Special "Hispanic female" rates?

[poet]

My friend has rapacious interest rates on credit cards (like 22-28%+)and her auto loan (on a complete lemon, BTW). She needs a good car for her job. Said lemon is dying, and she's still over $4k in debt on a Chevy Tracker she's paid over $400/mo on for several years now. Her credit was great, until she lent it to the wrong person. Said jerk defaulted on a small mortgage, didn't tell her, and she just found out several months after the fact, despite many attempts to communicate with him over related matters. Now her credit score is messed up. However, her median score as of today was something like 607, 614--I forget. Not great, but not horrible, either. Anyhow, she signed a deal on a new Toyota Matrix. It was a 72-mo loan with them paying off her trade on the old car and her putting down $500. The total was something like $22K. It was still over $400/mo, but her insurance is $200+ less. So she went to see her insurance agent, who told her to go ask the bank for a better deal on financing within the 72-hour window. Bank (of America) was no help, sending her from the in-person branch to the online app, which rejected her on the spot. According to the Kelly Blue Book, she should be paying about $16K for the car. Even if you consider the $4K payoff on the lemon, she's paying $2-4K (?) more. I armed her with the KBB printout and she is going back to the dealer to rip up the contract. Any suggestions? And more to the point--any other Hispanics or women having similar experiences?

[emoticon]

There's a 72-hour window in your state?  If not, the contract is signed. There's no turning back unless the dealer can't get the loan funded.  Her only reasonable option is to get the car refinanced.  She overpaid, but it's too late for that; her opportunity to bargain is over.

I wouldn't attribute the rate to her Hispanic origin or sex but to inexperience or ineffective bargaining skills (although I am willing to concede there might be a positive correlation between the variables you propose).

[poet]

Her negotiating skills are *impeccable* (i.e., international diplomatic protocol). She actually did get a lower note and is happily driving the new car. Between the new insurance policy and the new note, she's paying about $200-250 a month *less* than she was before. Wow! I should be so good.

[Anonymous]

She paid Dealer Invoice.....happens often to the first time buyer who doesn't know

Dealer Invoice = MSRP + BS $2K for safeguarding and window tinting.

She still should be content......if she had changed her mind in the 72 hours she would have had to give up the new and take back the old (I'm betting she would have paid $2K not to do that)

And to add....it's not a woman or a Hispanic issue....it's an "I didn't know enough on what to look out for or understood every tactic, line, or BS they try to trick me on". kind of thing.

Completely legal. If you are in a state where they have to give up the Window stickers I am sure it is as plain as day.

I'm sorry she experienced this, but she is armed and ready for the next time.

Message Edited by 1111mel on 09-19-2008 08:37 PM

[Anonymous]

I agree w the other posters. Car salesmen can see "sucker" no matter your race or gender.

My husband got slaughtered on the car he had b4 we were married... an 01 Altima, 18.99% int rate & had to agree to an allotment plan that made it so his pmts were deducted on the first of each month (the due date) but b/c of the longer processing time w/ allotments, it ensured his pmts would always be 4-7 days past the due date, thus giving them anywhere from 19-26% interest on each pmt.

And he is a middle-class caucasian military member... and a sucker through and through...