Quote:
Originally Posted by AlpineWhite_SJ
Will be interesting to see whether those getting those extended loans actually drive them until payoff or whether they’re selling at year 5 or less. I usually finance for up to 5 but tend to pay off around year 3. 5yr loan is more about limiting impact to monthly expenses/lower payment. Combine with a good finance rate and it’s a pretty good play. Drive them until 100k plus/8-10 yrs and then sell to private party since they usually aren’t worth much for trade in. Makes a new car sale so much easier not haggling over trade in value :
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I would guess less than 5% drive them until payoff and even less than that pay off early. The extended loan term exists to get people into cars that can't otherwise afford them.