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84 month car loans?!

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12K views 61 replies 32 participants last post by  Goose17 
#1 ·
I just saw a commercial for both Dodge (Ram) and GM for an 84 month car loan.........can people REALLY be that stupid? I thought they were getting bad when they started offering 5 year car loans.

That should be illegal if only to protect the stupid from themselves!
 
#2 ·
The short answer is yes! Someone tried to argue the logic with me that it was a great deal the other day if it is interest free for 84months if you plan to keep the car for 10 yrs. lol
Lets be realistic, who really keeps cars 10 yrs that needs to take 84 month loans?

Side note, they are doing this because cars are getting too damned expensive. Its even sicker when $800+ month car loan payments are pretty much the norm now.
 
#10 ·
The short answer is yes! Someone tried to argue the logic with me that it was a great deal the other day if it is interest free for 84months if you plan to keep the car for 10 yrs. lol
Lets be realistic, who really keeps cars 10 yrs that needs to take 84 month loans?

Well, I'm someone with six vehicles ten years old, in fact, there are also Three over twenty years old, a couple relativey new..,. No payment on any of them..... Its nice living Debt Free,
People really need to live wthin their means, it took me 55 years of hard work to get what I have, and part of that was not buying cars I had to finance for over 3 years, and have not financed one for over 20 years.
People need to be more responsible!!!!!
 
#3 ·
YES a LOT of people are that stupid to take out 7 year car loans.
i work at a new car dealer body shop. from my observation point a 7 year car loan is rather common.
worse yet i am seeing a few 10 YEAR car loans on trucks.
4 or 5 months ago i was repairing a 2018 dodge ram quad cab 4X4 truck with every option available. the truck was wrecked pretty bad and in my opinion it shouldn't have been fixed. the owner owed $80K on the truck and had gap insurance. the owner wanted the truck totaled and the insurance co wanted it fixed, $50K repair bill, so it got fixed.
it had 60 K miles on it with bald tires. the owner didn't have the $$$ to buy tires, they were $$$ 20" tires and our estimate on the same new tires was $2500 installed. yet somehow he traded the truck in and bought a new truck.
 
#4 ·
YES a LOT of people are that stupid to take out 7 year car loans.
i work at a new car dealer body shop. from my observation point a 7 year car loan is rather common.
worse yet i am seeing a few 10 YEAR car loans on trucks.
4 or 5 months ago i was repairing a 2018 dodge ram quad cab 4X4 truck with every option available. the truck was wrecked pretty bad and in my opinion it shouldn't have been fixed. the owner owed $80K on the truck and had gap insurance. the owner wanted the truck totaled and the insurance co wanted it fixed, $50K repair bill, so it got fixed.
it had 60 K miles on it with bald tires. the owner didn't have the $$$ to buy tires, they were $$$ 20" tires and our estimate on the same new tires was $2500 installed. yet somehow he traded the truck in and bought a new truck.
HOLY HELL!!! I did not even think of that from an insurance standpoint. Wow a $50k fix would scare me. lol. Wonder how much negative equity that guy rolled in on the new one. He now has a $100k Ram. lol
 
#5 ·
If the interest is 0% then what difference does it make if its 4yrs or 7yrs? You can pay more and it can be paid off sooner. And if you get in trouble you can go back to the regular payment.

On my wife’s car the Interest was 2% for a 4yr or 6yr loan. I choose the 6yr loan. But I made payments as if it was a 4yr. I paid it off in 4yrs and the amount of interest is very close to the amount of a 4yr. Do the math, it comes out the same.
 
#6 ·
If the interest is 0% then what difference does it make if its 4yrs or 7yrs? You can pay more and it can be paid off sooner. And if you get in trouble you can go back to the regular payment.
While this is true, the problem arises when someone ends up needing to sell the car before it is paid off. The long-period car loans would increase the likelihood of being upside down on the value vs sale price.
 
#12 ·
When I was much younger, I HAD to finance in order to have a GOOD car.
I was always aware of how much I owed and NEVER missed a payment.
As I advanced in my career earnings, I was able to cut my debt so that I only owed on my HOUSE (not extravagant by any means).
Don't plan to take on ANY more Long Term Debts (for the rest of my life)
My only outstanding debts are Death and Taxes.
Taxes, I keep up with. Death: I am a Christian...
After I die, nothing that I personally can do about it. Family won't have any Debt, and will have a little $$$ in the bank. (and hopefully FOND Memories of this OLD Coot)

In the mean time Have as much FUN as I legally and reasonably can!
? ? ???
 
#13 ·
My take...There is no such thing as a free lunch. When manufacturers offer 0% for 84 means they are just taking less off the MSRP. In the end it is total dollar out the door. The dealers and manufacturers know this. They have just found that marketing a lower payment is more effective than marketing total expense.

I saw a sign about a month ago the said the national debt (prior to covid 19) equates to $71,000 per person in America. Now it is probably $80,000. We as a country will never crawl out of that hole and have screwed all future generations. For those of us that have tried to live a fiscally responsible life, we will end paying for the others that have not.
 
#15 ·
While I agree people need to be responsible, I also think it is predatory for these places to be offering 84month loans and telling people they are approved for $35K cars as long as they make $200 a week and no down payments or credit needed.
Some people are just dumb. You got these people that work at Dunkin donuts 15hrs a week with $30k cars they cant afford and upside down in because no money down and long term loans and the payments are %80 of their income because the dealer told them they could approve them somehow, its no wonder things are so bad. Same shit happened with housing back in the mid 2000's
Not to mention how cheap cars are now $30k+. Shit I was at the Ford dealer getting maintenance and saw a new Escape that was $38k!!! Edge ST was $52k!!!!
WTF!!!!

All that for there to be airports and shipyards full of new cars they cannot unload, but they just keep bringing in more.
 
#17 ·
My wife and I started with a low 600 and mid 500 score 5 years ago with a decent amount of debt and 2 beat up, over 200k mile trucks that required quite of a bit of my fixing to keep them running well and the only place that would let us rent was on the boarder of the ghetto. Now I've cleared the 800 mark and shes getting close, we've not been denied a loan in 5 years, our credit cards are paid except for a revolving 10%, and the only debt we have is the almost 100k in car loans. Her car is a '19 fusion with all the fancy crap and a 0% interest loan and I daily my shelby with a 4% loan. I definitely understand the discipline thing, but it pays off. I also just saw the 84 month loan advertising and almost choked on the drink I was sipping. The only way you could come out on top is with a 0% or increadibly low interest loan and making higher than the required payments. CSR are getting crazy expensive for the middle of the road models and because people continue to pay, they'll continue to rise. The more the companies add the "high class" extras in as standard features, the more the can slowly jack up the prices.
 
#19 ·
Everyone has their own opinions on financial responsibility. My basic principal is loans are fine, but it's a contract you owe. We could've walked away from a condo in the financial crisis, but we sold it at a huge loss because that's the contract she signed when she bought it and it was the right thing to do.

For anyone struggling with finances, we did Dave Ramsey's Financial Peace class at church when we got married (even though we were both in good financial shape) and I think it's an excellent class to make you think about your financial situation. I don't follow everything he teaches (I like my credit card points, but I pay them off), but the principals are sound. I would highly recommend it to any friends who are struggling or making poor decisions to keep up with the Joneses.

As for the national debt, it just doesn't make any sense. It seems to be a number that has no consequence at this point, so they just print more money. 2 trillion bailout with 2 trillion backup, no problem...WTF? The number goes higher and higher but doesn't effect anyone's day to day life... Maybe Bernie is right, just keep printing money and we can all drive Ferrari's for free :p.
 
#20 ·
I have heard from a coworker that his classes were very eye opening as well.
I couldn't agree more on the contract thing. I get kind of pissed when I have friends that charge up stupid stuff and filed for Bankruptsy and bragged they got everything written off. Not long later they were buying new cars and homes and big screen tv's and Macbooks and shit again. Goes to show you doing the right thing doesn't always pay off other than feeling good about yourself.
I have had debt in hard times as well. I stuck it out and paid things off and worked extra and hussled more. Its just the kind of guy I am
 
#47 ·
Coworker of mine did this back in the early 2000’s and bragged about it. He just bought fully loaded V10 Ford Excursion. He was one of the most memorable individuals I’ve ever worked with. He used the company PCs to mine Bitcoin. I had no idea what he was doing back then because he claimed he was using them to run algorithms to help cure cancer. No idea if he’s a millionaire but I know he eventually quit and moved from Texas to a massive home in Ohio. :D
 
#26 ·
I get that to an extent. Realistically though when moderately equipped lower end cars are $30k+ and trucks are $50k+, its getting harder and harder to afford vehicles.
Honestly, cars are starting to price most consumers out. I just lease my new cars now and ditch them in 3 yrs. Makes most sense for me to not have to ever worry about paying for issues down the line. Don't get me wrong, I still own cars outright and finance a few too, but on my dailies, they are just too much money so I lease now.
 
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#29 ·
Just received an email from Shelby American. They too are offering 84 months at 0%.
 
#30 ·
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#34 ·
If I went out and got one of those 8 year loans, I'd need to buy Loan Life Insurance on it....I might not LIVE long enough to get it PAID off...LOL.....no, SERIOUSLY....LOL
My very FIRST New Car Loan was for 36 months....Seemed like a LIFETIME, Well, It WAS a LIFETIME ago! I wish I still had that one!

Land vehicle Vehicle Car Compact car Classic car
 
#36 ·
I've been out of the "new car market" for quite awhile now, and can't get past the fact that most people pay more for their 'sales tax', than I pay for an entire vehicle ... heck, the sales tax on a new Shelby GT500 would buy me a whole FLEET of vans !!! LOL o_O?

It reminds me of my Grandfather who used to say, "why, .... I paid less for my first HOUSE than you paid for that little car !!". My how history repeats itself once again ..... :)
 
#40 ·
Do you have a Mustang or are you a spammer?
 
#44 ·
Based on the current rate of inflation, I'd absolutely take that 84 month 0% loan, time value of money and all. Who doesn't love a little arbitrage?
 
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#45 ·
Good luck finding 84 month and 0%. Lol!
 
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#51 ·
Not my money, not my concern.
If the math works for me then that’s what I’ll do. Everyone else who has an opinion on how I spend the money I’ve worked for can put those opinions where the sun doesn’t shine 🤣
Ppsssssst... psssssst...

Take a guess....



You can spend all you want of your $$$.... any way you want... anywhere you want.... anytime you want.... on anything you want. Just like any and everyone else can.
 
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