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Did I get screwed? (Auto financing)

Discussion in 'Money & Finance Forum' started by sdplusbeauty, Jun 28, 2007.

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  1. Jun 28, 2007 at 3:37 AM #1
    sdplusbeauty

    sdplusbeauty An angel over my shoulder

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    Hi there..

    Today I went to a dealership down the street. I had $800 to put down and was looking for a reliable car that had low monthly payments.

    The guy sold me a '99 Nissan Altima, SE Sedan 4dr. Cute car, great condition, but it was sold as is and sold to me for $4707.

    Because of my poor credit, the finance company the guy went through gave me a rate of 35% annually. My monthly payment is $220 and it will be 24 months to pay it off. If I pay more than the monthly amount, my interest rate will be lower.

    Soo.. everyone has been giving me a hassle about this interest rate.. was I screwed or something? I was thinking that b/c of my low credit that was the reason.

    I was driving the car tonight and there is a weird grinding or rattling noise happening sometimes in different gears. Mostly in 3rd gear or 5th gear when I get above or around 60 mph. *sigh*.. I just wanted a car that was reliable and ran good.

    Advice please. Thanks,
    Rene
     
  2. Jun 28, 2007 at 7:27 AM #2
    magnus

    magnus Chump-proof

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    35%? you didn't even have to ask.
    Plus, putting money down, they're putting the screw to you so that you'll default on the loan. They want you to have to forfeit the car, they'll have your $800 and your first couple payments.

    See about another loan. 35%? Good lord.
     
  3. Jun 28, 2007 at 8:20 AM #3
    chipshotx

    chipshotx Full Access Member

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    Any particular reason you didn't drive it in 3rd gear prior to purchasing it?
     
  4. Jun 28, 2007 at 8:23 AM #4
    Southern_Yankee

    Southern_Yankee Full Access Member

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    leave that piece of shit running outside a convenience store and pray to the cheeseburger gods that someone steals and totals it for you.
     
  5. Jun 28, 2007 at 8:28 AM #5
    kshead

    kshead What's the spread?

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    35%? Damn. I don't think my wife's place can even go that high. I believe the lenders are capped at 25% by law here.
     
  6. Jun 28, 2007 at 8:49 AM #6
    VA49er

    VA49er Full Access Member

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    Bad credit costs dearly.

    PV = $3,907
    N = 24
    P = $220

    So...

    i = 31%

    Did you pay some other fees to get that rate up to 35%?
     
    Last edited: Jun 28, 2007
  7. Jun 28, 2007 at 9:18 AM #7
    Freakshow

    Freakshow Fuck you guys.

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    You got ass raped. No lube. No way around it. I didn't even think it was LEGAL to charge a rate that high.

    You should go online and see if you can refinance. Maybe join a credit union. They typically have good rates and have a little wiggle room.

    I am paying 5.9% on a used car...I'd think even with BAD credit you'd max out at 17%.
     
  8. Jun 28, 2007 at 9:20 AM #8
    slydevl

    slydevl Asshole for the People!

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    Never accept dealer financing......NEVER

    unless you qualify for the 0% they advertise but hardly ever actually give
     
  9. Jun 28, 2007 at 11:05 AM #9
    meatpile

    meatpile 7-9

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    Holy shit - the poor shall remain poor.
     
  10. Jun 28, 2007 at 11:18 AM #10
    Freakshow

    Freakshow Fuck you guys.

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    By the way...I just did some figurin'...

    Your rate is closer to 30%...not 35%! :fryingpan:

    You still need to call around and refi that thing asap. If you can get it for 15% your payment is under $190 per month. That'll save you over $700 in interest.
     
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