Reply to 0% Financing for 84 Months

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]FYI you’ll only qualify for that rate if you have excellent credit - otherwise there may be a bait and switch later (shorter term and/or higher interest rate)

IF you’re buying a car that holds value well the 84 months thing isn’t terrible and as long as there’s no prepayment penalty (there usually isn’t with cars) you can always pay more if you want. If you’re getting an Audi or Porsche [b]you’ll been underwater (ie you’ll owe more than the car is worth) on the car for all 84 months.[/b] [/quote]

I agree that an 84-month term note is a terrible idea.  But the bolded shows a very depressing lack of knowledge of math. FFS, PP.   [/quote]

Explain please. [/quote]

Under water means you owe more than the car is worth.  You, or the PP, said that for an 84 month loan the purchaser is underwater for all 84 months.  That is ridiculous.

It's a 0% loan, so we're only talking about the principal.  Say you spend $42,000 on a car - your payment will be $500/month.  You think that the car is worth less than $6000 after 6 years?  Less than $500 after 6 years 11 months?  Say you buy an $84,000 car - at the end of six years, you still owe $12,000.  You think your 6 yo Porche, or other luxury car, is worth less than $12,000?  And a year later, it's worth less than $1000?

As I said, this is basic math.  [/quote]

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