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Posted: 1/21/2021 2:40:18 AM EDT
[#1]
10 years? UGH!
I just bought a 2012 Boss 302 in October. I put $5k down and did a 5 year finance on the balance. I should have it paid off in March (after 5 months). |
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Posted: 1/21/2021 2:49:06 AM EDT
[#2]
Quote HistoryQuoted: Y’all laugh at us boomers but our shit is paid for even it it is not the coolest. You don't really believe that, right? |
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Posted: 1/21/2021 2:50:28 AM EDT
[#3]
yeah but the low monthly payments. will only be 299.
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Posted: 1/21/2021 9:44:59 AM EDT
[#4]
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Posted: 1/21/2021 9:46:32 AM EDT
[#5]
LoL, they already finance boats/recreational vehicles for 240 months. Fuck all that.
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Posted: 1/21/2021 9:53:01 AM EDT
[#6]
Quote HistoryQuoted: That ship sailed a long time ago. Why work hard and save up to buy something when you can get it NOW?  |
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Posted: 1/21/2021 9:55:27 AM EDT
[#7]
Lol these guys
'Up to 125% financing*' |
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Posted: 1/21/2021 9:57:32 AM EDT
[#8]
Quote HistoryQuoted: 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. South Park saw this coming. |
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Posted: 1/21/2021 10:07:13 AM EDT
[#9]
Quote HistoryQuoted: I felt like an idiot for financing new 1.9% for 72 months |
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Posted: 1/21/2021 10:21:49 AM EDT
[#10]
And the poors will rejoice with excitement.
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Posted: 1/21/2021 10:23:41 AM EDT
[#11]
You'll never pay it off and most people will never be without a car payment so what's it matter? Might as well pay the minimum of it's just gonna be in the background your whole life
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Posted: 1/21/2021 10:23:55 AM EDT
[#12]
Soon we'll need Auto Loan Relief!
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Posted: 1/21/2021 10:28:56 AM EDT
[#13]
Quote HistoryQuoted: Soon we'll need Auto Loan Relief! Sadly I wouldn't be surprised to see that happen at some point.....you know to get back at those "predatory loans" that people willingly signed for their new car and 26" rims. 
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Posted: 1/21/2021 10:37:50 AM EDT
[#14]
becoming one of these old men (only 42)
I was happy when the AC worked. Windows worked. Brakes work! Sort of? You learned how to work on cars. Builds character Then I saw minivans with TVs. Are you shitting me? |
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Posted: 1/21/2021 10:43:51 AM EDT
[#15]
Paying on a car for 10 years seems absolutely soul crushing along with the negative equity.
20 year old me would certainly be interested though. Z06, Hellcat, Viper, etc for $500ish a month. Where do I sign? |
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Posted: 1/21/2021 10:44:56 AM EDT
[#16]
Quote HistoryQuoted: The Swiss have 100 year mortgages, so why not. Maybe that's what they mean when the say "you will never own anything". |
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Posted: 1/21/2021 10:46:20 AM EDT
[#17]
Quote HistoryQuoted: Paying on a car for 10 years seems absolutely soul crushing along with the negative equity. 20 year old me would certainly be interested though. Z06, Hellcat, Viper, etc for $500ish a month. Where do I sign? People keep a car for three years. Then roll the negative into the new loan. They have a car payment for life. Who cares if it's a ten year loan or a 35 year loan. It'll only be paid off when they roll into a new loan. If you're on infinity payments, might as well pay the least. |
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Posted: 1/21/2021 10:50:18 AM EDT
[#18]
Predict 87% of car loans will be underwater at any one time. Gap insurance companies will be rejoicing as banks will surely make it a requirement.
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Posted: 1/21/2021 10:50:53 AM EDT
[#19]
What ever happened to saving up for something like that? Is it unusual to save money to be able to pay cash for things (except 0% financing - I like using other people's money for free)?
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Posted: 1/21/2021 10:51:39 AM EDT
[#20]
Quote HistoryQuoted: Y’all laugh at us boomers but our shit is paid for even it it is not the coolest. Yours might be but plenty of Boomers are still up to their eyeballs in debt. |
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Posted: 1/21/2021 10:57:39 AM EDT
[#21]
Quote HistoryQuoted: People keep a car for three years. Then roll the negative into the new loan. They have a car payment for life. Who cares if it's a ten year loan or a 35 year loan. It'll only be paid off when they roll into a new loan. If you're on infinity payments, might as well pay the least. Oh, I know there are plenty of people out there like that. I'm just not one of them. |
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Posted: 1/21/2021 11:01:30 AM EDT
[#22]
the cowardly new world. "we have checked your social credit score. yes you can roll your negative equity forward."
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Posted: 1/21/2021 11:01:40 AM EDT
[#23]
Quote HistoryQuoted: You will own nothing, and you will love it. We already own nothing, try not paying your real estate tax or personal property tax. |
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Posted: 1/21/2021 11:03:31 AM EDT
[#24]
Hell, if the .gov keeps that money printer going, might not be a bad idea.
Acquire tangibles at a fixed cost today, finance as long as possible, pay it back with hyper-inflated dollars. If inflation really gets going, it might outrun new vehicle depreciation at some point, and that truck would be worth more used than it cost new What's the interest rate? |
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Posted: 1/21/2021 11:03:57 AM EDT
[#25]
Yeah let’s sink money in to a depreciating asset over 10 years!
If you invest $600 a month at 8% for 10 years you get $108k at the end. |
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Posted: 1/21/2021 11:05:48 AM EDT
[#26]
Quote HistoryQuoted: 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. Damn strait. I DD a 1990 F150 I paid 1k for. I figure with a six mile rural commute if I make a car payment for that I’m doing it wrong. |
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Posted: 1/21/2021 11:06:06 AM EDT
[#27]
Quote HistoryQuoted: 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. The Automotive Industry isn't raking in enough money to support the bullshittery. With companies like GM, Chrysler, and Ford in the red needing bailouts; this will be a godsend because now they have a "stable" form of income. Watch this, next the car companies will seek to throw Car Salesmen and dealerships out on their asses in favor of a "Online-Only Storefront." You won't be able to negotiate for a better price, you'll pay the sticker price. |
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Posted: 1/21/2021 11:06:18 AM EDT
[#28]
Quote HistoryQuoted: Hell, if the .gov keeps that money printer going, might not be a bad idea. Acquire tangibles at a fixed cost today, finance as long as possible, pay it back with hyper-inflated dollars. If inflation really gets going, it might outrun new vehicle depreciation at some point, and that truck would be worth more used than it cost new What's the interest rate? more than inflation, they aren't going to lose money on the deal |
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Posted: 1/21/2021 11:11:22 AM EDT
[#29]
New? They already have 144 month loans for exotics
 I'd do it, money is fucking cheap right now. Why increase your monthly burden if you don't have to? There is no penalty for paying it off early, only for being late. |
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Posted: 1/21/2021 11:12:38 AM EDT
[#30]
Quote HistoryQuoted: Wealthy people use other people's money to buy things I know wealthy people that stroked checks for big ticket items like cars, boats, etc. They all stayed wealthy too. 
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Posted: 1/21/2021 11:14:46 AM EDT
[#31]
Country is already financed on the expected production expected of unborn children so why not intergenerational financing?
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Posted: 1/21/2021 11:23:11 AM EDT
[#32]
Quote HistoryQuoted: I know wealthy people that stroked checks for big ticket items like cars, boats, etc. They all stayed wealthy too. Quote HistoryQuoted: Quoted: Wealthy people use other people's money to buy things I know wealthy people that stroked checks for big ticket items like cars, boats, etc. They all stayed wealthy too. Wealthy use debt to buy things that either increase their income, grow in value, or both. Poors use debt to buy things that fall in value. That is the difference. |
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Posted: 1/21/2021 11:27:18 AM EDT
[#33]
Quote HistoryQuoted: In 20 years (10?) when the commies nationalize your 401k, tax your savings and shut off social security to a pittance, all you guys that drove 15 year old corollas with 400k miles are gonna be in the same shape as the guy who had fun. Bullshit. I drive a beater pickup to work everyday but on the weekends I use that beater to pull a trailer with 6 quads, 3 dirt bikes and a go cart all bought in the last 6 months with cash. Also was able to save money while blowing 12 grand for fun at the same time. Or...not being able to spend money on a good time because my monthly budget is calculated by shoehorning as many payments for basic necessities like housing and transportation to forcing me to live paycheck to paycheck. I’ve done both and the former is a lot more fun. |
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Posted: 1/21/2021 11:29:21 AM EDT
[#34]
Got to have MUH $80K Diesel truck to get groceries with.....
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Posted: 1/21/2021 11:31:29 AM EDT
[#35]
Quote HistoryQuoted: I know wealthy people that stroked checks for big ticket items like cars, boats, etc. They all stayed wealthy too. Quote HistoryQuoted: Quoted: Wealthy people use other people's money to buy things I know wealthy people that stroked checks for big ticket items like cars, boats, etc. They all stayed wealthy too. I put a new motorcycle on a credit card, as it was the easiest way to impulse buy it. The dealer didn't want the paper check I had ready, and I didn't want to try to deal with my bank for a certified check, and come back another day. Biggest single charge I think I've ever put on a card, actually. My wife was dealing with the insurance company to add the bike while I finalized paperwork, and the lady couldn't comprehend that it was a bike, not a car (we had a bike insured with that company up until last year) or that we didn't have a loan/lienholder. Really didn't compute that we were handing money over, and getting the vehicle with clean title right back. I figured (wrongly) that a lot of people buy bikes outright. |
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Posted: 1/21/2021 11:36:43 AM EDT
[#36]
Quote HistoryQuoted: Lol just thinking about a 5 year loan makes me nauseous. |
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Posted: 1/21/2021 11:36:52 AM EDT
[#37]
Guess it's time to buy more F
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Posted: 1/21/2021 11:45:47 AM EDT
[#38]
Same problem with student loans. Availability of low to zero interest loans over long terms drives up prices, encouraging more people to get long term loans, further increasing prices. It's a vicious cycle. The root cause is government printing money forcing artificially low interest rates. It's inflation in action.
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Posted: 1/21/2021 11:55:13 AM EDT
[#39]
Quote HistoryQuoted: Also 125% value lol. Is that so I can walk around the Gucci store with a bunch of cash in my pocket after I get out of my car that I can't afford??? |
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Posted: 1/21/2021 12:02:58 PM EDT
[#40]
Quote HistoryQuoted: 125% financing. Came here to post this. Be extra upside down in your loan right out of the gate! |
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Posted: 1/21/2021 12:09:55 PM EDT
[#41]
Quote HistoryQuoted: Anyone stupid enough to take that loan is likely to also be stupid enough to trade it in after 2 years because they are 'bored' with their mortgage payment on wheels, and roll their upside down loan into a new equally abysmal loan. Coworker (about to retire) ordered a custom 87000(yes actual number he used) f250; AND he was happy they let him roll his still not paid off 2016 into the note as a trade in. |
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Posted: 1/21/2021 12:12:31 PM EDT
[#42]
Quote HistoryQuoted: Lol these guys 'Up to 125% financing*' I've got to buy my kids Christmas presents! |
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Posted: 1/21/2021 12:18:10 PM EDT
[#43]
Quote HistoryQuoted: I put a new motorcycle on a credit card, as it was the easiest way to impulse buy it. The dealer didn't want the paper check I had ready, and I didn't want to try to deal with my bank for a certified check, and come back another day. Biggest single charge I think I've ever put on a card, actually. My wife was dealing with the insurance company to add the bike while I finalized paperwork, and the lady couldn't comprehend that it was a bike, not a car (we had a bike insured with that company up until last year) or that we didn't have a loan/lienholder. Really didn't compute that we were handing money over, and getting the vehicle with clean title right back. I figured (wrongly) that a lot of people buy bikes outright. I bought my avatar bike that way. Bank wanted 18% interest(26 years old buying bike on loan...) insurance was 2x since it wasn't owned , ect. but Chase bank sent me a "fill in the blank check pay 1.9% for 3 years credit card loan" so I bought the bike on my credit card, at 0.9% for 3 years, I made sure it was 100% paid off by year 2 though if it hit year 3 ALL that interest came back at 20%. My dad (banker) was like " you got WHAT rate on your bike loan??? he was pisse dbecause mom's new car was at 3%. |
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Posted: 1/21/2021 12:31:04 PM EDT
[#44]
Quote HistoryQuoted: Sa weet! 50+ yr mortgages probably coming too. @carguym14 About 4-5 years back, I was personally offered a 50-year loan by a housing developer in Vegas after touring their properties. |
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Posted: 1/21/2021 12:52:08 PM EDT
[#45]
Quote HistoryQuoted: Y’all laugh at us boomers but our shit is paid for even it it is not the coolest. And then you (collectively) "reverse mortgage" the equity to remodel the house
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Posted: 1/21/2021 12:55:32 PM EDT
[#46]
Now if we can just get 100 year mortgages
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Posted: 1/21/2021 12:59:06 PM EDT
[#47]
Well car prices are about to shoot through the roof.
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Posted: 1/21/2021 12:59:31 PM EDT
[#48]
Quote HistoryQuoted: I bought my avatar bike that way. Bank wanted 18% interest(26 years old buying bike on loan...) insurance was 2x since it wasn't owned , ect. but Chase bank sent me a "fill in the blank check pay 1.9% for 3 years credit card loan" so I bought the bike on my credit card, at 0.9% for 3 years, I made sure it was 100% paid off by year 2 though if it hit year 3 ALL that interest came back at 20%. My dad (banker) was like " you got WHAT rate on your bike loan??? he was pisse dbecause mom's new car was at 3%. Quote HistoryQuoted: Quoted: I put a new motorcycle on a credit card, as it was the easiest way to impulse buy it. The dealer didn't want the paper check I had ready, and I didn't want to try to deal with my bank for a certified check, and come back another day. Biggest single charge I think I've ever put on a card, actually. My wife was dealing with the insurance company to add the bike while I finalized paperwork, and the lady couldn't comprehend that it was a bike, not a car (we had a bike insured with that company up until last year) or that we didn't have a loan/lienholder. Really didn't compute that we were handing money over, and getting the vehicle with clean title right back. I figured (wrongly) that a lot of people buy bikes outright. I bought my avatar bike that way. Bank wanted 18% interest(26 years old buying bike on loan...) insurance was 2x since it wasn't owned , ect. but Chase bank sent me a "fill in the blank check pay 1.9% for 3 years credit card loan" so I bought the bike on my credit card, at 0.9% for 3 years, I made sure it was 100% paid off by year 2 though if it hit year 3 ALL that interest came back at 20%. My dad (banker) was like " you got WHAT rate on your bike loan??? he was pisse dbecause mom's new car was at 3%. Funny, mine is a DL 650, hard to tell, but yours is the same, either 650 or 1k? Yeah, even paid off my truck faster than minimum. And on mortgages, at least $100 extra every month. I figure if I can't swing that much extra, I made a mistake. Not completely required, but it's nice to pay things off. Even if you can "get a better return" it's still a debt someone can call in. |
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Posted: 1/21/2021 1:03:02 PM EDT
[#49]
A fool and his money...
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Posted: 1/21/2021 1:10:38 PM EDT
[#50]
Quote HistoryQuoted: 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. Yeah I’m not a car guy as much as I’d like to be $2250 on an Altima that’s been going fine for two years |
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