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> Given that people are currently signing leases and payment plans for cars that won't expire by then I'd say this is a bit of a stretch:) Anyone who is signin
by notyourwork 8y ago
> Given that people are currently signing leases and payment plans for cars that won't expire by then I'd say this is a bit of a stretch:)
Anyone who is signing up for payment plans that stretch 6 years is crazy and buying a vehicle beyond their means.
- deleted 8y ago[deleted]
- rootusrootus 8y agoOr getting the money for cheap. At sub-2% interest I will take as much money as you're willing to lend me.
- notyourwork 8y agoI'm going to guess you are an outlier in the demographic of consumers getting 6+ year car loans.
- umeshunni 8y ago+1 - I got a 6 year car loan from my CU a couple of years back for next to nothing and at this point, my savings account at the same back has a 2x higher interest rate.
- thatfunkymunki 8y agoI got a 0% loan for a 6 year term on a new car in mid 2016. I think it was a great idea, effectively was given a discount on the car on top of the negotiated price at that rate.
- kazinator 8y agoYou think, but anyone who walked into that dealership with cash would have gotten a better deal on exactly the same car, and so would someone who goes for non-zero-% financing. There is no free lunch; you're not going to get a better financed deal than someone who pays and waves goodbye. There is no 0% financing without a catch.
- smileysteve 8y agoA large part of the bank's equation is that the average American will miss a payment (changing the 0% rapidly) Also that these are full recourse loans, the bank gets the auction value of the car and has the defaulter in collections for at least the remaining (before depreciation) amount