Generally, these loan types (Woodside Credit/JJ Best/etc) are used to finance very expensive exotics with minimal depreciation. The GT4 example above is probably about the lowest purchase price where such a loan scheme makes sense, since (as you pointed out), a standard 72 month loan with no downpayment and a 3% rate…
4play
4play
Most of the people I know who have done these loans could have purchased the cars with cash. But, a $200k+ cash purchase makes no sense when (as stated elsewhere) you can beat a 6.25% rate with your investments.
Think of it this way and you’ll see why this is such a popular loan product:
Think of it this way and you’ll see why this is such a popular loan product:
Yep, that’s exactly the purpose of this loan, and something that apparently blows the mind of Jalopnik writers, because these get talked about at least once a year as being a “terrible idea”.
The monthly rate is 0.52% and annual rate is 6.25%. Check your rounding using “RATE”, it’s probably set to zero decimal places.
This isn’t a sub-prime lender. The people selecting a 12 year term at 6.25% on a GT4 and the people buying a 1997 Eclipse with a 72 month term at 12% are two totally different markets.
Someone with this loan type is going to own the car for 1-3 years and hope that it either does not depreciate or appreciates slightly. Interest rate is 6.25%, which is a bit high but allows the buyer to keep ~$80k liquid instead of tying it up in a GT4. Not hard to beat that return, even in the current volatile…
I think Kinja erased my post, but it’s easily possible. My wife and I kept our finances separate before the marriage (and still do).
My wife and I keep our finances totally separated, but we still have disagreements about spending.
He won the 24 hour of Le Mans with Peugeot (and has 4 podiums) and scored points in a dreadfully slow Minardi. I’d say he was pretty good.
Every commercial jet aircraft has a pressurized and climate controlled cargo hold.
It never made sense that the car didn’t make at least 200hp.
+1.
A point the article missed is that the vast majority of Uber / Lyft drivers are terrible drivers. I can’t even begin to tell you how many times I see rideshare vehicles doing the following:
The Euro 4C is lighter than the Miata. USA spec has additional crash structures, heavier tub, airbags, etc. required by US law that makes it a bit heavier. It also has A/C and radio stock, which the Euro ones did not.
The problem is that the chassis and bolt inserts can move relative to one another, so the tightening down is needed no matter what. Loctite would keep the bolts from backing out, but they will still shift around a bit, and could even damage the carbon tub ($$$).
It’s actually supposed to be an annual service, though many dealers recommend every 10-12k miles if the car isn’t driven much. I’ve never heard of a car having more than 1 or 2 bolts loose, and they are always the same ones.
Every single road car post 1980 has brakes that are capable of stopping the car with a stuck accelerator. Period. No car exists that brakes more slowly than it accelerates.