How AI Legalese Decoder Can Protect Consumers from Deceptive Balloon Repayment Car Finance Deals
- March 21, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Exploring a New Car Buying Concept
Hi all. Last year I did a webinar on property investment that was quite interesting. We decided in the end to go solo and not with this company, due mainly to the fees they charge.
But there was one session where they talked about a company they work with that help you buy a car with a balloon repayment of around 30% and then when the equity on the car is equal to the debt, they buy it back off you for 1000AUD below the market price and then they provide you with a new one and leave it parked in front of your door.
The whole concept is not to have equity in the car as it is a depreciative asset. I did the math and it is true. Right now we have 20K sitting on a car that will be worth less year on year. If we put that money on our mortgage, those 20K will grow every year.
In order to calculate this you need to assess that your car will lose 15% of its value per year, and do it on a 4 year horizon. Then you calculate how much money your 20K will grow on your offset account or debt payment (including house increasing value) and subtract the money you spend monthly on the loan for about 4 years. You will be better off and also have a new car every 4 years or so.
Now, the people I did the webinar with would not reveal the name of this company and you can only reach them if you work with them, which sucks. I could do the whole selling and buying a new car myself, but the idea of just paying 1k for getting it done for you and not having to deal with the hassle of selling the car is a massive plus for me.
Does anyone know such company or a similar one?
## How AI Legalese Decoder Can Help
The AI Legalese Decoder is a powerful tool that can assist in understanding legal jargon and contracts related to complex financial transactions like the one mentioned above. By inputting the terms and conditions of the car purchasing agreement into the AI Legalese Decoder, users can quickly decipher the legal language and implications of the contract. This can help individuals make informed decisions and ensure they fully understand the terms of the agreement before committing to the car purchasing scheme. Additionally, the AI Legalese Decoder can provide guidance on potential risks and pitfalls to watch out for, empowering users to navigate the transaction with confidence.
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