Obama Legacy

[Biopsyman]

Never had an auto loan over 3 years. Ideally, I try to pay them off in about 18 months.

Or pay cash.. why pay interest on a depreciating asset?

 

[ClearwaterVol]

Or pay cash.. why pay interest on a depreciating asset?

I never pay much interest. I think on my last car I paid less than 2%.

 

[hog88]

Or pay cash.. why pay interest on a depreciating asset?

Depends on the interest rate.

 

[Sin City Vol]

So true.. anyone that takes a 72 month payment plan is an idiot

I just bought a car within the last couple of weeks and they kept pushing the 72 mos, I finally told the guy if they didn't stop I was walking away and going somewhere else. I financed it for 48 months and will hopefully have it paid off in 36.

 

[Biopsyman]

I just bought a car within the last couple of weeks and they kept pushing the 72 mos, I finally told the guy if they didn't stop I was walking away and going somewhere else. I financed it for 48 months and will hopefully have it paid off in 36.

A general car.. meaning not a collector items is so difficult buying new..

 

[Biopsyman]

Obama getting 400,000 per speech.. Time for him to become one of the scum 1% lol

 

[Carl Pickens]

I just bought a car within the last couple of weeks and they kept pushing the 72 mos, I finally told the guy if they didn't stop I was walking away and going somewhere else. I financed it for 48 months and will hopefully have it paid off in 36.

They must have some kind of deal where they get a percentage of the financing. I see that from the surplus lines brokerages in my business and it pisses me off.
Let's say your company manufactures machine gun receivers....well.... your mainstream insurance companies won't write the account due to product liability exposures.... so I go to the surplus brokers for quotes, policies and etc..... these insurance companies require the full annual premium to be paid up front. As a result, they'll send a third party finance agreement along with the quote. I'm not exaggerating when I say the APR on these will be between 20-30%. It's a rape job and I throw them in the trash as I refuse to even allow my customers to see that trash.
I go straight to a finance company and get an agreement between 6-10%. I know the brokers get kick backs

 

[Carl Pickens]

Or pay cash.. why pay interest on a depreciating asset?

This is why I haven't bought a brand new car since '95