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Has anyone considered or gone with a "Payment Shaver" Loan which is available through many credit unions?

http://www.paymentshaver.com/psframes.htm

Any thoughts on the subject would be appreciated.

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Waiting impatiently for a very special special 2002 GG EX-L-RES
 

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That web page sort of sets the tone for it all. It's nothing more than a lease, except with your name on the ownership papers instead of the leasing company's name.

Look at that page you sent us to. At the top, they tell us all about how much better it is, with none of those silly mileage restrictions that a lease has. Then a couple paragraphs down, they tell us that we can buy 12K, 15K, or 18K mile plans. So which is it? It certainly can't be both.

If you think this is a bargain in some way, think again. You want "lower payments" and think that there's a silver bullet out there to give you these lower payments without any penalties. Won't happen.

Just like a lease, this thing is a loan with a balloon payment. Period. Leasing companies could structure their lease agreements any way they want, just like this company can. It call comes down to the contract between the car buyer and the company the buyer is getting the money from.

And that's what's most important. As I pointed out, their marketing crap is just that--crap. They'll say anything to get you to buy their product. The proof is in the CONTRACT, as it is with any finance deal of any kind. You can't tell anything from the marketing materials. They can say one thing in the marketing materials, but you can sign off on something else in the CONTRACT.

Unless you read the contract, you don't know what you're agreeing to. These companies know they have you--you're sitting there with a brand new car outside, waiting for you, and your emotions get in the way. You'll sign anything at that point, and most people do. Damn few people actually read the contract, and even fewer walk away from terms they don't like, leaving that brand new car sitting on the lot while they drive home in their old car.

Show us the actual contract, and then ask us what we think. The marketing materials are just garbage, aimed at getting you to the table with that new car sitting outside and the actual contract in front of you.
 

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Adam1991,

Good analysis. TANSTAAFL.

Regards,

Maugham
 
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