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Started By
Message
9 year auto loans.
Posted on 3/2/19 at 4:48 pm
Posted on 3/2/19 at 4:48 pm
I was buying the wife (no pics) a used vehicle yesterday. While I was sitting on the sales floor I overheard a mid 20s person making a deal on a $55,000 truck.
The sales guy was telling the customer that he could get him financed for nine years at $600 a month. NINE YEARS!.. he signed the papers.
America.
The sales guy was telling the customer that he could get him financed for nine years at $600 a month. NINE YEARS!.. he signed the papers.
America.
This post was edited on 3/2/19 at 4:57 pm
41
Posted on 3/2/19 at 4:50 pm to BearCrocs
That’s insane.
Posted on 3/2/19 at 4:51 pm to BearCrocs
Gonna be underwater in 3 years when he wants something new / sheesh
Posted on 3/2/19 at 4:53 pm to BearCrocs
Had a neighbor who was upside down on a trailblazer of all things. She tells me they put her on a smart plan. It was a 10 year note. I am guessing she said I will only pay X a month. Didn't seem like a smart plan to me.
Posted on 3/2/19 at 4:56 pm to BearCrocs
A lot of idiots only care about what it will cost per month rather than the total price and finance charges over the length of the loan
Same idiots are OK with paying 24% interest on credit card purchases. "But I only have to pay $25 a month on my credit card bill!"
Same idiots are OK with paying 24% interest on credit card purchases. "But I only have to pay $25 a month on my credit card bill!"
Posted on 3/2/19 at 4:59 pm to BearCrocs
It'll take 9 years to complete that Exxon project. Steady work for a baw.
Posted on 3/2/19 at 4:59 pm to BearCrocs
quote:
mid 20s person making a deal on a $55,000 truck.
The sales guy was telling the customer that he could get him financed for nine years at $600 a month. NINE YEARS!.. he signed the papers.
All of this is what's wrong with this country today.
Posted on 3/2/19 at 5:00 pm to BearCrocs
Refinance and include it in the mortgage loan if you are going that long anyways.
Posted on 3/2/19 at 5:02 pm to BearCrocs
I got a flier in the mail from a local RV sales lot. Campers were on 144 months financing at 7.5% and big RVs were 240months financing at 7.5% Who the frick signs up for these notes?
Posted on 3/2/19 at 5:02 pm to BearCrocs
Were the truck nuts extra?
Posted on 3/2/19 at 5:02 pm to BearCrocs
quote:
9 year auto loans
Craziness
Posted on 3/2/19 at 5:06 pm to CoachChappy
quote:
Who the frick signs up for these notes?
Braydyn is starting travel ball, with Jaxyn and Justyn following behind. That's a solid ten years of RVing.
Posted on 3/2/19 at 5:09 pm to RLDSC FAN
the only way I’d take a loan like that is if it weren’t my primary car and was investment grade exotic. Carrera GT, Enzo , manual Lambo. Something like that can be owned relatively cheaply on a note like that. Drive it a little bit as the value goes up then sell after 2 years or so.
Posted on 3/2/19 at 5:13 pm to BearCrocs
My first job out of college was sub prime auto lending (hated it and quit after 6 months), but I’d say that out of the 90-100 loans I did, about 5 asked what the actual interest rate was.
Part of me felt bad, but then again these people had 500 credit scores and basically have never paid anyone back as agreed in their entire life.
Part of me felt bad, but then again these people had 500 credit scores and basically have never paid anyone back as agreed in their entire life.
Posted on 3/2/19 at 5:16 pm to airlinehwypanhandler
quote:
A lot of idiots only care about what it will cost per month rather than the total price and finance charges over the length of the loan Same idiots are OK with paying 24% interest on credit card purchases. "But I only have to pay $25 a month on my credit card bill!"
I think the bigger, underlying issue is people who place value on material things.
This post was edited on 3/2/19 at 6:02 pm
Posted on 3/2/19 at 5:40 pm to CoachChappy
quote:
Campers were on 144 months financing at 7.5% and big RVs were 240months financing at 7.5%
Posted on 3/2/19 at 5:44 pm to BearCrocs
I’m less upset with that than I am that a modest truck costs $55,000.
Posted on 3/2/19 at 5:44 pm to CoachChappy
quote:
I got a flier in the mail from a local RV sales lot. Campers were on 144 months financing at 7.5% and big RVs were 240months financing at 7.5%
Who the frick signs up for these notes?
Went to the camper and boat show last month and saw Jeeps with the back seat folded down with a mattress in the back classified as an ‘RV’ and available for 144 month financing.
Posted on 3/2/19 at 5:54 pm to BearCrocs
No lender is doing 9 year auto loans.
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