Quote Originally Posted by Julio
Rip off. @ 28 %

You are prowling people with bad credit in order to kill them... 28 % interest is highway robbery.
I think there should be a cap on shit like that.
No pun intended.. but damn bro... I know we all have to eat.. but damn..
There is a cap on it, it's 33%! Most finance companies go up t 33% and that's only if you qualify which generallly is around a 550 beacon score. You should see the credit reports for the people that I finance. I report to the credit bureau, I do not put people in cars they can't afford, I also will not finance a car longer than 30 months. Some people want to come in and put 1,000 down on an 8,000 vehicle, well at 250 or 350 per month it would take forever to repay. I sleep well at night because I know that without me most of my customers would either not be able to go to work because they don't have a vehicle or they will be paying someone else more money, on a longer contract, and really get ripped off. An example of a car I may finance, $5995.00 plus taxes etc. you put $1200 down and pay $250/month that note will be right at 30 months. I only buy from dealers, and I buy good cars. I have people that have financed three, four, even five cars with me over the years and eventually we get their credit built up to where we can get them financed in a much better situation. Most of my deals that I finance will range from $700-$1800 in interest over the term of the note. Also, you have to consider that I am doing two jobs, I am selling the car and financing it. My money is out in the street, not some banks, but MY MONEY! You loan someone who has never paid for anything in their life six thousand dollars wjp has collections placed from phone companies, hospitals, cell phone bills, jewelry they financed, etc. and let them pay you back for two years. See how long that lasts, I can tell you from experience, not very long. It takes about $40k a month to keep my doors open, and I am a small dealer, usually have around 50-60 cars on my lot. Sorry, I just hate it when people say shit like "highway robbery" etc. Some lots are predatory, however, the interest rate is not what makes it that, it's taking very little down and running notes out for four or five years on a car that may not be running by the end of the term on the note, that is predatory. I looked at someones contract the other day who bought a car at another dealer near me. They took $500 down on a car they sold at $6995 and set her payment at $225/ month. She was going to be paying it for 48 months and pay back almost $3000 in interest! That's not right, that's why I don't do it.