Topic: Financing rates

[mrthompson]

1982 Ford Commercial

http://www.youtube.com/watch?v=4SZYQAowSag&feature=sub

[vdk]

Well back then people had savings.

[inco]

Today the lowest rate is the law - it takes almost free money to move metal.

[jamie1]

I remember a friend of mine bought a 1982 Chevy Silverado and was paying 21%. 

[random006]

I remember a friend of mine bought a 1982 Chevy Silverado and was paying 21%. 

Yup, those were some bad times.  Mortgages also at 21 and 22%, while my lowly savings account was earning 18%.   If only I could have that now.

[safristi]

think wot an annuity on $100,000 grand would have payed.............. .....I think My Can Savings Bond payed around that 18% level....but tha interest all went into an investment in DIAPERS................which went into the crapper.....

[mmret]

I remember a friend of mine bought a 1982 Chevy Silverado and was paying 21%. 

Yup, those were some bad times.  Mortgages also at 21 and 22%, while my lowly savings account was earning 18%.   If only I could have that now.

In effect, you do.

Savings account 1%.

Mortgage ~4%.

Spread = 3%.

Okay its not QUITE the same. Its before my time but I doubt inflation was 20%+ for too long. But in terms of credit spread its all very normal.

[Sir Osis of Liver]

IIRC my !990 Colt was financed at 13%.

The lease rate on the Outback is 1.9%

[rrocket]

IIRC my !990 Colt was financed at 13%.

You had to finance $1000?   

[Sir Osis of Liver]

IIRC my !990 Colt was financed at 13%.

You had to finance $1000?   

In my day, that was a lot of money!

[rrocket]

IIRC my !990 Colt was financed at 13%.

You had to finance $1000?   

In my day, that was a lot of money!

They had money back then, huh?  Or was it barter?

[Sir Osis of Liver]

They had money back then, huh?  Or was it barter?

Bronze coins. 

[dkaz]

Interest rates were sky high during the early 80s remember. Lots of people lost their homes.

[Ex-airbalancer]

I remember a friend of mine bought a 1982 Chevy Silverado and was paying 21%. 

I think we had a bank loan of 19% on a wagon in '81

[Guy]

I bought a used Accord in 1981. Paid $6500. Financed at 21%. By the time I was done with the payments It must have costed my $13K!!!

[Marko]

while my lowly savings account was earning 18%.

Holy crap... you're talking about a regular savings account where you don't have to lock in your money, not a GIC or anything? Like the type of account that offers 1% today?