Chevy 84 months financing

[GONIF]

If Chevy does the 84 month 0% finance and no payments for 120 days on a new loaded 2020 Camaro ZL1/1LE I will have jump in . They are doing it on the 2020 Silverado ,why not the ZL1/1LE ?

['10CamaroDude]

I could never be stuck paying on a car for seven years...

[GONIF]

Originally Posted by '10CamaroDude

I could never be stuck paying on a car for seven years...

It takes the sting out of the rapid deprecation on the car ,and lowers the payment enough to make it accessible to a lot more customers. Put down $10000.00 and your under $700.00 a month .
Unfortunately they are not offering it on the2020 ZL1/1LE .

[SIM GhostrdrZ]

Originally Posted by '10CamaroDude

I could never be stuck paying on a car for seven years...

It’s 0%, so you don’t pay any interest. So you can invest your $ in other places. This is often called “free money”. We will probably see much more of this to get folks to make purchases and get the economy machine running again. A good time to buy if you were going to anyway and have the opportunity.

['10CamaroDude]

I said nothing about interest, down payment, monthly payment, I don't care. I would
never go seven years. I went four on my used 2010. Seven years is a no go for me
on any level. You're making a sales pitch where none was required, I don't care...

[SIM GhostrdrZ]

I don’t sell for a living. Just trying to make some points as to where I thought you were headed. Makes no difference to me. I have all my titles in hand and I get all my useful life out of every vehicle I’ve ever owned so I think I understand what your saying. Maybe not though. Didn’t mean to ruffle your feathers.

[olblue75]

Problem is the offer is on, on lot stock so if it’s not on the lot then you’re SOL, so be better to make sacrifices. An C7 Corvettes fall under these terms so no reason a Camaro won’t.

[GONIF]

Haven't financed a car in 30 years , so I get what your saying . None the less most do finance cars, homes, and major appliances and it drives the whole economy .And with the inflation that is coming with the economy collapsing due to the corona virus you will be paying back the loan with inflated dollars. When I briefly worked for Cal Worthington ,we used to say "HAPPYNESS IS ONLY A PAYMENT AWAY".

[Billy10mm]

Originally Posted by '10CamaroDude

I said nothing about interest, down payment, monthly payment, I don't care. I would
never go seven years. I went four on my used 2010. Seven years is a no go for me
on any level. You're making a sales pitch where none was required, I don't care...

For the average person: Agree. 7 years, the entire loan you're upside down. If you can't finance the vehicle comfortably in 3 years, its too expensive of a vehicle.

For that rare person who has plenty of cash but finances at a low APR PURELY to facilitate leaving their cash in other investments: Any term is fine and the lower your payments the better.

But for 9 out of every 10 times that second one is thrown around on the interwebs, its just an excuse. The vast majority of people financing over 5+ years are doing so because they can't afford the higher payments of a 3 or 4 year loan.

As a rule of thumb, your car's out the door price should be no more than 1/3rd your gross annual income, 1/4 is far better.

[CHRISCAM]

When I saw that ad on tv I jokingly said to my wife: "Zero down, Zero per month for 84 Months. I can live with that!" Lol.

Too bad that's not what they said...

[Vegas Bound]

Better get gap coverage, you are going to be upside-down for 3-4 years.

[GONIF]

Originally Posted by Vegas Bound

Better get gap coverage, you are going to be upside-down for 3-4 years.

Unless you put a real big down payment , your upside down in most cars .The first 3 years they all depredate the most.

[imaSSnake]

I once bought a a brand new SRT Grand Cherokee, had sat on the lot for a year, bought it for $10,000 off sticker. Traded it a year later and lost $14,500 in the trade. That's why I have an SS instead of a ZL1. I had to finance a lot of extra debt.

Several years ago I would have loved a deal like this. Now, I'm tired of car payments. I think the longest loan term I've had was 75 months. If I could do it all over again, I might finance a decent cheap car for reliability reasons and then just save money until I could afford something I really wanted. I wouldn't keep trading for years on end

[Billy10mm]

Originally Posted by GONIF

Unless you put a real big down payment , your upside down in most cars .The first 3 years they all depredate the most.

Everyone should be putting down a minimum of $5K on any new car and never finance over 36 months if your goal is to stay right side up and do not have the cash to back it.

The flip side is that you have the cash but its invested. You finance the whole damn thing allowing you to keep your money in the market. You don't care about being upside down, because you could always liquidate your investments and pay off the remainder on the loan. Also a viable (and financially sound) solution.

If ZL1 1LEs end up on the 0% APR 7-year plan ... I might have to give Becky-D a call. Just too much free money to pass up.