so i got a call from my dealer today.

Zeek · 02-17-2012, 03:15 PM

Bad idea in my opinion. Salesmen love people who are only interested in a monthly payment and not the overall cost of what they want to do. You'll find yourself in a situation where you owe a lot more than the new car will ever be worth. When that next new, hot car comes out that you lust over you'll find the only way you can get it is to have the dealer pay your loan, deduct what the car is worth and add the remainder into a new loan and you'll sink further into debt and pay several thousand dollars more than the car is worth. If the car is ever repossessed for some reason they will sell it cheap and you'll wind up paying the remainder. Double up on your car payments if you can and pay it off to save a few bucks on interest.

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02-17-2012, 03:15 PM	#11 (permalink)
Zeek Base Member Join Date: Dec 2011 Location: Eastern Washington Posts: 26 Drives: 2011 Silver Touring Rep Power: 14	Bad idea in my opinion. Salesmen love people who are only interested in a monthly payment and not the overall cost of what they want to do. You'll find yourself in a situation where you owe a lot more than the new car will ever be worth. When that next new, hot car comes out that you lust over you'll find the only way you can get it is to have the dealer pay your loan, deduct what the car is worth and add the remainder into a new loan and you'll sink further into debt and pay several thousand dollars more than the car is worth. If the car is ever repossessed for some reason they will sell it cheap and you'll wind up paying the remainder. Double up on your car payments if you can and pay it off to save a few bucks on interest.