by metavision
Sat Jul 12th, 2008 at 03:12:25 AM EST
This started as a comment that grew snarkier --being home with a fever at this time of year-- and became a rant about the supreme subprimers.
During the last protest march, I saw a real estate office (Fincas Corral) where the biggest sign on the window said simply "120%". And it wasn´t quite the interest rate, if you get my drift. Some developers were so panicked at their expo this winter, that they offered a free car if you purchased a ´home´. An actual, permanent asset, like land, was not necessarily included though.
Little shop of horrors... Diary rescue by Migeru
I haven´t paid attention to mortgage deals, but today, I couldn´t ignore some consumer ads from BBVA that I have no words for:
The Honda you like best with an exceptional discount and the first
12 payments without interest, only for being a client of BBVA.
Honda CR-V 2.2 i-CTDi Elegance
€2,484 discount for BBVA clients
12 payments of €238.05/mo +
108 payments of €341. 40/mo
(in absolutely tiny, fine, print)
8.50%
Total cost €28,566
Total amount financed €39,842.06
Opening commission 0,4% (€114.26)
APR 7.02%
Honda Civic 2.2 i-CTDi Sport
€2,754 discount for BBVA clients
12 payments of €168.30/mo +
108 payments of €241.37/mo
(in absolutely tiny, fine, print)
8.50%
Total cost €20,196
Total amount financed €28,168.34
Opening commission 0,4% (€80.78)
APR 7.02%
I guess I do, have words, since I have written it all out.
If Jerome is correct and even if the car is worth repairing in 10 years, it will be an unsalvageable asset in much less than that: The adequate depreciation method for these items has not been invented yet. Or maybe that´s last century accounting, I don´t know anymore.
When I think of those numbers and add the endless hours of misery and stress it costs, plus parking, insurance, maintenance, parking fines, tires and fees, I don´t even need to consider the price of ´petrol´.
My Feet, LLP!
I´d like to know what consumer loan terms are in China and India by comparison. It would be nice if they were wiser and considered ´value´ in the traditional style, instead of ´price´, but I maybe dreaming.
Any comparably progressive, ethical and transparent ads from major banks in your country? I wonder what ´the usurers´ are doing! Bet me what bank will be the first to give cars away, like toasters, for opening an account. Bet me the year.
Check your sources, find your favorite subprime institution and let´s hear the global worst.
