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30clocks · #1 03-04-2006, 11:42 AM

This is insane!

And I thought that my dad was ripped off with that 10%APR on that 2001 MAZDA which we all now hate!

I'll definitely wait till next year to buy something. I'm not giving anyone the pleasure of robbing me of hard-earned income just to look pretty in a new car!

:mad:

94B10 · #2 03-04-2006, 02:41 PM

We bought a car almost 5 years ago it was a used 1999 camry with 30,000 miles going for 10,000 we even put 2000 down, and have two payments left but we shelled out 20,000 for this car. Our apr was 23%. Will never be stupid again but that's what happens when you don't educate yourself, clear up your credit or are just simply desperate. ;)

jrmoro · #3 03-05-2006, 11:21 AM

Okay, you just picked out the perfect car for yourself and now you just found out that your credit sucks and the finance person is telling you that they are giving you a great deal at 19 percent APR. Now what do you do?

The biggest mistake that I see customers do is forget the the interest rate that they are paying on their automobile loan.

It's always a good idea to place a little reminder on a calendar or you PDA to remind you that you should shop around to see if you can get a lower APR on your loan.

Typically 18 months to 24 months paying consistent payments to your lender will show stability to a different loan company and rebuild your credit.

Just don't get into the trap of refinancing your auto loan for the same amount of months as your original auto loan just to lower you payment and in the long run costing yourself more money in interest charges that you paid for the pleasure of borrowing money.

The greatest weapon you'll have is going in there with some knowledge of what your credit score is and what the going interest rates are for that year car that you are looking at. Good Luck! J.R. :)

http://www.CreditPowerPLUS.com

credit_card_collector · #4 03-09-2006, 01:53 AM

Some people just never learn or just do not care. I have an acquaintance whom just declared bankruptcy with his spouse. They owed student loans and many high interest bottom of the barrel over limit credit cards, they only owed the student loans because they were scholarships that only had to be paid back to the government if you flunked out of school, well guess what. So this same person who just struggled to pay the lawyer off for the legal work for the bankruptcy just went out and way overpaid for a Ford truck at a 28% interest rate. :(

David · #5 03-09-2006, 02:36 AM

Quote:

Originally Posted by 30clocks

This is insane!

And I thought that my dad was ripped off with that 10%APR on that 2001 MAZDA which we all now hate!

I'll definitely wait till next year to buy something. I'm not giving anyone the pleasure of robbing me of hard-earned income just to look pretty in a new car!

:mad:

Hell you would look pretty sitting in an ole beat to hell 69 chevy nova

jrmoro · #6 03-09-2006, 01:53 PM

Quote:

Originally Posted by credit_card_collector

Some people just never learn or just do not care. I have an acquaintance whom just declared bankruptcy with his spouse. They owed student loans and many high interest bottom of the barrel over limit credit cards, they only owed the student loans because they were scholarships that only had to be paid back to the government if you flunked out of school, well guess what. So this same person who just struggled to pay the lawyer off for the legal work for the bankruptcy just went out and way overpaid for a Ford truck at a 28% interest rate. :(

Can you say Industrial Strength Stupid!:eek:

30clocks · #7 03-10-2006, 10:13 AM

Hey Dave !! Thanks for that!

------------------
28% APR on a TRUCK???? What is wrong with people?

That is paying approx $49k at the end of 5 years!!!!!!!!! (If it was 25K)
------------------

jrmoro · #8 03-10-2006, 10:41 AM

Quote:

Originally Posted by 30clocks

Hey Dave !! Thanks for that!

------------------
28% APR on a TRUCK???? What is wrong with people?

That is paying approx $49k at the end of 5 years!!!!!!!!! (If it was 25K)
------------------

$21,703.40 in interest charges! Yikes!!!!

credit_card_collector · #9 03-10-2006, 12:39 PM

Wow I need to get in on that action. :D

After we all get our scores to 850 we will have to apply for a low interest premium line of business credit and start doing auto loans to people out of it. :D

30clocks · #10 03-10-2006, 05:45 PM

I could have bought a BMW AND a Camry with that!