84-Month Auto Loans Are Becoming More Common Because People Can't Stop Buying Trucks

[(M)]

Because people can't stop overpaying is what they really mean.

I'd say it's because every f-ing thing is so g-d^mned over priced these days. 20-30years ago a new vehicle Didn't cost 20-40k for a base model.

 

[GeauxLSU]

An individual doing anything didn't cause crap. That was caused by the gubment getting involved and banks being irresponsible. The individual has zero affect.

The IGNORANT individuals still took out the loans. The government didn't force them. I'm beyond tired of the lack of accountabilty, for everything .

 

[karlvv30]

The IGNORANT individuals still took out the loans. The government didn't force them. I'm beyond tired of the lack of accountabilty, for everything .

No doubt people should be held accountable. So should banks when they make a loan theat they know the person cant afford to pay back.

 

[GeauxLSU]

No doubt people should be held accountable. So should banks when they make a loan theat they know the person cant afford to pay back.

Without useful idiots, banks wouldn't game anything. I'm all for smarter consumers and LESS government intervention .
At the end of the day this country's economy runs on credit. I just get tired of having to bail out those (yes on both sides of the transaction) that continue to go beyond the rules of basic math and common sense and we as taxpayers bail them out and/or in the case of the housing crash, are also directly impacted in our own holdings.

 

[karlvv30]

Without useful idiots, banks wouldn't game anything. I'm all for smarter consumers and LESS government intervention .
At the end of the day this country's economy runs on credit. I just get tired of having to bail out those (yes on both sides of the transaction) that continue to go beyond the rules of basic math and common sense and we as taxpayers bail them out and/or in the case of the housing crash, are also directly impacted in our own holdings.

I can agree with that.

 

[Granite3]

Just rode in my buddy's loaner while his 16 F250 diesel was having warranty work done.

It was a 18 F150, cloth seats, chrome package, sticker in the dash had $51k on it.

Unbelievable a base F150 is $51k. It did have the V8 though.

 

[chucklenut]

If you have to spread payments out over 7 years you can't afford it!! Not sure why that is such a hard concept to grasp for some people.

you think thats bad, I was working in an auto parts store a while back and one of my co workers got a 2016 or something kia and was making payments of 420 for 5 years........I was like WTF! thats too high

his interest rate was....drum roll.....24.6 percent! mine is 1.75% and I bitched at them for trying to make it 1.99%.

some folks dont get the long run

 

[HoopDawg42]

Wow! It looks like I can finally afford my dream truck. It’s a shame I refuse to borrow money. Guess my 20year old Chevy will have to do.

Same here Bro...I paid this one off in 99' and swore off of auto loans.

 

[the_great_white]

Just rode in my buddy's loaner while his 16 F250 diesel was having warranty work done.

It was a 18 F150, cloth seats, chrome package, sticker in the dash had $51k on it.

Unbelievable a base F150 is $51k. It did have the V8 though.

And I thought my '06 was expensive when I bought it new. Lariat with everything on it but the 4wd for $32k out the door and still driving it.

 

[Kyzrsoze]

One huge affect is they drive up vehicle prices for everyone else, which enlarges the number of people taking out stupid loans, which drives up prices, which enlarges the number of people.... Well you get the idea.

No payment for me, I save up then buy. Duh.

- government bailout of auto makers
- creditors and dealers nailed while unions move to the front of the payment line
- prices move up to cover union and bailout repayment
- auto makers become simply a support structure for union
- fininacing terms stretched to fit
- financing for bailout shifts to consumer