Americans Are Taking Out Ridiculously Long Auto Loans

[Anonymous]

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@Anonymous wrote:

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@Lucifer wrote:

Someone offered me crack and I said yes.      It's both our faults I did crack????    Did they force me to take the crack?

Yea ..... no.    This is the fault of the consumer.

Don't take the 6+ year auto loan crack and blame your bad choice on someone else.   

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Not everyone is educated about money. I have worked in banking for going on 15 yrs and the majority of our customers have very little knowledge about things financial. I usually have to explain things like I am talking to a 8 year old. 

So there's that...

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Not everyone is good at every thing! Your in banking and have the knowledge so it is encumbent on you to share with people. There are people who are Doctors and good at it but not good at managing a household. Varies by people. We sure don't need more Federal Controls. Each state has statutes and rules on car sales. If you don't like them at least be aware of them and work for a change to them! Back to people need to ask questions if they don't they may fail. Life is about learning.

[iv]

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@Remedios wrote:

Actually, you can fix stupid. Most of us are here because at some point we were stupid. 

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Uneducated can be fixed. Unwise can be improved with experience.

https://www.youtube.com/watch?v=_neu5UcGU3I&t=1m56s

[Guyatthebeach]

I have to say I'm guilty of this because I financed my car for 66 months to lower my debt ratio at the time. I was still in the rebuilding stage after my bankruptcy. Now I did make double payments for the first 6 months of my loan to make up for it and still pay more than the amount due on my monthly payment. 

I think the main reason this happens is people just don't understand their finances and buy with their heart not their head. 

Guyatthebeach

[ridgebackpilot]

Is there anything wrong with a ridiculously long term auto loan (e.g., 72 months) if the APR is 0 percent?

Many auto manufacturers are now offering 0 percent for 72 months on their new cars to people with good credit scores. Basically pay over time for free...

[CreditInspired]

Sweet!

I wonder where they made it up though—delivery fee, expensive options, added warranty, dealership prep, processing charge, coating, rustproofing, any extra fee that they can throw into the mix.

[Anonymous]

I highly doubt that many people will to even qualify for that 0% APR, 99% of the time those are just marketing ploys. And even with someone with a 850 credit score, they will find some small reason why they're not eligible. And give them the average 2.9% - 4.5%.

72 months is a very long time not to see some kind of return on a $30K - $50L loan. 

[CreditInspired]

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@Anonymous wrote:

I highly doubt that many people will to even qualify for that 0% APR, 99% of the time those are just marketing ploys. And even with someone with a 850 credit score, they will find some small reason why they're not eligible. And give them the average 2.9% - 4.5%.

72 months is a very long time not to see some kind of return on a $30K - $50L loan. 

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Excellent point janus!

[Anonymous]

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@Girlzilla88 wrote:

It's a Jeep people.....come on you don't honestly expect them to be 10k or less........They are along the lines of SUV's and no one blinks twice when an SUV is 30+k ......that's also being like I want a Mercedes but I don't want to pay 30+k for it ....just be smart and practical with what you buy/Need.

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Not really concerned with the It's a Jeep thing, as long as i get my mail on time

[Anonymous]

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@kilroy8 wrote:

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@Anonymous wrote:

It does make you wonder sometimes how the Auto industry can be in trouble with prices like that. 

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It's because Hyundai and Kia don't have prices like that.

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Have you been to those dealerships lately, they are asking about the same price as the rest now.  Granted they aren't the paper radiators they were 15 years ago, but still... They are outrageous now too.  

[Anonymous]

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@Anonymous wrote:

I highly doubt that many people will to even qualify for that 0% APR, 99% of the time those are just marketing ploys. And even with someone with a 850 credit score, they will find some small reason why they're not eligible. And give them the average 2.9% - 4.5%.

72 months is a very long time not to see some kind of return on a $30K - $50L loan. 

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Some people don't qualify. Since 2000 I have purchased five vehicles and four of the five were 0% for 60 to 72 months. The first one was 6.9% (ouch). It is all about how you handle your financial and credit business.