@Anonymous wrote:
He's right on the whole being taken advantage of though, I got the car and the loan within my first ~month of being in the business. I needed one pretty badly and I thought everyone was doing me favors. There are some guys in the business that couldn't give 2 craps whatsoever about you, but there's also some good guys. Being in the business, if someone wants that new car and all we can get is a 21% apr and the customer agrees I mean there's nothing we can do and I accept that I was foolish and did that.
But anyways, my huge concern is being denied because of the already much lower value of the car. I owe 18,700 on it and the retail value books out between the 12-14k range.
R- If you're friends with your F&I person and you trust their advice, talk to them about refi. I know he/she can't refi you but they should be able to give you parameters about what a lender looks at and what is more favorable in a CR to receive a lower APR. They might also be able to tell you if you need a down payment for refi and how much, given you owe more than your car's present value.
Personally I feel bad that you feel you were taken advantage of. We work with a ton of subprime customers and always give them the consequences of high APRs, the cost of GAP and extended warranties.... however in the end it's up to the customer just like you've said. Hope your refi goes well and that you can get a reduced APR. You have experience now that you can relay to your future customers.
