The Average New Car Loan Is Now over 70 Months

Re:The Average New Car Loan Is Now over 70 Months by GaryNumanVevo on Saturday August 29, 2020 @09:03PM (#24320520)

I'm a few months away from paying off a car loan $86k, 36 month, APR was negligible at %1.2. The term sheet easily could have been extended to 70 months, however, I wanted the option to resell the car before any long term (and expensive) issues popped up.

Sure the monthly would have been MUCH cheaper, but the hidden cost of additional out-of-warranty maintenance / hassle of trying to transfer an auto loan is a PITA. Honestly, if I had to do it again, I would just lease hack a nice BMW just so I can hand it back to the dealer no questions asked.

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Re:The Average New Car Loan Is Now over 70 Months by ponker on Saturday August 29, 2020 @10:29PM (#24320878)

Gary Numan on HN? Now I’ve seen everything.

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Re:The Average New Car Loan Is Now over 70 Months by gedy on Sunday August 30, 2020 @02:14AM (#24321722)

I'm assuming it's not really him, or is it??

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Re:The Average New Car Loan Is Now over 70 Months by GaryNumanVevo on Sunday August 30, 2020 @03:07AM (#24321882)

sorry to disappoint, just a fan of his

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Re:The Average New Car Loan Is Now over 70 Months by gedy on Sunday August 30, 2020 @04:29PM (#24325692)

Same here!

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Re:The Average New Car Loan Is Now over 70 Months by bsder on Saturday August 29, 2020 @11:35PM (#24321166)

> I would just lease hack a nice BMW just so I can hand it back to the dealer no questions asked.

At least in the US, the lease terms seem to be uniformly terrible.

Mileage allowances are absymal. And you're completely hosed if you get an accident that totals the car out. If the car doesn't come back at the value expected in the lease, you're on the hook for the difference.

Given that kind of risk, you might as well buy the car and keep the residual value for yourself.

I haven't seen a car lease with terms that didn't suck in years.

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Re:The Average New Car Loan Is Now over 70 Months by GaryNumanVevo on Sunday August 30, 2020 @12:41AM (#24321417)

Highly recommend you check out "LEASEHACKR", I've seen some very very affordable and decent mileage allowances on nice cars. Unfortunately lease hacking has a pretty steep learning curve.

[https://leasehackr.com/]

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Re:The Average New Car Loan Is Now over 70 Months by BMFX on Sunday August 30, 2020 @02:22AM (#24321748)

Agreed. Used Leasehackr 3 years ago to get a Chevy Cruze for under $80* a month with $0 down...

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Re:The Average New Car Loan Is Now over 70 Months by rdtwo on Sunday August 30, 2020 @11:30AM (#24323515)

Looks like it’s dead and hasn’t been updated since april

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Re:The Average New Car Loan Is Now over 70 Months by GaryNumanVevo on Sunday August 30, 2020 @02:07PM (#24324634)

my bad, the forum is definitely the place to go: https://forum.leasehackr.com/

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Re:The Average New Car Loan Is Now over 70 Months by tehwebguy on Sunday August 30, 2020 @12:00PM (#24323678)

The front page is rarely touched but the forum is often popping

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Re:The Average New Car Loan Is Now over 70 Months by ponker on Sunday August 30, 2020 @01:50AM (#24321633)

Gary Numan is an expert on lease hacking... now I've REALLY seen everything.

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Re:The Average New Car Loan Is Now over 70 Months by sethjgore on Sunday August 30, 2020 @08:00AM (#24322779)

There's a cheap insurance you can buy at the beginning of any lease contract called "gap insurance". It will pay for any difference between the expected value and the actual value (by any means, totaled or not).

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