Andre1969
Thinks s/he gets paid by the post
Is this true? I thought they made money from the loans, so cash is a negative for them?
-ERD50
I've heard that, too. FWIW, about 5 years ago, I took a risk and co-signed on a car loan for a good friend. They came back with an interest rate that, honestly, downright offended me, and I asked them what's the point in me co-signing, if we're still getting a crap rate? I also said something along the lines of "I don't wanna sound like a trust fund baby, but I could just pay cash for the thing"
Well, they did come back with a lower rate, and cut a deal on the extended warranty that my friend wanted to get for the thing so badly. I thought that extended warranty was still a waste of money, but he just had to go in for some a/c work, so he's getting some use out of it, at least!
Oh, and I ended up paying the thing off within about 5 months, and then just let my friend pay me back. Dunno if I'd ever co-sign again, but at least this time I didn't get screwed.