can manage to make payments on.
While you may think the payments are high for what you get, that comes with service. They maintain the vehicle. Trans goes ..they put a trans in it. Engine goes, they put an engine in it. They'll also repo it if you're so far behind.
There are people who go home without a car since the numbers don't work.
It's a very expensive way to buy a used car, but it's about the only way some will manage a reliable ride otherwise.
It is an unusual business though. They have a staffed service center, but only do in house work. The owner has two rollbacks that are idle more than they're ever run. He has two or three of the franchises.
Places like JD Buyrider specialize in this type of fleecing, where they won't even put a sales price on the vehicle. Instead, the only info you get is the monthly payment and loan terms.
My son is the loan man at a JD Buyrider. I don't know if I'd call it fleecing. You're selling to high risk clients.
There you have no credit or bad credit. You don't shop for a specific car, you're shopping for "a" vehicle that you can manage to make payments on.
While you may think the payments are high for what you get, that comes with service. They maintain the vehicle. Trans goes ..they put a trans in it. Engine goes, they put an engine in it. They'll also repo it if you're so far behind.
There are people who go home without a car since the numbers don't work.
It's a very expensive way to buy a used car, but it's about the only way some will manage a reliable ride otherwise.
It is an unusual business though. They have a staffed service center, but only do in house work. The owner has two rollbacks that are idle more than they're ever run. He has two or three of the franchises.
a 7 year car note you are guaranteed to be upside down most of the duration. Anything longer than 5 is excessive, and even 5 is pushing it.
Got 5 more payments on mine and can't wait for it to be over. $ years 0% on my Ion. Wished the deal on the wife's Sportage was as good.
Got 5 more payments on mine and can't wait for it to be over. $ years 0% on my Ion. Wished the deal on the wife's Sportage was as good.
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I never perceived 0% loans as a savings. It's typically offset by the price you pay. Someone is paying for the use of that money, and I always suspect it's the buyer.
..but $ for $ ..sure. I'll take 0%.
I don't care anymore. Unless I hit some random $1 ticket I play on a big Powerball, I'll never have a car payment again. I'll buy 3 year beaters (good ones) before I ever go into debt for a car again.
..but $ for $ ..sure. I'll take 0%.
I don't care anymore. Unless I hit some random $1 ticket I play on a big Powerball, I'll never have a car payment again. I'll buy 3 year beaters (good ones) before I ever go into debt for a car again.
Originally Posted By: Gary Allan
I'll never have a car payment again. I'll buy 3 year beaters (good ones) before I ever go into debt for a car again.
I can't say I never will, but I've been fortunate to arrange to avoid car payment since 1986.
I'll never have a car payment again. I'll buy 3 year beaters (good ones) before I ever go into debt for a car again.
I can't say I never will, but I've been fortunate to arrange to avoid car payment since 1986.
Originally Posted By: Gary Allan
I'll never have a car payment again. I'll buy 3 year beaters (good ones) before I ever go into debt for a car again.
I'm right there with you, Gary. Unless something big happens in my life, I can't see making any more car payments. Now, my wife on the other hand... She might be getting a new one time and again.
I'll never have a car payment again. I'll buy 3 year beaters (good ones) before I ever go into debt for a car again.
I'm right there with you, Gary. Unless something big happens in my life, I can't see making any more car payments. Now, my wife on the other hand... She might be getting a new one time and again.
Around here some dealers advertise weekly payments, which can be very high. That seems to be common in the South. I saw tons of the weekly payment places in Birmingham, some of them selling trucks that were pushing 20 years old for $75 a week.
Originally Posted By: Gary Allan
Quote:
Places like JD Buyrider specialize in this type of fleecing, where they won't even put a sales price on the vehicle. Instead, the only info you get is the monthly payment and loan terms.
My son is the loan man at a JD Buyrider. I don't know if I'd call it fleecing. You're selling to high risk clients.
There you have no credit or bad credit. You don't shop for a specific car, you're shopping for "a" vehicle that you can manage to make payments on.
While you may think the payments are high for what you get, that comes with service. They maintain the vehicle. Trans goes ..they put a trans in it. Engine goes, they put an engine in it. They'll also repo it if you're so far behind.
There are people who go home without a car since the numbers don't work.
It's a very expensive way to buy a used car, but it's about the only way some will manage a reliable ride otherwise.
It is an unusual business though. They have a staffed service center, but only do in house work. The owner has two rollbacks that are idle more than they're ever run. He has two or three of the franchises.
Look up the complaints on JD Buyrider.
Their business plan is to ripoff high risk buyers by selling cars at outrageously inflated prices, knowing full well many people will default, upon which the car is repoed and the person is still sued for the full value of the loan. Then, the car is resold. It's been documented by investigations that their business model is get people to default and to sell cars more then once.
Man Gary, for someone who's all for the little guy, I can't imagine you'd defend JD Buyrider!
Thankfully most states have put the smack down on them and a minimum, require a sales price to be put on each vehicle.
complaints
Quote:
Places like JD Buyrider specialize in this type of fleecing, where they won't even put a sales price on the vehicle. Instead, the only info you get is the monthly payment and loan terms.
My son is the loan man at a JD Buyrider. I don't know if I'd call it fleecing. You're selling to high risk clients.
There you have no credit or bad credit. You don't shop for a specific car, you're shopping for "a" vehicle that you can manage to make payments on.
While you may think the payments are high for what you get, that comes with service. They maintain the vehicle. Trans goes ..they put a trans in it. Engine goes, they put an engine in it. They'll also repo it if you're so far behind.
There are people who go home without a car since the numbers don't work.
It's a very expensive way to buy a used car, but it's about the only way some will manage a reliable ride otherwise.
It is an unusual business though. They have a staffed service center, but only do in house work. The owner has two rollbacks that are idle more than they're ever run. He has two or three of the franchises.
Look up the complaints on JD Buyrider.
Their business plan is to ripoff high risk buyers by selling cars at outrageously inflated prices, knowing full well many people will default, upon which the car is repoed and the person is still sued for the full value of the loan. Then, the car is resold. It's been documented by investigations that their business model is get people to default and to sell cars more then once.
Man Gary, for someone who's all for the little guy, I can't imagine you'd defend JD Buyrider!
Thankfully most states have put the smack down on them and a minimum, require a sales price to be put on each vehicle.
complaints
Last edited:
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They're franchises and I imagine that there can surely be a sleaze factor to many of them. I don't see this sorta thing where my son works. It's actually a very laid back operation from the way he depicts it. He surely has no contempt for anyone. They can either manage it or they can't.
There's also the other end of the operation. Said high risk client allows his insurance to lapse ..moves ..and smashes up the car. It's now put in the back of the lot to assess what's salvageable.
This is not what I planned for him as a career path, but I've worked in my fair share of less than upright operations ..and many of them had a stellar "image".
With a new car dealership held as some ideal template to model after ..how far to you have to drop to be in sleaze??
There's also the other end of the operation. Said high risk client allows his insurance to lapse ..moves ..and smashes up the car. It's now put in the back of the lot to assess what's salvageable.
This is not what I planned for him as a career path, but I've worked in my fair share of less than upright operations ..and many of them had a stellar "image".
With a new car dealership held as some ideal template to model after ..how far to you have to drop to be in sleaze??
According to their website, the J.D. Byrider in Charlotte offers "midsize, pickups, SUVs, and Chevy Vans."
http://www.jdbyrider.com/28273/get-a-good-car/North-Carolina/Charlotte/
Specifically Astro conversions on rims.
http://www.jdbyrider.com/28273/get-a-good-car/North-Carolina/Charlotte/
Specifically Astro conversions on rims.
Originally Posted By: Drew99GT
Originally Posted By: Gary Allan
Quote:
Places like JD Buyrider specialize in this type of fleecing, where they won't even put a sales price on the vehicle. Instead, the only info you get is the monthly payment and loan terms.
My son is the loan man at a JD Buyrider. I don't know if I'd call it fleecing. You're selling to high risk clients.
There you have no credit or bad credit. You don't shop for a specific car, you're shopping for "a" vehicle that you can manage to make payments on.
While you may think the payments are high for what you get, that comes with service. They maintain the vehicle. Trans goes ..they put a trans in it. Engine goes, they put an engine in it. They'll also repo it if you're so far behind.
There are people who go home without a car since the numbers don't work.
It's a very expensive way to buy a used car, but it's about the only way some will manage a reliable ride otherwise.
It is an unusual business though. They have a staffed service center, but only do in house work. The owner has two rollbacks that are idle more than they're ever run. He has two or three of the franchises.
Look up the complaints on JD Buyrider.
Their business plan is to ripoff high risk buyers by selling cars at outrageously inflated prices, knowing full well many people will default, upon which the car is repoed and the person is still sued for the full value of the loan. Then, the car is resold. It's been documented by investigations that their business model is get people to default and to sell cars more then once.
Man Gary, for someone who's all for the little guy, I can't imagine you'd defend JD Buyrider!
Thankfully most states have put the smack down on them and a minimum, require a sales price to be put on each vehicle.
complaints
outrageously priced cars that aren't worth anywhere near the price, that eventually need serious work, then coupled with interest rates that border on usery rates. they are targetted toward those who have lousy credit because its the only financing these people can get. what makes it worse is when the vehicle breaks down from something serious. not only are they overpaying on the price of the car and sky high interest, but now they are soaked with a repair bill on top of it. a recipe for further disaster.
Originally Posted By: Gary Allan
Quote:
Places like JD Buyrider specialize in this type of fleecing, where they won't even put a sales price on the vehicle. Instead, the only info you get is the monthly payment and loan terms.
My son is the loan man at a JD Buyrider. I don't know if I'd call it fleecing. You're selling to high risk clients.
There you have no credit or bad credit. You don't shop for a specific car, you're shopping for "a" vehicle that you can manage to make payments on.
While you may think the payments are high for what you get, that comes with service. They maintain the vehicle. Trans goes ..they put a trans in it. Engine goes, they put an engine in it. They'll also repo it if you're so far behind.
There are people who go home without a car since the numbers don't work.
It's a very expensive way to buy a used car, but it's about the only way some will manage a reliable ride otherwise.
It is an unusual business though. They have a staffed service center, but only do in house work. The owner has two rollbacks that are idle more than they're ever run. He has two or three of the franchises.
Look up the complaints on JD Buyrider.
Their business plan is to ripoff high risk buyers by selling cars at outrageously inflated prices, knowing full well many people will default, upon which the car is repoed and the person is still sued for the full value of the loan. Then, the car is resold. It's been documented by investigations that their business model is get people to default and to sell cars more then once.
Man Gary, for someone who's all for the little guy, I can't imagine you'd defend JD Buyrider!
Thankfully most states have put the smack down on them and a minimum, require a sales price to be put on each vehicle.
complaints
outrageously priced cars that aren't worth anywhere near the price, that eventually need serious work, then coupled with interest rates that border on usery rates. they are targetted toward those who have lousy credit because its the only financing these people can get. what makes it worse is when the vehicle breaks down from something serious. not only are they overpaying on the price of the car and sky high interest, but now they are soaked with a repair bill on top of it. a recipe for further disaster.
The government should do something about that!!
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