Quote:
Originally Posted by PoorLurker
Woodsidecredit.com
144 month loans
20% of monthly gross for a car
This opens up a whole world of opportunities.
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That's just batshit insane. 12 years to pay off a car?! If it's a really nice ferrari, maybe you could get your money back on a "classic", but you would have to keep the miles really low. The 20% figure is also supposed to include maintenance and insurance. Maintenance alone on a Ferrari is very expensive compared to a BMW.
On a $200,000 loan for 144 payments you are also paying $80,000 in interest and that DOESN'T include tax. Figure about $20k+ on tax. That's $100,000 total wasted. Your 12 year old classic ferrari would have to appreciate $100k just to clear the taxes and interest. Suckers are born every minute.