Fuddman-
Regarding your anecdote, I have had exactly the same situation. Both the purchase of my 2015 GTS and the later purchase of my 2016 Chevrolet truck with cash ultimately perplexed the dealers. It took the Porsche dealer 24h to figure it out. The Chevrolet dealer took 3 months and several tries before they figured it out correctly.

 

financed two cars through penfed, awesome experience both times:

https://www.penfed.org/auto/new-auto-loans

 

So I got a random email yesterday from my local dealer. I had looked at a '17 C2 and after we discussed the price (it had just come in on trade and they told me to come try it before they had a price) I mentioned that it was a little out of my budget range. So I got this email from the manager with a breakdown of payments and how I could easily get to the payments I want if I just extend the length of finance. So he said 84 months is "definitely" the average length of loans they do. He said it's much smarter to put less equity into it and then just trade out cars every year or two. I have my concerns. What do you guys think? I'm going to talk to my CPA and CFP today about just cause I'm curious. I'm definitely not getting that car but I'm still curious about what he said regarding 84 month being the average loan length. Thanks!

 

84 month average loan length may be his gut feel; but, it's not accurate according to this analysis - https://www.edmunds.com/car-news/aut...nds-finds.html

It appears, however, loan lengths, for the reason stated in the article, are getting longer.

From the article, it's worth mentioning the risk in long loan length. That being, at some point in the life of the loan, you're loan balance is going to be more than the car is worth on the market. A so called "upside down" position. Reminiscent of bygone days in real estate, isn't it?.

Which brings up the other bit of advice from your manager: "it's much smarter to put less equity into it and then just trade out cars every year or two." Smart financial suggestion for his benefit, he has zero risk; but, maybe not a smart financial move for you, as explained here: https://cars.usnews.com/cars-trucks/...-down-car-loan

 

84 months is generally an option almost always for the buyer who wants X but can’t afford a conventional 36-60 month loan. The salesman or manager will offer every possible option to get you into a car with no real regard for what’s the right thing to do. With an 84 month you will have a lower payment, yes, but a higher balance each month vs a shorter term. So you save today for a more costly trade in or pay more today for an easier trade. Maybe I didn’t explain that properly but hope you get th concept.

I just did 72 month at 1.99 because it is cheap money. For me, I would do 84 IF and only if the rate is lower, but that is not ever the case. Remember, you can always pay additional principal each month too

 

What lender did you use?

 

got a deal at Brightstar CU. Dealer was able to get me 2.45% on 72 and 2.25% on 60 but I decided to go with the CU again. As mentioned above or elsewhere, I forgot where I posted it, Dealer will not take the CU’s bank draft. So I will pay in full and then CU will cut me a check for the loan amount. Preferred to do it cleanly through dealer but the extra step for the savings is worth it to me