Tesla begins offering 84 month auto loans (fortune.com)

submitted 1 year ago by danhasnolife@lemmy.world to c/cars@lemmy.world

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[-] TempleSquare@lemmy.world 3 points 1 year ago

Long loans made sense to solve affordability when interest was 0-3‰ prime.

It makes affordability WORSE at 7+ percent prime, because the longer term exaggerates the interest rate more. That's why legacy OEMs are offering 5% on 36 month loans.

When interest rates spike, the only solution is to offer a cheaper product (principle). Lengthening the term doesn't work.

[-] i_cant_sports@lemmy.ml 2 points 1 year ago

Taking a cue from Nissan, I see.

They’ll let you finance an Altima for 96 months, but the transmission will blow itself up at 85,000 miles and at that point you’re out of warranty AND still stuck making payments.

[-] StarManta@lemmy.world 3 points 1 year ago

I really don’t see how it is at all defensible that the loan term for paying off the thing can be longer than the warranty for the thing.

[-] CmdrShepard@lemmy.one 2 points 1 year ago

Defenders will wrap it in a bullshit argument like "but we're just giving people more options! This is an opportunity for people down on their luck!" No, you're trying to trap desperate people into a shitty financial situation.

this post was submitted on 23 Jul 2023

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