Originally posted by Wiser:
Moxnix,
Where I am from the term backwards is most commonly used. I have heard the term upside down used as well. Maybe in Maryland the term upside down may be used much more. I do not know about Maryland.
Cpurser,
I have known only one person with a simple interest car loan. What was your interest rate on your simple interest car loans? Also maybe some states, like Louisiana, may only allow banks to offer simple interest loans. I live in Texas and most of the car loans that I am familiar with are mortgage type loans and banks here almost always only offer mortgage type car loans.
On the SVT, it was with Ford Credit @ 0.9% for 48 months. The other loan was a used car loan @ 8% for 48 months. Oh, BTW, both will be paid off in October!! Wooo hoooo!!!
