They’ll let you finance an Altima for 96 months, but the transmission will blow itself up at 85,000 miles and at that point you’re out of warranty AND still stuck making payments.
Defenders will wrap it in a bullshit argument like "but we're just giving people more options! This is an opportunity for people down on their luck!" No, you're trying to trap desperate people into a shitty financial situation.
Long loans made sense to solve affordability when interest was 0-3‰ prime.
It makes affordability WORSE at 7+ percent prime, because the longer term exaggerates the interest rate more. That's why legacy OEMs are offering 5% on 36 month loans.
When interest rates spike, the only solution is to offer a cheaper product (principle). Lengthening the term doesn't work.
Shit like this is why I'm glad I went through my credit union and got a 48 month loan instead of letting the dealership use financing as an additional bargaining tool