USA | farmdude - 2/7/2021 11:34
The depreciation on that is insane.Worth about half price in another year.Person would be better off selling it now an take a loss then to keep it
Will just eat you up financially
Problem is they can't get out from under the loan to get the title to sell it.. Know of a deal where a new car was bought @ 18% int on 7 year loan because of bad credit. @ year three car was worth about half of loan value. They were stuck with the loan, until another party took a chance on the couple and paid their loan off and lowered the int. They have the loan paid off now. Original loan would still have about 1.5 years left on it and cost of the car would have been about double what they paid for it when loan was paid off.
People get sucked into these deals and then they are pretty much trapped with no way out except to finish out the loan. |
Insanity of 10 year consumer credit loans Vs Investing those $
