OK.....here we go again.....I just heard a commercial about refinancing your car. The pitch was .....refinance and pay a lower monthly rate....get 1% cash back when you refinance. I cannot believe that the credit has gotten so loose already that this type of nonesense is happening.
Refinance your car?????.....what is the average monthly car payment....200-305....if it's higher...and you need to refinance, you should not of bought it to begin with. What idiot is going to take a 48 or 60 month contract that they have for let's say 250 and refinance it into a longer contract to get the payment down to 225 and get 300 bucks at closing.....who????...the same idiots that took out arms that after one year went up by 10%.
And who are the banks taking this crappy credit paper. Refinancing a home is one thing....it's not a depreciating asset. A car??? Loses money every day you own it. Why would anybody want to have a payment on an item that's life expectancy is shorter then the loan.....
I hope that this next financial gem falls on it's face.....it won't though.....as PT Barnum put it.... "a sucker is born every minute".
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