Just curious - why buy a car that would put you at financial risk?
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No offense but deferring a car loan has to be one of the dumbest things I've heard. You're accumulating interest at a rate of $10-$20 a day, cumulative, i.e. your now paying interest on your interest. If I were you I would be working my butt off to make extra payments in order to get the loan the right way up.
If you can't afford the payments comfortably then you shouldn't buy the car, period. How do you think this country got into the most recent financial crisis? It was by doing exactly what you describe, deferring payments for as long as possible on things people couldn't afford. Always ask yourself the following question. If I have to sell tomorrow will I be screwed? I.e. Never owe more than the car is worth. I don't think I would have bought any type of new car on graduation unless I landed one heck of a job. |
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"How I managed to only make 1 payment in 7 months....before getting my car repossessed" |
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Definitely seems that way.
A lot of people tend to psychologically eliminate interest from the equation when they are making big purchases. The only thing that matters to them is the monthly payment. These are the kind of customers that banks love. |
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Well, if you think about, he hasn't really scammed anyone but himself. :)
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I made just one payment and got 0% APR.
:tup: |
Does the original poster realize that he is just stretching his car payments 8 months longer?
Not paying for 8 months now means you have to pay 8 months longer later. Thats a foolish thing to do because your car depreciates and you could owe more than the car is worth. |
Let's just hope he has GAP insurance.
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