Major Hayden 🤠

I read today that banks are pulling back from car dealerships and many have cut their maximum loan length to 72 months from 84.

Then my brain rebooted.

An 84-month car loan? Seven years? And paying markups of over $60K on the car, too? 🤯

#autoloan #finance #lending

May 5, 2023 at 2:52amWeb
Show threadNick   🇺🇲May 5, 2023
@major crazy! Last time i bought they were pushing "how much do you want to spend a month?" Never mentioning the length.of the loan.
Show threadMajor Hayden 🤠May 5, 2023
@nsartor OMG, I must admit that I fell for that "how much can you pay per month?" trick once in my past. Never again. 😞
Show threadmike805May 5, 2023

@major the only way to make inflation stop is to stop creating money, and lending creates money. Cars and houses and education are too expensive BECAUSE we keep bringing in more money to pay for them.

Five years ought to be the absolute limit, and loans should require a decent down payment. People who cannot pay for it on those terms should buy a cheaper car. There would be more cheaper cars available if lending was restricted.

Show threadxgermanMay 5, 2023
@major they are pushing 30 year mortgages meanwhile the average homeowner stays there only 7 years. In all fairness during the supply chain shortages car makers made only the most profitable (mean expensive) models and dealers added markups - meanwhile used cars where more expensive than ever. So if you needed a car you were screwed. Everyone likes more money so unless the government allows the Chinese auto makers with their cheap EVs in things will stay expensive