Weird pickle: Getting rid of my 21 ES for... a 21 ES.
#91
Intermediate
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Kind of the start of all the consumer credit issues a lot of people still have today.
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LexFinally (03-26-22)
#92
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Now that you got me started, it's an index of our sinking living standard that the average payment duration has now stretched out to 6-7 years. I'm preaching to the converted because this is a board of Toyota/Lexus buyers, but can you imaging taking out a 7-year loan for a GM or Chrysler or VW or BMW product? That's not under water, that's the bottom of the ocean.
#93
Instructor
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The 6 and 7 and even 8 year length of these car loans will definitely make the owner upside down in the vehicle all the way through the 5th to the 7th year if they want to sell it for another brand new one. They all end up “rolling” the debt from the original loan into the new loan getting them deeper in debt.
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LexFinally (03-26-22)
#94
Lexus Test Driver
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Yep I know a financial genius who now owes roughly $65K on a $50K vehicle. Flips his car every two years or so and the dealer scams him into this every time. "my payment didn't change - what a deal" HHHHHmmmmmmmmm you gotta wonder.
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wmoor004 (03-28-22)
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