The longest I have ever financed a car was 3 years, and that was on my WRX that I bought brand new off of the lot for just under $30k out the door. 

Average purchase price of a new car = $36k

What’s the default rate going to be in April and May? My guess is very high. 

Want the latest cell phone? Just finance it!

Things that are not driving this result:

New cars/trucks are as much a status symbol as a vehicle.

Get a cheaper car then.

Then buy a brand new Kia for $16K on a 4-year loan, and then you’ll only have $335/month payments, and have it paid off before the warranty even expires. (5 Year/60K)

Yes and no. You usually have to choose between factory incentives OR the cheap financing, sure. But if you have the credit for a 0% factory note, you probably have the credit for a dirt cheap +/-2% credit union note - and then can negotiate the hell out of the price of the car. I ended up at $6K+ off my GTI and 1.75%…

Then you can’t afford that car, IMHO. <shrug> When I couldn’t afford payments on the sorts of cars I prefer new, I cheerfully bought them well-used for cash. A new car is an expensive convenience/luxury, not a necessity.

If you’re spending six years to pay off a car, you can’t afford it. It’s OK, not everyone has to have a new car. Just buy used instead of skirting the edge of financial ruin just to buy something that will only drop in value while you struggle to make the monthly payments.

560 a month for payments financed over that time period is nuts. Ppl, buy used or buy something other than the 35k and up car. I know new cars all basically cost 30k+ but holy cow.

It wasn’t really 0%. They just added the interest you would’ve paid into the MSRP on the vehicle and told you the loan was 0% interest.

But im sure you passed on rebates to to get the 0%. If you amortize it out, im betting 0% is close to what you wouldve had, paying 2.9 or 3.9 using rebates (silverado for instance is $6-$9k) with an option to accelerate payments. With 0% you’re locked in, until the breakeven point of rebates vs 0%.

I’d take it, but I still would pay the thing off the day the warranty runs out. Payments or repairs, never both on the same car for me. If I can’t pay it off in within the factory warranty terms, I can’t afford that car.

I agree, I would want to be gloved and masked to avoid being recognized in a recent model Corolla. 

If yous is lookin’ for a guy who knows good cement when he sees it, who else?

Hookers and blow in the time of Coronavirus should be the title of a book, and it is also known as “antisocial distancing.”

Back when I worked as a civil engineer in the 1980s in the Northeast, you could always identify the union “stewards” when they arrived at the construction site. Always in a gawdy Cadillac, typically wearing a suit without a tie, but with an open shirt and gold chains. They were always very, very big.  You didn’t have…

“There will be a hotline for members to report corruption at which point several thugs, who are also middle managers, will be dispatched to your work area to beat you up.”