Is it reasonable to prepay for the purchase of a vehicle to a dealer in monthly

  1. wjlambert profile image74
    wjlambertposted 4 years ago

    Is it reasonable to prepay for the purchase of a vehicle to a dealer in monthly installments?

    I ask this question of a finance rep at a local dealer. His reply was, "Yes, it's a called a savings account".  I wasn't looking for sarcasm, but he never gave me a straight answer.  Right now a savings account will pay at best 0.10% / year, which if you were paying $250 / month for 12 months would amount to $3000 and $1.38 in interest.

  2. DreamerMeg profile image89
    DreamerMegposted 4 years ago

    I wouldn't touch it with a barge pole unless the local dealer is registered as a bank and any savings provided to the dealer are guaranteed if the dealer goes bankrupt. If you had the car, now that would be paying for the car - but PRE-PAYING - no way!

    Your money would be safer by taking out a regular load from a bank to buy the car and paying them back over the time. If you are able to save up ahead of time, then find a SAFE place to save your money, even if you won't get much interest for it.

    In case I didn't make it quite clear (because my form of English may use phrases that don't mean the same in your version of English) - NO - don't do it!

    1. wjlambert profile image74
      wjlambertposted 4 years agoin reply to this

      Thank you for the perspective.  I appreciate that you've got a mind for precaution.

 
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