Yesterday, I received a postal mail offer from one of the local car dealers for a pre-approved auto loan. The paper had a toll-free number to call with a code to get the loan amount. Being in a curious mood, I rang and discovered that (supposedly) I was pre-approved for $22,500. Walk in and walk out with a car, no money down.
We drive a clunker 1989 Volvo 740 that my wife curses almost everyday. So the idea of a new car is appealing, and $22,500 is lots of spending power. It’s a helluva lot of debt, too. As momentarily tempted as I was, no car loan. We’ll drive the clunker and get by.