Quote:
Originally Posted by Royal Tiger
One of the guys I work with has fairly bad credit due to a divorce (what killed mine as well) and somehow just bought a Challenger Hellcat. I heard some of the guys talking and apparently his payments are around $800/month for 7 years!!!!
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To be fair, it's not the amount being financed, nor the payment, that should be shocking.
Instead you have to look at the buyers financial situation.
I initially financed my Shelby at 62 months..... (totally totally retarded...but not because I couldn't afford it) but because i put 18k down on the slut, and had a mid 700 credit score.
I liked a 700 dollar payment more than one that was roughly 820. And I ended up getting burnt by the bank when I refinanced...to tbe tune of a 500 dollar early termination penalty.
I pay 900 a month now (over the minimum) because I realized how badly I was screwing myself in interest because I was too lazy to secure good financing.
And this article proves that people are now (and have always) jumped at a lower monthly payment instead of being smart and spening what they can afford.