My friend just bought this.

"mazda616" (mazda616) 04/01/2017 at 19:47 • Filed to: Financing

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And he financed it for...wait for it...96 MONTHS! Bruh.

2.99% interest. $124.00 a week. Works out to over 50 grand.

And I cry about my 6 being financed for 72 months.

At least Tacomas don’t depreciate?

LongbowMkII > mazda616 04/01/2017 at 19:50

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I mean if there’s a vehicle that you could possibly consider for 8 years (!) of payments.

garagemonkee > mazda616 04/01/2017 at 19:53

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E90M3 > mazda616 04/01/2017 at 19:53

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If he’s planning on paying it off early, it might not be that bad of an idea.

mazda616 > LongbowMkII 04/01/2017 at 19:53

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I guess. I honestly didn’t know they did loans that long noawadays. Like I said, I felt like a dumbass for my Mazda6 being financed for 75 months. I feel better now. Especially considering it’s a year-and-a-half later and I’m still not upside down. Luckily.

Birddog > mazda616 04/01/2017 at 19:55

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$500/month?! For 96 months! Add in insurance and I bet it’s over $600. I feel sick.

gmporschenut also a fan of hondas > mazda616 04/01/2017 at 19:56

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Dr. Zoidberg - RIP Oppo > mazda616 04/01/2017 at 19:59

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So basically he can’t actually afford it

Highlander-Datsuns are Forever > mazda616 04/01/2017 at 20:01

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Looking for an appropriate meme response. Haven’t found one yet. Nice truck, dumb financial decision.

jimz > mazda616 04/01/2017 at 20:05

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I financed my 2011 Ranger for 48 months, and paid it off in 2 years 3 months.

if you have to finance a car for 8 years, you can’t afford it.

The Crazy Kanuck; RIP Oppositelock > mazda616 04/01/2017 at 20:10

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I feel dumb for doing 60 months on my Juke.

If only EssExTee could be so grossly incandescent > mazda616 04/01/2017 at 20:10

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Who the hell has $124 extra at the end of every week nowadays?

Chariotoflove > mazda616 04/01/2017 at 20:16

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I’m really hoping you’re just playing an April Fool’s joke on us, and there isn’t really some poor bastard with a 96 month car loan.

mazda616 > Chariotoflove 04/01/2017 at 20:17

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He did this last week, so it’s not an April Fool’s. Lol

Chariotoflove > mazda616 04/01/2017 at 20:19

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Poor bastard. I shall light a candle for him.

Nothing > mazda616 04/01/2017 at 20:19

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I’m at 0% for three more years on my 2015 and still wish I would’ve done a shorter term!

DC3 LS, will be perpetually replacing cars until the end of time > If only EssExTee could be so grossly incandescent 04/01/2017 at 20:22

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He better have more than $124 a week. If not he’s basically betting that neither his income will drop, or his expenses rise in the next 8 years.

DC3 LS, will be perpetually replacing cars until the end of time > mazda616 04/01/2017 at 20:23

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The silver lining is that inflation will be on his side.

garagemonkee > If only EssExTee could be so grossly incandescent 04/01/2017 at 20:24

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My lease is up in a month. Going up $300 to $1350 + $70 to park two bikes. For a studio apartment 30 miles outside of Seattle. Skilled labor wages are going down, too. It’s getting ridiculous.

shop-teacher > mazda616 04/01/2017 at 20:24

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That’s insane!

Jordan and the Slowrunner, Boomer Intensifies > The Crazy Kanuck; RIP Oppositelock 04/01/2017 at 20:30

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60 months on FiST... But at 0% interest.

Vicente Esteve > mazda616 04/01/2017 at 20:31

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On one hand, the Tacoma is the only vehicle I would even attempt to do that.

But 96 Months?! Jesus christ. I hope he plans to pay it off early, or at least not be upside down on it. Makes a lot of sense now that I see it how my father always paid every vehicle in the household its list price.

E90M3 > The Crazy Kanuck; RIP Oppositelock 04/01/2017 at 20:36

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What’s wrong with 60 month loans? The 3 BMWs I’ve bought have all been financed for 60 months. The M3 was paid for in a little over 12. The 128i was sold after 9 months, I wasn’t upside down one that one. The 328i is financed for that term, haven’t paid a cent one it yet.

Dr. Zoidberg - RIP Oppo > garagemonkee 04/01/2017 at 20:37

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29th and Grand Ave apartments?

Dr. Zoidberg - RIP Oppo > E90M3 04/01/2017 at 20:43

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Because he bought a Juke

wafflesnfalafel > mazda616 04/01/2017 at 20:50

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A lady driving one of those, (but white - brand new, no plates yet,) rearended the guy two cars ahead of me this morning. She was was flying through traffic, kinda cut me off to jump over to the exit lane and traffic slowed - but she didn’t. Everybody was ok but the airbags had gone off and it was puking coolant all over... She is going to be very, very up-side-down on that loan...

HFV has no HFV. But somehow has 2 motorcycles > mazda616 04/01/2017 at 20:55

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Might as well have gotten the money from a mafia loan shark.

Eric @ opposite-lock.com > mazda616 04/01/2017 at 21:06

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Such low interest, but still so much extra on top of the total price. Ouch. And paying it forever... do people keep cars that long?!

FTTOHG Has Moved to https://opposite-lock.com > E90M3 04/01/2017 at 21:10

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Haven’t paid a cent yet... did you not put anything at all down?

FTTOHG Has Moved to https://opposite-lock.com > Eric @ opposite-lock.com 04/01/2017 at 21:12

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Yeah the longer the term the more overall interest you pay even at a low rate. It’s crazy.

E90M3 > FTTOHG Has Moved to https://opposite-lock.com 04/01/2017 at 21:19

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Nope, I didn’t want to.

garagemonkee > Dr. Zoidberg - RIP Oppo 04/01/2017 at 21:29

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Library Place, next to the library (go figure)

afca > Chariotoflove 04/01/2017 at 21:31

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http://jalopnik.com/the-97-month-car-loan-is-the-craziest-new-car-buying-tr-472876323

FTTOHG Has Moved to https://opposite-lock.com > E90M3 04/01/2017 at 21:32

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Makes sense just curious. I like to put a down payment on a credit card to whatever limit the dealer will do or my card can handle. On the Forester the dealer allowed $3k on credit cards, so I put $3k on my Amex, immediately paid it off from my saving account, and got $30 cash back under the 1% “all other purchases” category. It was like the dealer bought me dinner :P

E90M3 > FTTOHG Has Moved to https://opposite-lock.com 04/01/2017 at 21:37

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It had been over 11 months since I got a paycheck, so I didn’t want to dip into my savings to pay for a car. So I decided if I could finance it all, then I would.

Chariotoflove > afca 04/01/2017 at 22:02

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That is not cool.

I own dead car brands only > mazda616 04/01/2017 at 22:31

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60 months on my Saab.

Really, I’m the bigger idiot because:

1. I drive about 60o miles a week.

2. It’s a Saab.

3. It’s a Saab.

28 months in and I owe about 13k and it’s worth 6

mazda616 > I own dead car brands only 04/01/2017 at 23:20

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Did you finance it through a bank or through a Saab? I’ve always wondered how a car loan works with an orphan brand.

Captain of the Enterprise > mazda616 04/02/2017 at 00:15

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This is why I just bought the damn Corolla for 3700 cash

The Crazy Kanuck; RIP Oppositelock > Jordan and the Slowrunner, Boomer Intensifies 04/02/2017 at 00:18

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I’m at 4.99 percent. I low cedit score due to my credit history.

Khalbali > mazda616 04/02/2017 at 01:43

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Yeah I guess a taco is the best thing one could possibly finance for that long a term.

Jordan and the Slowrunner, Boomer Intensifies > The Crazy Kanuck; RIP Oppositelock 04/02/2017 at 08:29

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That was with no credit history.

BahamaTodd > wafflesnfalafel 04/02/2017 at 21:05

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I blame the drum brakes.

BahamaTodd > mazda616 04/02/2017 at 21:06

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Would suck if the quality problems continue with this new Tacoma. Consumer reports already rates it pretty low. It would take a few years for people to catch on and affect resale values, but he is in it for 96 months.

BKosher84 > mazda616 04/02/2017 at 21:10

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$124 a week?!?!?! A WEEK?!?!?!?!?!?!?!?!

I... What.... Huh??? 496/month?

mazda616 > BKosher84 04/02/2017 at 21:11

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Si, senor. He said “Yeah, I know.” as soon as he texted me about it.

jkm7680 > mazda616 04/02/2017 at 21:31

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Unfortunately, that’s how a lot of people finance trucks.

Looks sweet though.

Obruni > Jordan and the Slowrunner, Boomer Intensifies 04/02/2017 at 21:41

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if its 0% interest, I don’t see the problem.

Jordan and the Slowrunner, Boomer Intensifies > Obruni 04/02/2017 at 21:41

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Yeah, not at all, it’s building credit at no extra expense to me.

Under_Score > mazda616 04/03/2017 at 00:29

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I had a customer at my job once (a poorer one, since he paid with EBT) that told me he bought an iM, but he needed to take six years to pay it off. I’m glad there are those options, but I hope they don’t rip people off like Tacoma guy.