Quote:
Originally Posted by New2Roundel
I'm not arguing that, but I find it hard to believe that anyone is buying a new or recent luxury car with a 10 yr loan AND at >10% interest. I can see that type of behavior at a seedy used car dealer selling abused 15 yo S classes or 7 series cars.
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You're right, the >10% is probably an exaggeration though it's hard to tell since all the advertised numbers are for 'excellent credit' and you can't see the interest rates that people are paying with low scores.
But the 10 year loans are very real. I've personally had my local dealership try to push BMW Select's Balloon financing on me where they said I could just refinance the balloon payment making for a 10 year loan. It felt like they were making commissions on that financing option.