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From: rib@pyuxdd.UUCP (RI Block)
Newsgroups: net.auto,nj.wanted
Subject: Re: Auto Loan information ...
Message-ID: <233@pyuxdd.UUCP>
Date: Tue, 3-Apr-84 19:01:23 EST
Article-I.D.: pyuxdd.233
Posted: Tue Apr  3 19:01:23 1984
Date-Received: Thu, 5-Apr-84 01:18:44 EST
References: <732@houxm.UUCP>
Organization: AT&T Bell Laboratories, Piscataway
Lines: 15

I bought the book "Don't Get taken every time" by Remar Sutton
on the advice of a net person.

One of the excellent points made by the book is that the combination
of low/no down payment plus long terms is an *easy* ride to negative equity.

Translation: You owe more on the car than it's wholesale value.
In the event of an involuntary conversion before last payment day,
you would have to pay cash to get out of the deal.

Cars, unlike more typical capital assets (like a sound house),
lose value very rapidly. Even if a bank will loan you money on
long terms, for most people, it's a poor way to deal.

Sorry for the moralizing.