Who Are The Sleaze...

[hornadylnl]

That come up with this crap?

Got a letter in the mail from the Dealer we bought our car from and they are in desparate need to buy used cars for inventory. If we trade in our 2013, they guarantee us a 2014 or 2015 for the same payments as our current vehicle.

Maybe we should take them up on that since we paid cash.

 

[jagee]

The wife's cousin did that a couple of years ago, got a nicer car for the same payment as the old one.

I, like you, paid cash and don't have a car payment...I get the same in the mail and just throw it away. I don't want a new *fill in the blank* I like MY car!

 

[hornadylnl]

If we attend the event, we get a free $50 gift card. Told my wife if she wants to sit through the garbage for $50, knock herself out. I'm not.

 

[HoughMade]

I got a similar invite regarding our 2012 Town and Country.......let's just say, um....no.

Sad part? They do this because it works.

 

[GLOCKMAN23C]

I get those for cars my wife nor I even own anymore.

 

[Mr Evilwrench]

Spammers say spamming works, too. I'd like to have a few words with the twits it works on.

 

[BigBoxaJunk]

I got a similar letter concerning my 2002 Impala, but it was from Crazy Jimmy's (home of the $1995.00 car).

 

[Magneto]

Somehow, I have gotten on the mailing list for a marketing company that sends me these big cardboard flyers that advertise some deal that is so good there is no way I could pass it up. Kia sent me some envelope that looked official just as a way for them to get you to open it. I laughed and threw it away.

 

[Shadow]

But but its such a good deal ,,just how the hell can ya pass it up ?

 

[RockofStrength]

So the payments are the same...but the overall debt goes back up to whatever price is negotiated for the new car? Or do you now have two debts, maybe less the "trade-in" value of the used vehicle? This makes no sense to me.

 

[hornadylnl]

So the payments are the same...but the overall debt goes back up to whatever price is negotiated for the new car? Or do you now have two debts, maybe less the "trade-in" value of the used vehicle? This makes no sense to me.

Says same payment. Let's say you've already paid 12 months of a 60 month loan. I'm assuming you'd get the same monthly payment for 60+ months on the new loan.

I have zero payments so I should tell them I want a new car for an even trade.

 

[femurphy77]

I got a similar letter concerning my 2002 Impala, but it was from Crazy Jimmy's (home of the $1995.00 car).

That's just crazy!

 

[Leo]

Some people live by the monthly payment, with no understanding of how much they are paying for things or how far behind they are. My co worker would get another car (some new some used) every year or so. He would say things like "The guy fixed me up, it is only $20 per month more than my old payment". He could not answer what they gave him for his old one or how many years of payments were do on the new one. Then he got one stolen and the insurance only covered about 1/2 of his debt, because he owed more than full list retail price on a couple year old car.

 

[CathyInBlue]

Hey, if you own your 2013 outright and have put a year's worth of miles on it, and they're willing to swap you straight across for a brand new 2014, same make, model, features, colors, etc., who are you to say no?

I know, they're not really willing to do that.

 

[Lefty64]

Too many people base buying on the monthly payment. I'd rather pay cash for a car.

 

[Que]

I will probably never own a new car or motorcycle. Why pay for that when there are perfectly good used stuff out here. The same goes for guns and almost anything else. The only thing I buy new are my clothes.

 

[PaulF]

I used to work for a high-volume new car dealer.

RUN AWAY from those ads. Those are intended to fool less savvy auto buyers out of their lower interest 48 (or 60) month loan into a 72-month loan. The extra payments are basically all extra interest. The original debt is just added to the top. I saw an Internet article that says there now exists 120-month "sub-prime" auto loans.

That's 10 years at 20%(+) APR interest...in other words, over the life of the loan you pay back THREE TIMES the amount you borrowed.

Apparently people actually do this?

 

[churchmouse]

I used to work for a high-volume new car dealer.

RUN AWAY from those ads. Those are intended to fool less savvy auto buyers out of their lower interest 48 (or 60) month loan into a 72-month loan. The extra payments are basically all extra interest. The original debt is just added to the top. I saw an Internet article that says there now exists 120-month "sub-prime" auto loans.

That's 10 years at 20%(+) APR interest...in other words, over the life of the loan you pay back THREE TIMES the amount you borrowed.

Apparently people actually do this?

They will do anything to get into that new SUV......same as they did with houses during the sub-prime bubble........."POP"

 

[femurphy77]

Sub prime auto loans are actually the new in thing to do in place of sub prime home loans. They've doing the same thing with these loans, packaging them and reselling them to speculators. The theory is that the only people that agree to the terms are so desperate to (re) establish their credit they'll do anything to not miss a payment. Not agreeing or disagreeing just rehashing what I read in an article a few weeks ago.