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]