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24.9% APR on auto

Several months ago I bought a car.  I was just happy to be able to get it with my credit situation.  I knew that my APR was going to be very high, but decided that it was a need and since I could afford it I would pay it.  Yesterday I was going through some paperwork and came across my finance agreement.  I was financed at 24.9%  OMG.  I feel as if I was taken advantaged of.  I think at that time my scores were in the mid 400's.  Now they are abmost 600.  Should I refinance? Is it common to refinance an auto? I have been perfect with my payments.   
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Re: 24.9% APR on auto

[ Edited ]
YES!! You are getting raped. Go now! Do it!
 
Try a local CU first. roadloans.com is also good.
 
You should be able to cut that rate in half if not more.
 
 


Message Edited by Tuscani on 07-06-2007 10:40 AM
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Re: 24.9% APR on auto

you can probably refinance that at 8-9% with scores in the 600s.....start checking around immediately!
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Re: 24.9% APR on auto



monro411 wrote:
Several months ago I bought a car.  I was just happy to be able to get it with my credit situation.  I knew that my APR was going to be very high, but decided that it was a need and since I could afford it I would pay it.  Yesterday I was going through some paperwork and came across my finance agreement.  I was financed at 24.9%  OMG.  I feel as if I was taken advantaged of.  I think at that time my scores were in the mid 400's.  Now they are abmost 600.  Should I refinance? Is it common to refinance an auto? I have been perfect with my payments.   


Sweet mother of mary you're getting it!  Sorry to rub it in.  I used to work at a dealership and they loved situations such as yours.  I hated it!!
 
So go now please, drop everything and head for a re-finance!
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Re: 24.9% APR on auto




Sweet mother of mary you're getting it!  Sorry to rub it in.  I used to work at a dealership and they loved situations such as yours.  I hated it!!
 
So go now please, drop everything and head for a re-finance!


 
The finance lady that did the financing told me that I had to be in the loan for 9 months before they refinance the loan.  Am I being raped again.

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Re: 24.9% APR on auto

[ Edited ]


monro411 wrote:
Several months ago I bought a car.  I was just happy to be able to get it with my credit situation.  I knew that my APR was going to be very high, but decided that it was a need and since I could afford it I would pay it.  Yesterday I was going through some paperwork and came across my finance agreement.  I was financed at 24.9%  OMG.  I feel as if I was taken advantaged of.  I think at that time my scores were in the mid 400's.  Now they are abmost 600.  Should I refinance? Is it common to refinance an auto? I have been perfect with my payments.   


I had the same thing happen to me a couple years ago. I purchased a Land Rover that was only 2 years old, had a few baddies on my CR....and they gave me the highest APR they could legally give. Which I really didn't expect anything different from the money guzzling Land Rover people themselves!!!  Made all my pymts on time for a year, then refied at 7%.....soooo, run fast and don't look back!!!!!!!!!!!!!!!!!


Message Edited by flygirl on 07-06-2007 11:03 AM
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Re: 24.9% APR on auto



monro411 wrote:

The finance lady that did the financing told me that I had to be in the loan for 9 months before they refinance the loan.  Am I being raped again.


We were told to say that to people to make them feel better.  But I never found out if that were true.  Still look around, as someone suggested, if you have a credit union go to them first.
 
How many months has it been? 
 
See anyone is going to agree to refinance, they have to see that you're paying.  So you have to establish that first.  How long has it been?
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Re: 24.9% APR on auto



trinigal wrote:


monro411 wrote:

The finance lady that did the financing told me that I had to be in the loan for 9 months before they refinance the loan.  Am I being raped again.


We were told to say that to people to make them feel better.  But I never found out if that were true.  Still look around, as someone suggested, if you have a credit union go to them first.
 
How many months has it been? 
 
See anyone is going to agree to refinance, they have to see that you're paying.  So you have to establish that first.  How long has it been?



6 months
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Re: 24.9% APR on auto



monro411 wrote:
6 months

I would look around, but be careful of allowing them to do hard pulls on your credit report.  See if you can get by with a copy of your own report and explaining the situation, tell them you're evaluating your options. 
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Re: 24.9% APR on auto



trinigal wrote:


monro411 wrote:
6 months

I would look around, but be careful of allowing them to do hard pulls on your credit report.  See if you can get by with a copy of your own report and explaining the situation, tell them you're evaluating your options. 


Thanks I will do that and let you know what happens.  Also thanks to Flygirl for letting me know that I am not the only one that had this problem. 
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