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Quoted: So was I a fool to take an 84 month loan at 0% interest when I bought my Ram? I'd rather keep my money in the bank just in case I needed it. Now back in 2014 we bought a Mustang and an Expedition in cash. Traded the Expedition for the Ram. I did really well on the trade in and the purchase price since back in April of 2020 the dealership was a ghost town. My point is it's not the length of the loan but the interest rate that should be looked at. View Quote They're either super desperate to offer that or the price is higher than it could have been so they're still making it up with the sale and no interest. |
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When I heard the price tag of the new grand wagoneer I said next thing they’ll do is up the loan times.
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Looks like the local dealer has a 2020 F-250 Platinum on the lot, sales price is $78965, plus tax $7896 and title and license, $500
That's $87361 for 120 months at 9% That's only $1107 a month better than financing for 36 months which is $2778....that's half price!!! I mean let's think about this for a second....let's say you make $100,000 a year and every year you get a 5% raise. That means the % of $$$ youspend on your car note goes down every year!! year 1 it's 13.2% at year 10 it's only 8%...that's great stuff! |
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Quoted: Looks like the local dealer has a 2020 F-250 Platinum on the lot, sales price is $78965, plus tax $7896 and title and license, $500 That's $87361 for 120 months at 9% That's only $1107 a month better than financing for 36 months which is $2778....that's half price!!! View Quote No 7.3, no care |
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There used to be a classic car and exotic place around here that advertised 240 month loans
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Quoted: Depends. Were there other incentives you passed up by taking the loan? They're either super desperate to offer that or the price is higher than it could have been so they're still making it up with the sale and no interest. View Quote View All Quotes View All Quotes Quoted: Quoted: So was I a fool to take an 84 month loan at 0% interest when I bought my Ram? I'd rather keep my money in the bank just in case I needed it. Now back in 2014 we bought a Mustang and an Expedition in cash. Traded the Expedition for the Ram. I did really well on the trade in and the purchase price since back in April of 2020 the dealership was a ghost town. My point is it's not the length of the loan but the interest rate that should be looked at. They're either super desperate to offer that or the price is higher than it could have been so they're still making it up with the sale and no interest. You had it there. It was right when everything was shutting down for the Rice Rabies. |
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Quoted: Quoted: Quoted: Awesome, new work trucks will be $150,000.00 and required to have a dildo built into the seat to fuck you in the ass. No need, the finance company will fuck you hard enough. In other new, I should buy a Gen V Viper. I’ll go half on the viper That's almost as tempting as 240 month financing! |
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Quoted: That's almost as tempting as 240 month financing! View Quote View All Quotes View All Quotes Quoted: Quoted: Quoted: Quoted: Awesome, new work trucks will be $150,000.00 and required to have a dildo built into the seat to fuck you in the ass. No need, the finance company will fuck you hard enough. In other new, I should buy a Gen V Viper. I’ll go half on the viper That's almost as tempting as 240 month financing! We can do 120 months and go halfies....what's that like $250 a month each |
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Quoted: You had it there. It was right when everything was shutting down for the Rice Rabies. View Quote View All Quotes View All Quotes Quoted: Quoted: Quoted: So was I a fool to take an 84 month loan at 0% interest when I bought my Ram? I'd rather keep my money in the bank just in case I needed it. Now back in 2014 we bought a Mustang and an Expedition in cash. Traded the Expedition for the Ram. I did really well on the trade in and the purchase price since back in April of 2020 the dealership was a ghost town. My point is it's not the length of the loan but the interest rate that should be looked at. They're either super desperate to offer that or the price is higher than it could have been so they're still making it up with the sale and no interest. You had it there. It was right when everything was shutting down for the Rice Rabies. |
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View Quote View All Quotes View All Quotes Quoted: Quoted: Looks like the local dealer has a 2020 F-250 Platinum on the lot, sales price is $78965, plus tax $7896 and title and license, $500 That's $87361 for 120 months at 9% That's only $1107 a month better than financing for 36 months which is $2778....that's half price!!! I mean let's think about this for a second....let's say you make $100,000 a year and every year you get a 5% raise. That means the % of $$$ youspend on your car note goes down every year!! year 1 it's 13.2% at year 10 it's only 8%...that's great stuff! Do you sell cars? https://media.giphy.com/media/gk3R16JhLP8RUka2nD/giphy.gif nope But if the hours weren't pure shitastic I would have gone into F&I. I have sort of a interesting skill set. lol |
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Quoted: Off to google for that one. Holy mother fucker No doubt many here would be thrilled with their $100/house payment that they can pass along to their kids. View Quote View All Quotes View All Quotes Quoted: Quoted: The Swiss have 100 year mortgages, so why not. No doubt many here would be thrilled with their $100/house payment that they can pass along to their kids. I did a little digging for typical interest rates on these kinds of loans (a few sources say about 1% simple compounded) and a $180k home on traditional 100yr Swiss loan like that would have approx. $280 monthly payments. You’d be dumb not to do it, at least here with US inflation and housing value appreciation rates. |
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Quoted: I did a little digging for typical interest rates on these kinds of loans (a few sources say about 1% simple compounded) and a $180k home on traditional 100yr Swiss loan like that would have approx. $280 monthly payments. You'd be dumb not to do it, at least here with US inflation and housing value appreciation rates. View Quote View All Quotes View All Quotes Quoted: Quoted: Quoted: The Swiss have 100 year mortgages, so why not. No doubt many here would be thrilled with their $100/house payment that they can pass along to their kids. I did a little digging for typical interest rates on these kinds of loans (a few sources say about 1% simple compounded) and a $180k home on traditional 100yr Swiss loan like that would have approx. $280 monthly payments. You'd be dumb not to do it, at least here with US inflation and housing value appreciation rates. |
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I have been in the finance and lease industry for 30 years where I have watched this trend closely.
A large issue is the cost of average vehicles has risen dramatically in relation to the average income (and payment tolerance) of a buyers. Ideally banks and credit unions like to see 15% PTI (payment to gross income) ratio for buyers and depending on credit that can be somewhat flexible. So lenders are task by manufacturers and the market develop risk models and guidelines to underwrite a loan/lease on much longer terms to allow higher amounts to hit the buyers and lenders payment tolerance. Average buyers will still seek trade their cars out in a 28-39 month window. With a 10 year loan (especially rolling in sales tax and state registration) you will be massively upside down in that vehicle at trade. It’s a very bad idea to do it but many people will do 0 down, roll in first 90 days of payments and take a 120 months to hit a payment. TLDR: Bad idea! Stop payment buying vehicles and fit your financing to your planned usage and time of retention. |
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Quoted: So was I a fool to take an 84 month loan at 0% interest when I bought my Ram? I'd rather keep my money in the bank just in case I needed it. Now back in 2014 we bought a Mustang and an Expedition in cash. Traded the Expedition for the Ram. I did really well on the trade in and the purchase price since back in April of 2020 the dealership was a ghost town. My point is it's not the length of the loan but the interest rate that should be looked at. View Quote Well if you keep it 5-6 years you are fine especially with a 0%. That said, if you took a typical deal on a CCAP loan you didn’t get rebate cash so you certainly paid something to finance it. |
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Quoted: So was I a fool to take an 84 month loan at 0% interest when I bought my Ram? I'd rather keep my money in the bank just in case I needed it. Now back in 2014 we bought a Mustang and an Expedition in cash. Traded the Expedition for the Ram. I did really well on the trade in and the purchase price since back in April of 2020 the dealership was a ghost town. My point is it's not the length of the loan but the interest rate that should be looked at. View Quote Depends on if the availability of that kind of credit changed your buying behavior or not. Nobody knows for sure but you. If you would have bought the truck even if financing was unavailable (in theory) then there is no limit to how long you should finance something at 0% all other things equal. If the 84 months made buying it possible in the first place, well then maybe it's not such a great thing after all. |
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Shit if I could get a ten year loan with a zero interest rate I’d buy a new tundra. I still have my Tacoma I bought new in 12/2005.
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Quoted: 10 year auto loans? Thats crazy View Quote It makes perfect sense - if you're wanting to make the perpetual subscription model of "buying" things expand into other areas of modern life. Microsoft figured out that perpetual subscriptions provide a more consistent cash flow, and protect them against those malcontents who would deny them profit on the flimsy logic that what they already owned still worked perfectly well. They were not the first to figure this out, and they will not be the last. |
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Quoted: Well if you keep it 5-6 years you are fine especially with a 0%. That said, if you took a typical deal on a CCAP loan you didn’t get rebate cash so you certainly paid something to finance it. View Quote View All Quotes View All Quotes Quoted: Quoted: So was I a fool to take an 84 month loan at 0% interest when I bought my Ram? I'd rather keep my money in the bank just in case I needed it. Now back in 2014 we bought a Mustang and an Expedition in cash. Traded the Expedition for the Ram. I did really well on the trade in and the purchase price since back in April of 2020 the dealership was a ghost town. My point is it's not the length of the loan but the interest rate that should be looked at. Well if you keep it 5-6 years you are fine especially with a 0%. That said, if you took a typical deal on a CCAP loan you didn’t get rebate cash so you certainly paid something to finance it. They bent over backwards to make the sale, I walked away twice and had several calls afterwards to make it happen. I almost felt bad for them. It was right at the start of the shutdown for the Covid. |
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I've seen 120 and even 240 month financing on RVs... but of course those things cost a shit ton. I was looking at a few camper vans last year just for shits and giggles. The model I'd want goes for $100-150k.
Yeesh. |
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Quoted: Depends on if the availability of that kind of credit changed your buying behavior or not. Nobody knows for sure but you. If you would have bought the truck even if financing was unavailable (in theory) then there is no limit to how long you should finance something at 0% all other things equal. If the 84 months made buying it possible in the first place, well then maybe it's not such a great thing after all. View Quote View All Quotes View All Quotes Quoted: Quoted: So was I a fool to take an 84 month loan at 0% interest when I bought my Ram? I'd rather keep my money in the bank just in case I needed it. Now back in 2014 we bought a Mustang and an Expedition in cash. Traded the Expedition for the Ram. I did really well on the trade in and the purchase price since back in April of 2020 the dealership was a ghost town. My point is it's not the length of the loan but the interest rate that should be looked at. Depends on if the availability of that kind of credit changed your buying behavior or not. Nobody knows for sure but you. If you would have bought the truck even if financing was unavailable (in theory) then there is no limit to how long you should finance something at 0% all other things equal. If the 84 months made buying it possible in the first place, well then maybe it's not such a great thing after all. I call it the worlds most expensive oil filter. Friends came down to TN at the start of the Covid shutdowns to escape NY and he wanted to change his oil and filter. He only uses factory filters so a trip to buy a filter resulted in my buying the truck. It was an impulse buy. |
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Quoted: I paid $800 for a daily beater. I should get 5 years out of it... I can't imagine paying that monthly, for 10 years. Holy shit. View Quote Bought my car used in 2004. Its been paid off for 13 years. Just bought a used car for my wife and paid cash. I'll never finance again. It's like trying to tread water while holding a 45 lbs plate. |
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Quoted: Off to google for that one. Holy mother fucker No doubt many here would be thrilled with their $100/house payment that they can pass along to their kids. View Quote View All Quotes View All Quotes Quoted: Quoted: The Swiss have 100 year mortgages, so why not. No doubt many here would be thrilled with their $100/house payment that they can pass along to their kids. If the interest rate was low enough, I'd take 100 year mortgages and buy as many properties as I possibly could. One thing the vast majority of people will never understand is that there are two polar opposite kinds of debt. The kind that makes you rich, and the kind that makes you poor. Real Estate can be a play on multiple things including income, appreciation, and a hedge against inflation. Being able to take advantage of any or all of those things while locking in fixed low interest debt is what transforms it into "leverage". Ask almost any one of our professional landlords on this forum (as in owns more than a couple properties) and most of them will tell you that debt is a critical part of their capital structure. Most rental property deals look like shit on paper from an ROE perspective if there's not a decent amount of debt involved. It doesn't end at real estate either. Same story if you are using it to buy any kind of equipment, intellectual property, or an ownership position in an ongoing concern. The vast majority of rich people on this planet have gotten that way either directly or indirectly with other people's money usually in the form of debt or issuance of equity. Name a person or a profession and I can probably draw the connection back to OPM. The only ones who I can think of who wouldn't fit that mold are lottery winners. |
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Quoted: I call it the worlds most expensive oil filter. Friends came down to TN at the start of the Covid shutdowns to escape NY and he wanted to change his oil and filter. He only uses factory filters so a trip to buy a filter resulted in my buying the truck. It was an impulse buy. View Quote View All Quotes View All Quotes Quoted: Quoted: Quoted: So was I a fool to take an 84 month loan at 0% interest when I bought my Ram? I'd rather keep my money in the bank just in case I needed it. Now back in 2014 we bought a Mustang and an Expedition in cash. Traded the Expedition for the Ram. I did really well on the trade in and the purchase price since back in April of 2020 the dealership was a ghost town. My point is it's not the length of the loan but the interest rate that should be looked at. Depends on if the availability of that kind of credit changed your buying behavior or not. Nobody knows for sure but you. If you would have bought the truck even if financing was unavailable (in theory) then there is no limit to how long you should finance something at 0% all other things equal. If the 84 months made buying it possible in the first place, well then maybe it's not such a great thing after all. I call it the worlds most expensive oil filter. Friends came down to TN at the start of the Covid shutdowns to escape NY and he wanted to change his oil and filter. He only uses factory filters so a trip to buy a filter resulted in my buying the truck. It was an impulse buy. LOL. I've got a story in my family like that except it was over a flat tire. |
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Fuck that shit. When I got my car 2 years ago went with 36-months. Wanted to pay that bitch off fast as I can. Kinda hurt month-to-month, but not too bad and I'm only a year away from paying it off now.
Worth it! |
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Bought a 2015 Silverado new in '15. Set up a 48 month plan. Paid it off in 32 months. Same with the wife's 2015 Rogue. We had hers paid off in 28 months.
A 10 year auto loan? Holy hell! What bonehead would agree to that? |
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Quoted: It makes perfect sense - if you're wanting to make the perpetual subscription model of "buying" things expand into other areas of modern life. Microsoft figured out that perpetual subscriptions provide a more consistent cash flow, and protect them against those malcontents who would deny them profit on the flimsy logic that what they already owned still worked perfectly well. They were not the first to figure this out, and they will not be the last. View Quote View All Quotes View All Quotes Quoted: Quoted: 10 year auto loans? Thats crazy It makes perfect sense - if you're wanting to make the perpetual subscription model of "buying" things expand into other areas of modern life. Microsoft figured out that perpetual subscriptions provide a more consistent cash flow, and protect them against those malcontents who would deny them profit on the flimsy logic that what they already owned still worked perfectly well. They were not the first to figure this out, and they will not be the last. |
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Quoted: LOL. I've got a story in my family like that except it was over a flat tire. View Quote View All Quotes View All Quotes Quoted: Quoted: Quoted: Quoted: So was I a fool to take an 84 month loan at 0% interest when I bought my Ram? I'd rather keep my money in the bank just in case I needed it. Now back in 2014 we bought a Mustang and an Expedition in cash. Traded the Expedition for the Ram. I did really well on the trade in and the purchase price since back in April of 2020 the dealership was a ghost town. My point is it's not the length of the loan but the interest rate that should be looked at. Depends on if the availability of that kind of credit changed your buying behavior or not. Nobody knows for sure but you. If you would have bought the truck even if financing was unavailable (in theory) then there is no limit to how long you should finance something at 0% all other things equal. If the 84 months made buying it possible in the first place, well then maybe it's not such a great thing after all. I call it the worlds most expensive oil filter. Friends came down to TN at the start of the Covid shutdowns to escape NY and he wanted to change his oil and filter. He only uses factory filters so a trip to buy a filter resulted in my buying the truck. It was an impulse buy. LOL. I've got a story in my family like that except it was over a flat tire. I'd bet your story doesn't end with them living in your house for over 6 weeks though. |
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Quoted: I've seen 120 and even 240 month financing on RVs... but of course those things cost a shit ton. I was looking at a few camper vans last year just for shits and giggles. The model I'd want goes for $100-150k. Yeesh. View Quote The wife wanted to buy a smaller RV. I told her no freaking way. On the rare time we would want to go somewhere in one, we'll rent it for a few weeks. Buy one of those land yachts? Nope, not going to happen. |
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At rates lower than inflation stretch that bitch out and minimum payment it is.
Doesn't bother me in the least. |
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and no payments for 90 days.
people be living in a dream world |
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Quoted: I'd bet your story doesn't end with them living in your house for over 6 weeks though. View Quote View All Quotes View All Quotes Quoted: Quoted: Quoted: Quoted: Quoted: So was I a fool to take an 84 month loan at 0% interest when I bought my Ram? I'd rather keep my money in the bank just in case I needed it. Now back in 2014 we bought a Mustang and an Expedition in cash. Traded the Expedition for the Ram. I did really well on the trade in and the purchase price since back in April of 2020 the dealership was a ghost town. My point is it's not the length of the loan but the interest rate that should be looked at. Depends on if the availability of that kind of credit changed your buying behavior or not. Nobody knows for sure but you. If you would have bought the truck even if financing was unavailable (in theory) then there is no limit to how long you should finance something at 0% all other things equal. If the 84 months made buying it possible in the first place, well then maybe it's not such a great thing after all. I call it the worlds most expensive oil filter. Friends came down to TN at the start of the Covid shutdowns to escape NY and he wanted to change his oil and filter. He only uses factory filters so a trip to buy a filter resulted in my buying the truck. It was an impulse buy. LOL. I've got a story in my family like that except it was over a flat tire. I'd bet your story doesn't end with them living in your house for over 6 weeks though. Lol, nope. |
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Y’all laugh at us boomers but our shit is paid for even it it is not the coolest.
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Quoted: Quoted: Quoted: Quoted: Quoted: Quoted: So was I a fool to take an 84 month loan at 0% interest when I bought my Ram? I'd rather keep my money in the bank just in case I needed it. Now back in 2014 we bought a Mustang and an Expedition in cash. Traded the Expedition for the Ram. I did really well on the trade in and the purchase price since back in April of 2020 the dealership was a ghost town. My point is it's not the length of the loan but the interest rate that should be looked at. Depends on if the availability of that kind of credit changed your buying behavior or not. Nobody knows for sure but you. If you would have bought the truck even if financing was unavailable (in theory) then there is no limit to how long you should finance something at 0% all other things equal. If the 84 months made buying it possible in the first place, well then maybe it's not such a great thing after all. I call it the worlds most expensive oil filter. Friends came down to TN at the start of the Covid shutdowns to escape NY and he wanted to change his oil and filter. He only uses factory filters so a trip to buy a filter resulted in my buying the truck. It was an impulse buy. LOL. I've got a story in my family like that except it was over a flat tire. I'd bet your story doesn't end with them living in your house for over 6 weeks though. Lol, nope. It was only two weeks to ... |
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