Buy a New '81 Mercury, Pay Just 12% Interest!

Illustration for article titled Buy a New '81 Mercury, Pay Just 12% Interest!

After a few years of double-digit annual inflation in the late 1970s, Americans had become accustomed to Malaise Era interest rates. That's why Mercury's offer of a mere 12 percent APR sounded pretty good.

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I was thrilled to get 7.7 percent for my first new car, an '85 Mustang.

We survived carter and we will survive obama, but you youngsters have no idea what is headed this way to pay for the non stop printing press and debt management created by this spending fiasco that is creating no private sector jobs.

Remember 12% was a promo rate. The prime lending rate was 20.00 in 1980. Then the banks marked up from there, most car loans were in the low to mid 20's along with mortgages. Run 23% over 30 years on a $250,000 house, that'll make the boys draw right up.

/ end rant