Long-term car loans a worrying trend for auto, financing industry - S.R. Stack & Company Ltd. Skip to content

Long-term car loans a worrying trend for auto, financing industry

The Globe and Mail
Being able to ‘afford’ something is more than just being able to make the monthly payment. Financing a vehicle over 7 or 8 years doesn’t mean that the consumer can truly afford the cost of the vehicle and what happens if they want a new car in 4 or 5 years but owe more on this one than it is worth?

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Did You Know?

1

Many people who file for bankruptcy get to stay in their home.

2

In Newfoundland and Labrador, you can keep your RRSPs – even if you file for bankruptcy.

3

Many people who file for bankruptcy are able to keep their vehicle.

4

Most bankruptcies are NOT published in the newspaper.

5

Student loans can be included in a bankruptcy if they are more than seven (7) years old.

6

A consumer proposal is an alternative to bankruptcy that can only be filed with a licensed trustee in bankruptcy.

7

In NL, people ages 30 to 39 years old file for bankruptcy more than any other age group. [source]