Thursday, October 11, 2012

Fiscal Responsibility, Part 2

I get two letters a week from my credit union telling me that I am preapproved for a car loan of up to $50,000 at a mere 1.99% with nothing down. Are they kidding me? They have access to my banking records. I bought this car for about 20% of that much money, paid cash, and have owned it for eight years. My wife's car is older and was also not financed. We have a 30-year fixed on our house, which is held by this credit union. Our credit cards are with this credit union and have never incurred a penny in interest. We are by no means rich; we're thrifty.

Why are they wasting their money on this postage twice per week? Do we look like we're going to go out and buy a new car for $50,000 with nothing down and finance it for four years?

And, as a point of thinking, if I was in the lending business, I would not lend money to anyone who was stupid enough to do that. But that's just me.

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