I was reading on my credit union's web site, and they have this kind of loan called a payment shaver loan on cars. There's a company web site at http://www.paymentshaver.com/psframes.htm Seem like these contracts are good deals to anyone?
Tom, These are just baloon notes. You make payments that are less than you otherwise would and then have a large payment due at the end. They have an interesting twist where they will take the car off your hands at the end with a mileage limit like a lease. Whether its a good deal or not would depend on the interest rate. If you can handle the higher payments of a 60 month note, check out peoplefirst.com. They have very low interest rates on auto loans.
