$99 and a job for a car...

[Al Neri]

i always see these commercials... "We don't care if you have the worst credit in the world... u'll get a car"

has anyone actually went to these places and gotten an interest rate on the loan quoted.. just curious

 

[KLin]

I bet the interest rate is about 35%

 

[ShadowBlade]

why dont you go check it out yourself
cant hurt unless you do something stupid

 

[Al Neri]

eh im just curious as to what it is not too motivated to find out

 

[blurredvision]

Originally posted by: KLin
I bet the interest rate is about 35%

I thought 24% was the highest legal limit?

 

[RossMAN]

Around 33% plus a 7 year term.

 

[jagec]

Originally posted by: blurredvision

Originally posted by: KLin
I bet the interest rate is about 35%

I thought 24% was the highest legal limit?

there's the law, and then there's the law after the lawyers are through...

 

[Zenmervolt]

Originally posted by: RossMAN
Around 33% plus a 7 year term.

Don't forget that if you don't pay, some guy named "Rocco" comes by and fixes it so your knees bend the wrong way.

ZV

 

[tm37]

Ok I worked at one of these paces and here's it works.

Your rate will be the highest legal amout they can charge you, about 20-25%

There will be an acceptance fee of $500 - 1500 (don't worry they roll that into the note)

They will more than likely tell you to qualify you need to buy an extended warrenty for $800-2000 that will cover one year and 15,00 miles (again rolled into the note)

The car will be sold at FULL RETAIL of book and typically it will be an undesirible car (ones that never sell for full book)

The term is typically only 2 years but you end up paying any where from 30-60% depoending on the car.

Also if you are ONE DAY late they can come get your car.

If you have such bad credit that you need to use a place I would suggest saving up 300 and buying a metro.

 

[iversonyin]

Originally posted by: blurredvision

Originally posted by: KLin
I bet the interest rate is about 35%

I thought 24% was the highest legal limit?

the rate depends on states law

 

[QuitBanningMe]

I can only speak of actual Dealers and not bhph.

I could get most people with a 400 and up beacon done at third tier banks with 20% down. I could get anyone financed with 40% down.
Sometimes finance companies would run a "special" where if people were employed for 6 months, made$320 a week and had a $1000 down they would put them in a car. Really the only thing preventing anyone from getting done is the amout of down payment.

Some common dealer statements

All applications accepted- why would they refuse an application?

If we make a deal we will pay off your trade no matter how much you owe*- * Down payment may vary. If you are upside down the difference may be partly absorbed in the invoice/msrp spread and the rest tacked on to the loan. Of course to "make a deal" you have to have a down payment that will bring the price into a range where the bank will loan the money.

Again everything depends on down payment as even the rate can get bought down.
Also the two statements aren't necessarily tied together 99/job and the rates).

 

[Deleted member 139972]

.

 

[waggy]

I never understood why people go to these places. Don't they read the the contract?

Even my dad (owned a few car lots and in car sales for over 30 years) thinks they are bad places.

One dealership in town has one. IF you do not qualify on a car at the main dealership they pressure you into a car there. They don't tell you about it until you like the car and want to make a deal. then Wham they whip out that crappy contract.