Quote Originally Posted by Mooney1184
ok so let me lay it out for everyone. im selling my car and using the money as a down payment on a new car. last time i financed a car everything went smooth. i found a nice 1992 honda accord lx for 2500, put 500 down, and financed the rest for about 210 a month, for 16 months. luckily i was able to pay it off early. so i figured why not get out of the scene for a while, go back to school, and pick it up againt later.

so i found a nice 1998 honda accord ex 5 speed (i hate auto's, and im spoiled to sunroofs) for 6k, i told the guy i could put down 1k, but needed to finance the rest. he quoted me 350 a month for 24 months. that comes to a grand total of 8400, on top of the 1k i put down. so thats basically 9,500 bucks for a car worth roughly 5-6k bucks.

my question is HOW IN THE HELL IS HE CHARGING ME SO MUCH INTEREST VS. THE LAST TIME I FINANCED A CAR????!!!! i mean i understand that im financing more money, and a slightly longer period of time, but goddamn, i didnt expect to see numbers like those. im looking around 200-270ish a month for a nice mid 90's accord ex 5 speed. i could put 2k down (really would like to use 1k to fix my sisters car however), but im really shooting to just use 1k. anyone got some sales expierence to help explain this to me????

btw i have no credit, no credit cards (although im finally coming to grips with the idea i need to get one and finally start building some credit) im also a server in a restaurant, so i never see paychecks (for those who dont know, servers only make 2.13 an hour, and all of it goes towards taxes), but i average 400 a week....usually more though.

so whats a guy to do?



on a good note however, my GM got fired today and the staff is going to benchwarmers for drinks......so that kinda made me feel better.
Plain and simple Josh, the guy is trying to rip you off. I'm assuming, based on what you've posted that this is a buy here pay here type of place. The law in GA is that the MAX interest rate that he can charge you is 24.99%, if you do the math, on $5,000 even at a 32% rate, you should be looking at less than 300 for 2 years. I say keep looking and try to find a better dealer. You could also go the route of trying to secure your own financing, be it through whoever you bank with or a national level lender like capital one or something similar. I've been in car sales/finance for 2 years now and this shit just sounds shady to me.