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Troubling new trend in auto loans

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06 Mar 2016 08:05 #295145 by chairman
financial analyst Mellody Hobson reports that stretch-loans -- loans paid back over a long period of time and popularized during the Great Recession -- come with a huge downside.

The average loan now lasts more than five years. Hobson warns that paying for your car over such a long period renders them like homes, which can end up "underwater." Over the years, not only will you end up paying more in interest, you wind up with a car worth less than the payment you're making.
Always tell someone how you feel because opportunities are lost in the blink of an eye but regret can last a lifetime.
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06 Mar 2016 08:24 #295152 by Radhica
There is no excuse to allow a car dealer to take advantage of you. There is a wealth of free information that can be had with a simple Google search. Some people just don't care to educate themselves

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06 Mar 2016 10:24 #295173 by ketchim
A Car depreciates from the time you drive off the lot !

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06 Mar 2016 10:29 #295175 by ketchim
A Car depreciates from the time you drive off the lot !


even the car companies like Ford and GM Credit extends the Loan !

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06 Mar 2016 11:56 #295210 by rz3300
Well it certainly makes sense from an economic stand point, and like it is mentioned the value of the car decreases so you are paying the same amount on a depreciable asset, which makes no sense.  These loans seem attractive at first because you think you only spending a little at a time, but when you think about it you are paying more in the long run.  It just takes some common sense from people, but sometimes that is asking too much.

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