Rednewspaper wrote:I'm 21 yrs old, trying to buy my first car. No I do not have a cosigner. They said my rate is 7.99% which I thought was kind of high for my credit score. Plus I was putting already $3,000 down. I was approved and they tried to give me $489/month originally with no money down. Then they got it down to possibly 420/month with the 2,000 down [plus 1,000 rebate]. Mind you this is a 75 month loan. I thought it was ridiculously high for that many months.
I went on edmunds [I don't know how reliable] and did the basic loan calculator they said I should be paying $425/60 month lease. About $375/75 month lease.
The hyundai genesis coupe is 2.0T, base.
Am I being ripped off? What should I do?
What was their pricing on the car? Do you have a prior auto loan? If you're trying to get dealer financing, run away and DON'T. I tried that. You WILL get screwed on APR, and they WILL try to make your credit seem horrendous.
$420 x 75 = $31,500 = $500 below top end MSRP, but over $9,000 more than base!
$489 x 75 = $36,675 = $4,675 above the top end MSRP, but over $15,000 more than base!
7.99% doesn't sound that far off for a sub-700 score, but it isn't ideal.
Starting Score: 652 - 10/09
Also just google your area and credit union. There may be one affiliated with your job, religious affiliation, etc. When my husband got his car loan, the dealership searched for him, spur of the moment kind of thing, and they found one in MA, and we're in NV. We manage the account online. So pretty much anyone you want to go with. We also have Navy Fed. They are awesome. Penfed is another good one.
Just some ideas.
Rednewspaper wrote:@thearmofbarlow:
The car is about $24,000 if I remember correctly. And I was trying to finance through a dealer.
And you're right - after you calculated it, it's so far off from a deal it's ridiculous!
@leah5570:
I would LOVE a 6.5% rate. I'll try to go through a credit union. Do you know how you find one located near your area?
Holy Jeebus! Yeah, that's not exactly in line with correct pricing. This happened to me, with a $12,000 Civic suddenly being priced over $17,000. Walked away. On a six year term for a $24,000 car you should be paying around $450 a month.
Your bank or a credit union will set you up with financing that doesn't suck. Don't rely on the guy on comission to finance you correctly. 
My car loan is $24,128 @ 7.89%. My monthly payment is $451.80 / 66 months.
This was also my first car I purchased, no cosigner. Sometimes you just have to pay to play. You're a young kid and they know you want this car, they'll roll the dice and will not budge the price much because of that. I'd let them brew for a week and wait until they call you back.
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