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84 month car loans?


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21 minutes ago, Crnr2Crnr said:

https://jalopnik.com/ford-wants-to-suck-more-people-into-84-month-loans-1847839621

We just keep feeding debters into the giant debt machine.

 

 

 

I have always taken the 60 just in case somthing happens and more often than not have them paid in 24 

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40 minutes ago, Ez ryder said:

I have always taken the 60 just in case somthing happens and more often than not have them paid in 24 

same, I would imagine most of us who dont take home the same money every week do the same.

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39 minutes ago, steve from amherst said:

same, I would imagine most of us who dont take home the same money every week do the same.

Same here, 69mo loan, paid  truck off in less than 48, I make 2/3 of my yearly take home in 6mo and 1/3 in 6mo.. Better to be safe than sorry. bought a sled last week of March 2021, 2/3 paid off and I don't have a payment due till April 2023..:lol: if they don't penalize you for early pay off it's a no brainer..

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Just now, Rigid1 said:

Same here, 69mo loan, paid  truck off in less than 48, I make 2/3 of my yearly take home in 6mo and 1/3 in 6mo.. Better to be safe than sorry. bought a sled last week of March 2021, 2/3 paid off and I don't have a payment due till April 2023..:lol: if they don't penalize you for early pay off it's a no brainer..

Yep, I havnt even picked up my new sled yet and next payment is due, feb 2022. I will either have payments made thru ma old paid off in 3 more weeks.

By Thanksgiving the cable , phone and truck will be paid till may.

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given vehicle values even prior to this recent run up at year 7 no issue with it on new.  fuck they are giving 5 year loans on 6-8 year old vehicles.  that is more insane.  if you have to borrow for an 8 year old vehicle at all never mind 5 years can you really afford the maint it's going to require 

 

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Looks like the 0% crowd got to this thread early, oh well.  Always a sucker lined up thinking they just won one over on the bank.  

If I had a dollar for every time I was told on this forum to take the "free money" I'd have $18K in an inherited ROTH IRA!

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Wonder how many of you read the article and subsequent comments?

Irl2 the msrp and financing rates from the manufacturers, it's baked into the sticker price.  Suckers pay in full and suckers finance and pay to term.

This country sucks at math.

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1 hour ago, teamgreen02 said:

Looks like the 0% crowd got to this thread early, oh well.  Always a sucker lined up thinking they just won one over on the bank.  

If I had a dollar for every time I was told on this forum to take the "free money" I'd have $18K in an inherited ROTH IRA!

Or maybe we did what works best for us due to our seasonal work..Is your pay consistent?? Does winter cut your pay by more than half..Not all of us are the same age, same life style, and same financial situation p550

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2 hours ago, Angry ginger said:

given vehicle values even prior to this recent run up at year 7 no issue with it on new.  fuck they are giving 5 year loans on 6-8 year old vehicles.  that is more insane.  if you have to borrow for an 8 year old vehicle at all never mind 5 years can you really afford the maint it's going to require 

 

Depends on the driver . I have seen idiots with 72mo loans on cars they hot new at yr 4 with way north of 100k on em . I know one shit head who has a 72.mo and has had to do a new motor because of a stuck injector that was around 15k then a Trans lol  On a fucking truck that was already deep underwater lol . 

If you need more than 60 you deff can not afford it .

I would say 48 but I know some guys just don't care about a  auto withdraw every 4 weeks . We call those 1040 guys 

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3 hours ago, Crnr2Crnr said:

Wonder how many of you read the article and subsequent comments?

Irl2 the msrp and financing rates from the manufacturers, it's baked into the sticker price.  Suckers pay in full and suckers finance and pay to term.

This country sucks at math.

Umm, you would pay sticker??:lol:

I myself might get a little better deal than retail, :lol:

I think some others too..

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The new American way. “As long as I can make the payment, I can afford it”. 
We were in looking at a car a few years ago and I don’t know how long it took me to get it through the sales guys skull that we only cared about the price, not the payments. 
 I’ve never financed anything to term. Always double payments or more. 

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1 hour ago, Crnr2Crnr said:

No, but that's not the point.  

iTz matH 

 

So I buy a sled at dealer cost how is the 0% built into what I pay?

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13 hours ago, Rigid1 said:

Or maybe we did what works best for us due to our seasonal work..Is your pay consistent?? Does winter cut your pay by more than half..Not all of us are the same age, same life style, and same financial situation p550

On an irregular income it is even more important not to get stuck in the payment trap.  Just make the payment to yourself in a savings or investment account and then pay cash.

Just saw this gem of an offer from Ford.  Lower payments for the first three years on a 75 month loan.  :lol:

Financing That Fits Your Budget

Flex Buy is offered with 66- or 75-month terms. Your first 36 months of payments are discounted by 15% or 18%, while higher later payments allow for your full balance to be satisfied.

The Benefits

  • No mileage limitations
  • Freedom to customize your vehicle
  • Lower payments for the first three years
  • Build equity with each payment
  • Two term choices
  • Two payment discount choices
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11 minutes ago, teamgreen02 said:

On an irregular income it is even more important not to get stuck in the payment trap.  Just make the payment to yourself in a savings or investment account and then pay cash.

Just saw this gem of an offer from Ford.  Lower payments for the first three years on a 75 month loan.  :lol:

Financing That Fits Your Budget

Flex Buy is offered with 66- or 75-month terms. Your first 36 months of payments are discounted by 15% or 18%, while higher later payments allow for your full balance to be satisfied.

The Benefits

  • No mileage limitations
  • Freedom to customize your vehicle
  • Lower payments for the first three years
  • Build equity with each payment
  • Two term choices
  • Two payment discount choices

Higher later payments? This sounds like you’re guaranteed to be upside down.

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