A family member bought a very nice, decked out, brand new truck. He could pay cash, no issue. They gave him many thousands of dollars of discounts for financing

A family member bought a very nice, decked out, brand new truck. He could pay cash, no issue. They gave him many thousands of dollars of discounts for financing it if he promised to keep the loan for 3 payments (or their fee from the bank would get clawed back). He held up his end of the deal, paying 18% interest on a massive truck loan for 3 months. The sad thing is many people would do the same thing without the ability to pay it off in full. At that interest rate and a ~7-10 year loan term, you'll be upside down on the vehicle until the very end of the loan. And most people wouldn't keep the vehicle that long because something else changes in their life...or they just want a newer vehicle.