But what if she already owed the bank for a previous car that she wouldn't pay for unless she got this new one. And if the negative equity from the previous car made the new loan have more payments. I don't know if that's even possible; I've never worked at a bank.
Wait. The girl with the corvette is paying 700 dollars a month for 500 times is 350,000 dollars. That's two Ferrari's but she is only getting one corvette. Jesus. How is this even legal?
@galanta3534 I don't see how I should research the lady or the dealership to find out if the financing deal was real. I doubt its veracity, but I found it and thought I should react to it.
You have great content (subscribed) live your life to be financially flexible - being normal sucks, think differently and always stay focused long term
@TigerTsunami404 My frustration over the poor state of personal finance literacy is why I make these videos. Hopefully one person will be helped or inspired by what I share.
Ppl want to flex too much. I have 3 cars all paid for.98 honda crv, 06 Colorado, 13 tucson..insurance on all 3 totals $180 month.it might be a little high because of a couple drunk drivings but still reasonable. If you have a new car not only do you have high car payment but high insurance payment because the new car is expensive to repair and/ or replace. Go old school ppl.,is it really important to have a fancy new car?
O, good on you. I have a 2012 car and it costs me over $200 insurance because my wife and I are both new drivers. I’m aching to drive that down by shopping around.
Dealer structured Finance agreements on exotic are sometimes 144 months, which is double the length of the max (72 Months) normal consumer auto loan. But 500 is unbelievable.
@ wow. Even a car loan (exotic or otherwise) at that length is insane. Given today’s wild market and our society’s embrace of financing things, I guess we can’t rule anything out.
I paid full cash for my 2015 Honda Accord up front ... it's almost 10 years old with 38k miles. I'm a young multi-millionaire, go figure. Don't get tied up in things that go down in value, invest in the market or property - not cars
Exactly. Pay cash for things that lose value. Buy used Toyotas that are 5 years old and they will last your entire life. Bought all my cars for cash. Retired at 50.
@@CluelessPanther So exactly how is someone supposed to get a newer or low mileage car without payments if they don't have the cash? I have bought plenty of 100K+ cars and by far my best car so far had 55K miles and cost 16K!!!
Finessing your self. SMDH. The car loses the most Value in the first 3 years. Putting 0 down means you will always owe more than the car is worth until year 6 of a seven year loan and your payments are going to be High like $700 to $1500 for a 35k to 50k car. There is no finessing the Bank! They know how math works! There is only fraud and or screwing up your credit.
@donaldlyons17 You can't if you put 0 down. 700 a month is 9k a year but 7,500 of it is interest. So for a 90k car you still owe 88,500 after a year but the car is only worth 75k. In year 1 you'll be 12,500 under water and it just goes up as the car gets older. The car depreciation is the most in the first 3 years. This is why everyone in the hood got Mazeratis. The car depreciated 70% in 5 years. So after 5 years a dealer will offer you 15k for a Maserati Quattroporte. Then they sell it to people with no credit and no money down for 20k and they think they are Ballin. Reality is the car will be worth less then 10k in 2 years and will cost a grip to fix all the problems it's guaranteed to have.
@@mc365mc Even if they bought all old cars there will be maintenance at minimum. Also when it comes to money people have to have a way of making money and a car can be a way to have options..... Yes newer and new cars continue to fall in value but a car can equal buying power also.....
Max payments that a bank loan would approve is 84 months, so not sure what this 500 payments is about. And if someone paid 700 a month and sold it after 3 years, it's actually a good deal as a lease payment would be like 1000+ for that car if it is real.... So how about we clarify wth this is about before talking smack on it haha
@@alexcannon9364 Wait, so how does it? Just trying to understand... Yes, you are upside down... but just car depreciation, and what you owe on the loan balance.... when you sell the car, you would use the balance to pay off the loan regardless of the terms... but compared to a lease you are going to be upside down on 100% of every payment as well... but you paid less per month with this loan...
@@adrianowallin No when a lease is over you walk away with nothing or the buyout. When the ownership is over she will owe the difference between the loan amount and the sale amount.
So it could be that she negotiated down the payment so much that she’s paying less than the interest being accrued on the loan. The whole loan beats all logic
'perfect for them not for you' hilarious.
Hahahaha, thanks
500 payments!! 🤣🤣🤣 On a house you will make 360 payments on average! LOL
That’s what’s making it so difficult for me to believe that the video is true
@@CluelessPanther you might be right. no bank would finance a vehicle for even 200 payments unless its an RV or something
But what if she already owed the bank for a previous car that she wouldn't pay for unless she got this new one. And if the negative equity from the previous car made the new loan have more payments. I don't know if that's even possible; I've never worked at a bank.
No such thing as a 500-month car loan. I wouldn't post misleading videos as a content creator, just bad taste. Keep your soul, brother.
I’m just reacting to the TikTok I found. It sounds so outrageous, I’m hoping it’s not real
Wait. The girl with the corvette is paying 700 dollars a month for 500 times is 350,000 dollars. That's two Ferrari's but she is only getting one corvette. Jesus. How is this even legal?
It should be illegal. That much irresponsibility should not even be possible.
41.6 years to pay off the car, how the fuck
@CluelessPanther did you research into this at all? What makes you think it's possible?
@galanta3534 I don't see how I should research the lady or the dealership to find out if the financing deal was real. I doubt its veracity, but I found it and thought I should react to it.
@@CluelessPanther no problem, didn't mean to come off harsh, it's just that such a loan seems unbelievable
You have great content (subscribed) live your life to be financially flexible - being normal sucks, think differently and always stay focused long term
Thank you for the encouraging words and for the subscribe. It means a lot to me. Wishing you the very best as well
Car sales people with $1400 payments are the reason they dont wanna budge on prices. They won't be able to make their payment without big commissions.
That’s true. Salespeople fall into their own traps of overextending themselves on leverage, then get stuck with the payments.
500 payments is crazy!!😮
Right? It’s insane. She’ll never own the car outright
This is the most insane car payment plan I've ever seen - she'll be financially handicapped for the rest of her life
But she took it while smiling. That's the part I don't get.
@@CluelessPanther people don’t understand financing or value of a term, they just want the immediate purchase
@TigerTsunami404 My frustration over the poor state of personal finance literacy is why I make these videos. Hopefully one person will be helped or inspired by what I share.
Ppl want to flex too much. I have 3 cars all paid for.98 honda crv, 06 Colorado, 13 tucson..insurance on all 3 totals $180 month.it might be a little high because of a couple drunk drivings but still reasonable. If you have a new car not only do you have high car payment but high insurance payment because the new car is expensive to repair and/ or replace. Go old school ppl.,is it really important to have a fancy new car?
O, good on you. I have a 2012 car and it costs me over $200 insurance because my wife and I are both new drivers. I’m aching to drive that down by shopping around.
He must have meant 50 payments, equaling about 5 years. No bank is going to lend like this over 50 years for a car lol.
Dealer structured Finance agreements on exotic are sometimes 144 months, which is double the length of the max (72 Months) normal consumer auto loan. But 500 is unbelievable.
@ wow. Even a car loan (exotic or otherwise) at that length is insane. Given today’s wild market and our society’s embrace of financing things, I guess we can’t rule anything out.
I truly hope it’s 50 payments because that would make more sense
I paid full cash for my 2015 Honda Accord up front ... it's almost 10 years old with 38k miles. I'm a young multi-millionaire, go figure. Don't get tied up in things that go down in value, invest in the market or property - not cars
Exactly. Pay cash for things that lose value. Buy used Toyotas that are 5 years old and they will last your entire life. Bought all my cars for cash. Retired at 50.
That’s the way to do it. Prioritize buying assets and only get liabilities that you absolutely need.
I mean could be a finesse with zero down, then just sell once the mileage passes 20k.
Still a big risk but could work out if you play it right.
But if you sell it after the value has depreciated, you’ll still carry the negative equity into the next car you buy
@@CluelessPanther So exactly how is someone supposed to get a newer or low mileage car without payments if they don't have the cash? I have bought plenty of 100K+ cars and by far my best car so far had 55K miles and cost 16K!!!
Finessing your self. SMDH. The car loses the most Value in the first 3 years. Putting 0 down means you will always owe more than the car is worth until year 6 of a seven year loan and your payments are going to be High like $700 to $1500 for a 35k to 50k car. There is no finessing the Bank! They know how math works! There is only fraud and or screwing up your credit.
@donaldlyons17 You can't if you put 0 down. 700 a month is 9k a year but 7,500 of it is interest. So for a 90k car you still owe 88,500 after a year but the car is only worth 75k. In year 1 you'll be 12,500 under water and it just goes up as the car gets older. The car depreciation is the most in the first 3 years. This is why everyone in the hood got Mazeratis. The car depreciated 70% in 5 years. So after 5 years a dealer will offer you 15k for a Maserati Quattroporte. Then they sell it to people with no credit and no money down for 20k and they think they are Ballin. Reality is the car will be worth less then 10k in 2 years and will cost a grip to fix all the problems it's guaranteed to have.
@@mc365mc Even if they bought all old cars there will be maintenance at minimum. Also when it comes to money people have to have a way of making money and a car can be a way to have options..... Yes newer and new cars continue to fall in value but a car can equal buying power also.....
Max payments that a bank loan would approve is 84 months, so not sure what this 500 payments is about. And if someone paid 700 a month and sold it after 3 years, it's actually a good deal as a lease payment would be like 1000+ for that car if it is real.... So how about we clarify wth this is about before talking smack on it haha
That’s not how that works. you would be so upside down.
@@alexcannon9364 Wait, so how does it? Just trying to understand... Yes, you are upside down... but just car depreciation, and what you owe on the loan balance.... when you sell the car, you would use the balance to pay off the loan regardless of the terms... but compared to a lease you are going to be upside down on 100% of every payment as well... but you paid less per month with this loan...
@@adrianowallin No when a lease is over you walk away with nothing or the buyout. When the ownership is over she will owe the difference between the loan amount and the sale amount.
@@alexcannon9364 yea but what is the lease is like 1400 a month…
So it could be that she negotiated down the payment so much that she’s paying less than the interest being accrued on the loan. The whole loan beats all logic