Deal going sour
3/6/12, 10:06 AM
#61
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Originally Posted by kcoTiger
You're paying a lot more over 72 months than you are 60 or 48, or better yet 36. Interest doesn't stop after 36 months.
And it's "could have," not "could of." Speak what you mean, not what you think it sounds like.
3/6/12, 10:15 AM
#63
On the face of it your argument makes sense, but indivdual circumstances are different and assumptions are being made about money down and interst rates. If you had no money down, short term and good rates you would be under water for immediately after purchase and for some time afterwards. If you had a long term, good rates and 50% down you would probably never be under water.
Except for the loss on purchase of a new car.
3/6/12, 11:11 AM
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I disagree. When rates are 2 & 3%, with (reported) inflation 3-4%, it is a good time to lock in that cheap money as long as you like. You are paying the loan off with cheaper and cheaper dollars in the out years. Do the math on a compound interest calculator. Its free money.
3/6/12, 12:32 PM
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I disagree. When rates are 2 & 3%, with (reported) inflation 3-4%, it is a good time to lock in that cheap money as long as you like. You are paying the loan off with cheaper and cheaper dollars in the out years. Do the math on a compound interest calculator. Its free money.
3/6/12, 12:49 PM
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What do you know about what I know about money eh?? What do you know about my career & personal experience huh?? Many want to dis someone for a 72 month loan when that may be the perfect match for their circumstances. My comment is as much a part of the discussion as others talking about length of loans and rates. And cheap money makes sense for a lot of people. Only a moron rushes to pay off a 2-3% loan.
Last edited by cdynaco; 3/6/12 at 12:51 PM.
3/6/12, 01:41 PM
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Originally Posted by vicmeldrew
you are making an assumption not related to this thread...first you have to have a pot to you know what in,....
3/6/12, 04:03 PM
#72
I've been watching this thread. I thought a little education from some of the more fiscally wise members would do a little good.
These threads always end up this way. Always!
At least it wasn't a V6. Those get worse.
These threads always end up this way. Always!
At least it wasn't a V6. Those get worse.
3/6/12, 04:08 PM
#73
3/6/12, 05:15 PM
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This thread is STILL going? I thought It would be locked by now!! 
I'll add my $.02 since I'm at a dealership and see this every day.
Sometimes, things are needed to get a car. Not everyone can buy a car with cash. Heck, I rarely eve see a straight cash deal (funds from a checking/MM account. No finance). It rarely happens anymore. People need newer cars and with that, these cars are getting more and more expensive. And with the added expense of the price, the payment needs to be stretched out for the customer to comfortably afford it. I have no problem offering 72 month payments. I offer it, and let them know the consequences (if they get tired of the car after a year, forget about getting out of it, unless they put ALOT down, etc).
And for anyone who wants to chastise someone for financing a car for 72 months, chastise me, as I financed my 2006 for 72 months and I'm in the business. I put $15K down and my payment was only $230 per month. I had NO intentions of trading, as the car will be with me for as long as I live. I paid the car off early as I was making more than the required payment and I was paying down the pricinpal. The payment was low, my insurance is only $700 per year full coverage, limited use, and I could still keep money aside for things that arise (medication I take, doctor's visits) and I could still mod my car.
I can't believe some people on here comdeming others for financing for 72 months. Sometimes you have to do things to make it work. As long as the payment doesn't overwhelm the person, and they can make it comfortably, its fine. That and the interest rate is good.
I'll add my $.02 since I'm at a dealership and see this every day.
Sometimes, things are needed to get a car. Not everyone can buy a car with cash. Heck, I rarely eve see a straight cash deal (funds from a checking/MM account. No finance). It rarely happens anymore. People need newer cars and with that, these cars are getting more and more expensive. And with the added expense of the price, the payment needs to be stretched out for the customer to comfortably afford it. I have no problem offering 72 month payments. I offer it, and let them know the consequences (if they get tired of the car after a year, forget about getting out of it, unless they put ALOT down, etc).
And for anyone who wants to chastise someone for financing a car for 72 months, chastise me, as I financed my 2006 for 72 months and I'm in the business. I put $15K down and my payment was only $230 per month. I had NO intentions of trading, as the car will be with me for as long as I live. I paid the car off early as I was making more than the required payment and I was paying down the pricinpal. The payment was low, my insurance is only $700 per year full coverage, limited use, and I could still keep money aside for things that arise (medication I take, doctor's visits) and I could still mod my car.
I can't believe some people on here comdeming others for financing for 72 months. Sometimes you have to do things to make it work. As long as the payment doesn't overwhelm the person, and they can make it comfortably, its fine. That and the interest rate is good.
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