Quote:
Originally Posted by jrboyd_1980
This is the main reason why we entered the recession that we are in. Banks had to get bailed out by the government, because people were defaulting on their loans. It was shown that the longer the loan the higher chance for default. That's why very few banks will finance more than 72 months. Banks will also not finance to much over MSRP of a new vehicle now either. I remember 3 years ago a guy financed 140% of MSRP and had a loan term of 96 months. Just my 2 cents.
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I'm not saying I'm going to get what I can't afford, then default after a few months or years... that's why we're in a recession. OR, people buy something 100% using a credit card, then have to pay THEM back plus loan-shark-like interest for something they shouldn't have gotten in the first place.
I already know much about this car and cars in general. I'm hoping to learn much more that I can about the math to be a better customer and negotiator. Like anything else in my life, if I can't afford it, I won't get it. That's why I drive my P.O.S. falling apart, dealerships closing, terrible service, no horsepower, giant-wing-sporting, Lancer GTS [POS].