# 84 Month Auto Loans: Bad For The Industry? For The Consumer? **URL:** \ **Category:** NYSpeed Automotive\ **Created:** [January 26, 2015, 12:07pm UTC](https://forums.speedlife.net/t/84-month-auto-loans-bad-for-the-industry-for-the-consumer/271549 "2015-01-26T12:07:18Z")\ **Posts on this page:** 20\ **Page:** 2
**Author:** ![LZ1](https://avatars.discourse-cdn.com/v4/letter/l/7ab992/32.png) [@LZ1](https://forums.speedlife.net/u/LZ1)\ **Post date:** [January 26, 2015, 6:00pm UTC](https://forums.speedlife.net/t/84-month-auto-loans-bad-for-the-industry-for-the-consumer/271549/21 "2015-01-26T18:00:19Z")
> [@Tbirdsc1](#): > > Lol boats are a little different though…looking into a 15yr for our next boat. Boat payment is a “unneeded” expense and I can see stretching a little more, plus the rate doesn’t jump much on them…plus I don’t feel like putting 100k over 5 yrs on something that gets used 5 months out of the yr at best. Lol > > It’s the ppl that SHOULD be spending 35k on a car, but wait if I go to a 84 month…shit I can get me a Mercedes! Well I have a deal for you then… ![https://farm8.staticflickr.com/7503/16056163129_cb193cdfe7_b.jpg](https://canada1.discourse-cdn.com/flex034/uploads/speedlife/original/3X/d/e/de209f1162dfbc45844671fbcb6157dcaee5ab13.jpeg) [http://www.lambonb.com/Huracan\_Lease\_Specials.html](http://www.lambonb.com/Huracan_Lease_Specials.html) 😉 ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [January 26, 2015, 6:00pm UTC](https://forums.speedlife.net/t/84-month-auto-loans-bad-for-the-industry-for-the-consumer/271549/22 "2015-01-26T18:00:21Z")
Plus if you buy a boat with a head and galley you can write down the interest payments as a 2nd home. ---
**Author:** ![Wahoo](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/wahoo/32/8265_2.png) [@Wahoo](https://forums.speedlife.net/u/Wahoo)\ **Post date:** [January 26, 2015, 6:01pm UTC](https://forums.speedlife.net/t/84-month-auto-loans-bad-for-the-industry-for-the-consumer/271549/23 "2015-01-26T18:01:57Z")
Now I know how I’m going to buy my lambo! - - - Updated - - - > [@LZ](#): > > Well I have a deal for you then… > > ![https://farm8.staticflickr.com/7503/16056163129_cb193cdfe7_b.jpg](https://farm8.staticflickr.com/7503/16056163129_cb193cdfe7_b.jpg) > > [http://www.lambonb.com/Huracan\_Lease\_Specials.html](http://www.lambonb.com/Huracan_Lease_Specials.html) > > 😉 Dude read my mind lol ---
**Author:** ![LZ1](https://avatars.discourse-cdn.com/v4/letter/l/7ab992/32.png) [@LZ1](https://forums.speedlife.net/u/LZ1)\ **Post date:** [January 26, 2015, 6:02pm UTC](https://forums.speedlife.net/t/84-month-auto-loans-bad-for-the-industry-for-the-consumer/271549/24 "2015-01-26T18:02:57Z")
> [@Wahoo](#): > > Now I know how I’m going to buy my lambo! > > - > - > - Updated - - - > > Dude read my mind lol Just make a 100k salary buy two ---
**Author:** ![Tbirdsc1](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/tbirdsc1/32/7487_2.png) [@Tbirdsc1](https://forums.speedlife.net/u/Tbirdsc1)\ **Post date:** [January 26, 2015, 7:08pm UTC](https://forums.speedlife.net/t/84-month-auto-loans-bad-for-the-industry-for-the-consumer/271549/25 "2015-01-26T19:08:22Z")
> [@LZ](#): > > Well I have a deal for you then… > > ![https://farm8.staticflickr.com/7503/16056163129_cb193cdfe7_b.jpg](https://canada1.discourse-cdn.com/flex034/uploads/speedlife/original/3X/d/e/de209f1162dfbc45844671fbcb6157dcaee5ab13.jpeg) > > [http://www.lambonb.com/Huracan\_Lease\_Specials.html](http://www.lambonb.com/Huracan_Lease_Specials.html) > > 😉 Lol, if I didn’t have two kids, that would be such a nice “unneeded” expense instead of a boat. Instead I’ll put that 84 month LP610 payment off until the kids are grown up, plus then my boat payment will be gone. Ok countdown till Lambo in driveway… - - - Updated - - - > [@JayS](#): > > Plus if you buy a boat with a head and galley you can write down the interest payments as a 2nd home. That’s the plan, ~30 ft with head and full galley. Might as well reap some benefits from the loan… ---
**Author:** ![LZ1](https://avatars.discourse-cdn.com/v4/letter/l/7ab992/32.png) [@LZ1](https://forums.speedlife.net/u/LZ1)\ **Post date:** [January 26, 2015, 7:09pm UTC](https://forums.speedlife.net/t/84-month-auto-loans-bad-for-the-industry-for-the-consumer/271549/26 "2015-01-26T19:09:41Z")
I love how its 40k down on a lease ---
**Author:** ![BigRon](https://avatars.discourse-cdn.com/v4/letter/b/58956e/32.png) [@BigRon](https://forums.speedlife.net/u/BigRon)\ **Post date:** [January 26, 2015, 7:09pm UTC](https://forums.speedlife.net/t/84-month-auto-loans-bad-for-the-industry-for-the-consumer/271549/27 "2015-01-26T19:09:55Z")
My guess is there were a bunch of mid 70’s month terms, with 3 months before first payment aka 75 month term. It is a pretty good advertising trick. Customers think the company is paying the first 3 payments but they are just delaying the start of the term. On the other hand, with higher used car residuals it starts to makes sense. If your car is going to be worth 50%+ after 3 years and you only plan on keeping the car 3/4 years, then a 6 year loan makes sense. If you push the loan out to 7 years you need to keep the car 4+ years to avoid being under water. Assuming you didn’t bring in negative equity, or stack a bunch of products in the F&I office. Edit: I am also assuming you can get a sub 2% rate. I got offered 1.89% for up to 72 months and ~2.14% for 84 when I bought the jeep ---
**Author:** ![BOBBYGRV](https://avatars.discourse-cdn.com/v4/letter/b/ed8c4c/32.png) [@BOBBYGRV](https://forums.speedlife.net/u/BOBBYGRV)\ **Post date:** [January 26, 2015, 7:17pm UTC](https://forums.speedlife.net/t/84-month-auto-loans-bad-for-the-industry-for-the-consumer/271549/28 "2015-01-26T19:17:04Z")
If I took the whole 5 years to pay my loan off, it would literally cost me around $1k on top of the loan. Then again, I don’t have a 19% interest rate like most kids my age… ---
**Author:** ![boardjnky4](https://avatars.discourse-cdn.com/v4/letter/b/96bed5/32.png) [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)\ **Post date:** [January 26, 2015, 7:31pm UTC](https://forums.speedlife.net/t/84-month-auto-loans-bad-for-the-industry-for-the-consumer/271549/29 "2015-01-26T19:31:44Z")
My boat wasn’t exactly 100k lol. It was basically the same coat as an average sports car/luxury vehicle. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [January 26, 2015, 10:02pm UTC](https://forums.speedlife.net/t/84-month-auto-loans-bad-for-the-industry-for-the-consumer/271549/30 "2015-01-26T22:02:47Z")
> [@LZ](#): > > I love how its 40k down on a lease But you get 5k miles a year! for only $180k total! Steal. ---
**Author:** ![Wahoo](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/wahoo/32/8265_2.png) [@Wahoo](https://forums.speedlife.net/u/Wahoo)\ **Post date:** [January 27, 2015, 4:55am UTC](https://forums.speedlife.net/t/84-month-auto-loans-bad-for-the-industry-for-the-consumer/271549/31 "2015-01-27T04:55:29Z")
> [@Joe](#): > > But you get 5k miles a year! for only $180k total! Steal. But you can sit in it as much as you want! ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [January 27, 2015, 5:07am UTC](https://forums.speedlife.net/t/84-month-auto-loans-bad-for-the-industry-for-the-consumer/271549/32 "2015-01-27T05:07:28Z")
no, that’s in the fine print. can only sit in it for 30 mins per day. I can’t afford NOT to lease a lambo after reading this thread. ---
**Author:** ![FourEyed](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/foureyed/32/7216_2.png) [@FourEyed](https://forums.speedlife.net/u/FourEyed)\ **Post date:** [January 27, 2015, 5:46am UTC](https://forums.speedlife.net/t/84-month-auto-loans-bad-for-the-industry-for-the-consumer/271549/33 "2015-01-27T05:46:10Z")
I don’t think it makes sense to ever buy a brand new car… but that’s just me. I did it once with my last truck. Never again, you make out so much better buying a 2-3 yr old vehicle and buying it outright vs taking a loan unless you don’t plan to keep it. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [January 27, 2015, 10:25am UTC](https://forums.speedlife.net/t/84-month-auto-loans-bad-for-the-industry-for-the-consumer/271549/34 "2015-01-27T10:25:02Z")
> [@FourEyed](#): > > I don’t think it makes sense to ever buy a brand new car… but that’s just me. I did it once with my last truck. Never again, you make out so much better buying a 2-3 yr old vehicle and buying it outright vs taking a loan unless you don’t plan to keep it. Depending on miles, some 2-3 year old vehicles are already coming out of warranty. If I’m spending a good amount of money on a car I want to know I won’t be paying for any repairs any time soon. ---
**Author:** ![95dime](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/95dime/32/7514_2.png) [@95dime](https://forums.speedlife.net/u/95dime)\ **Post date:** [January 27, 2015, 11:00am UTC](https://forums.speedlife.net/t/84-month-auto-loans-bad-for-the-industry-for-the-consumer/271549/35 "2015-01-27T11:00:11Z")
^^I bought my truck 8 months old with 8600 miles. New truck for much less than new truck price. I don’t think its a good idea to extend loans as far as they are…but then again prices just keep going up and people can’t afford the shorter term loans. you end up with a vehicle that has a lot of miles on it that’s not worth much…yet you’re still making a payment. I like the idea of paying off a vehicle and driving around with no payment for a while…but its the American way to have the bank own everything your entire life and just make payments… ---
**Author:** ![drewster99](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/drewster99/32/5468_2.png) [@drewster99](https://forums.speedlife.net/u/drewster99)\ **Post date:** [January 27, 2015, 12:57pm UTC](https://forums.speedlife.net/t/84-month-auto-loans-bad-for-the-industry-for-the-consumer/271549/36 "2015-01-27T12:57:22Z")
I took a 6 year loan out on my GTI without even knowing it. I just told the salesman what I’d like to pay monthly and that’s how he got me there. Stupid of me to not realize it but whatever. Now I’m so far upside down on my loan it’s not even funny. ---
**Author:** ![newman](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/newman/32/7569_2.png) [@newman](https://forums.speedlife.net/u/newman)\ **Post date:** [January 27, 2015, 2:21pm UTC](https://forums.speedlife.net/t/84-month-auto-loans-bad-for-the-industry-for-the-consumer/271549/37 "2015-01-27T14:21:14Z")
Lol, how could you not notice that. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [January 27, 2015, 3:54pm UTC](https://forums.speedlife.net/t/84-month-auto-loans-bad-for-the-industry-for-the-consumer/271549/38 "2015-01-27T15:54:27Z")
> [@drewster99](#): > > I took a 6 year loan out on my GTI without even knowing it. I just told the salesman what I’d like to pay monthly and that’s how he got me there. Stupid of me to not realize it but whatever. Now I’m so far upside down on my loan it’s not even funny. I’ll upgrade you to a BMW and let you keep your same payment you have now. Deal? \*15 year term ---
**Author:** ![Tbirdsc1](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/tbirdsc1/32/7487_2.png) [@Tbirdsc1](https://forums.speedlife.net/u/Tbirdsc1)\ **Post date:** [January 27, 2015, 5:43pm UTC](https://forums.speedlife.net/t/84-month-auto-loans-bad-for-the-industry-for-the-consumer/271549/39 "2015-01-27T17:43:20Z")
Same thing was tried with me for my Raptor. I realized right away when my proposed payment was hundreds of dollars cheaper than what I calculated. The cheaper payment “looked” nice but I was ready and able to pay over 48 months, 7 or whatever years they are offering now is just nuts… Even if the rate you are getting is comparable to a 4-5 yr loan, have to realize you are paying interest for those addtl years, if you still own it that is or have rolled that neg equity into the next dream vehicle. ---
**Author:** ![snowracer101](https://avatars.discourse-cdn.com/v4/letter/s/258eb7/32.png) [@snowracer101](https://forums.speedlife.net/u/snowracer101)\ **Post date:** [January 27, 2015, 6:12pm UTC](https://forums.speedlife.net/t/84-month-auto-loans-bad-for-the-industry-for-the-consumer/271549/40 "2015-01-27T18:12:22Z")
> [@newman](#): > > I knew a girl who owed nearly 30 grand on a 12 year old Mitsubishi Eclipse. females under 30 are generally the WORST at financial decisions. Hundred thousand dollars in student loans, $530/mo car payment @8.9% APR and still owe $25k (because she rolled her other loan over to this), an extreme addiction to buying the latest handbags @$300-500 a pop… all while working 40 hours at her “career job” making $37k a year. Only hope is to marrying rich. [Previous page](https://forums.speedlife.net/t/84-month-auto-loans-bad-for-the-industry-for-the-consumer/271549.md?page=1) [Next page](https://forums.speedlife.net/t/84-month-auto-loans-bad-for-the-industry-for-the-consumer/271549.md?page=3)