topic Re: OMG!! 24.99% APR!! in Auto Loans

OMG!! 24.99% APR!!

Anonymous — Tue, 09 Jun 2009 19:28:25 GMT

Eq 590 Ex 584 Tu?

OMG I finally found my dream car with all the necessities that I wanted. A pristine 07 BMW 328i w/navigation.

Asking price $25,995

Got the dealer to $20,500

Total after taxes and everything almost $23,000

Down payment $$$$9,000

Their finance dept ran my credit and said no one except Drive will approve me at 24.99% plus a $2,800 banking fee.

Does anyone any advice on where else I can get financed.

Getting another car is not an option.

Re: OMG!! 24.99% APR!!

GregB — Tue, 09 Jun 2009 19:50:10 GMT

I bought a new BMW at a 16% discount and financed 100% for 60 months at the 1.9% promotional rate. Their current promotional rate is better than that now.

Looking back at that after 24 months, I realize it was one of my bigger mistakes. What you are considering is far worse.

BTW, I did worse when I was 21. My car payment was more than double my house payment. Guess which one was a better choice.

Re: OMG!! 24.99% APR!!

Anonymous — Tue, 09 Jun 2009 23:29:52 GMT

@Anonymous wrote:
Eq 590 Ex 584 Tu?

OMG I finally found my dream car with all the necessities that I wanted. A pristine 07 BMW 328i w/navigation.
Asking price $25,995
Got the dealer to $20,500
Total after taxes and everything almost $23,000
Down payment $$$$9,000

Their finance dept ran my credit and said no one except Drive will approve me at 24.99% plus a $2,800 banking fee.

Does anyone any advice on where else I can get financed.
Getting another car is not an option.

It really really is another option.

With $9000 you can buy a nice used car that will last you quite some time, hell you could even buy a new car for close to that amount (my truck was only $13000) and work on improving your score so that you can buy a new car in a couple of years

Re: OMG!! 24.99% APR!!

MattH — Wed, 10 Jun 2009 03:04:55 GMT

@Anonymous wrote:
@Anonymous wrote:
Eq 590 Ex 584 Tu?

OMG I finally found my dream car with all the necessities that I wanted. A pristine 07 BMW 328i w/navigation.
Asking price $25,995
Got the dealer to $20,500
Total after taxes and everything almost $23,000
Down payment $$$$9,000

Their finance dept ran my credit and said no one except Drive will approve me at 24.99% plus a $2,800 banking fee.

Does anyone any advice on where else I can get financed.
Getting another car is not an option.

It really really is another option.
With $9000 you can buy a nice used car that will last you quite some time, hell you could even buy a new car for close to that amount (my truck was only $13000) and work on improving your score so that you can buy a new car in a couple of years

I strongly agree, OP should get a different car. Especially in today's depressed market there are many excellent used cars available for under $10K.

Message Edited by MattH on 06-09-2009 11:04 PM

Re: OMG!! 24.99% APR!!

Anonymous — Wed, 10 Jun 2009 03:22:09 GMT

OMG I finally found my dream car with all the necessities that I wanted. A pristine 07 BMW 328i w/navigation.

Dream car and necessities ARE not the same thing or terms that can be used to describe the same thing.

With 9K you could secure good financing on a Brand New Focus or Fusion.

Apparantly the finance companies also do not think that a BMW, a $500 a month payment with a good credit score is a necessity for a sub 600 credit score.

DRIVE WANTS A $2,800 FEE AND THE 24.99% RATE AS THEY EXPECT YOU TO DEFAULT.

You want to buy way too much car, more then your credit score can support.

Re: OMG!! 24.99% APR!!

MattH — Wed, 10 Jun 2009 03:45:03 GMT

@Anonymous wrote:
OMG I finally found my dream car with all the necessities that I wanted. A pristine 07 BMW 328i w/navigation.

Dream car and necessities ARE not the same thing or terms that can be used to describe the same thing.

With 9K you could secure good financing on a Brand New Focus or Fusion.

Apparantly the finance companies also do not think that a BMW, a $500 a month payment with a good credit score is a necessity for a sub 600 credit score.

DRIVE WANTS A $2,800 FEE AND THE 24.99% RATE AS THEY EXPECT YOU TO DEFAULT.

You want to buy way too much car, more then your credit score can support.

Agreed, and quite likely the confusion of wants and needs displayed here has a causal relation to the score. As for navigation, my 2000 Camry doesn't have built-in GPS but for a LOT less than the cost of a newer car I got a portable GPS that works just fine.

Message Edited by MattH on 06-09-2009 11:45 PM

Re: OMG!! 24.99% APR!!

Paxx — Fri, 12 Jun 2009 14:13:07 GMT

A banking fee of $2500 in addition to 24.99%?? No thanks!

I'm sure at this point you found the car you want and you have tunnel vision and think of nothing else. Happens to the best of us. It sure happened to me when I went shopping for a new car 6 months ago. Thankfully I came to my senses with the help of my fiance and realized I didn't need a nice shiny new sports car to boost my ego. Instead I settled on a run of the mill bare bone used 2004 truck. It has nothing - regular cab, manual transmission, manual crank windows, manual locks and it didn't even have a CD player (since then I installed my own, I couldn't take it anymore). But it looks new, has low miles, mechanically sound, gets me to work and back, will help when I need to haul something and the best part is it only cost me a little more then 8k.

This is a bad deal and you know it because you posted on these forums. Just don't talk yourself into something you will regret down the road!

Message Edited by Paxx on 06-12-2009 07:13 AM

Re: OMG!! 24.99% APR!!

Anonymous — Tue, 16 Jun 2009 15:45:08 GMT

@Paxx wrote:
A banking fee of $2500 in addition to 24.99%?? No thanks!

This is a bad deal and you know it because you posted on these forums. Just don't talk yourself into something you will regret down the road!

NO.......not $2,500.......It's $2,800 and with a dispicable 24.99%.... RUN........NOW

King

Re: OMG!! 24.99% APR!!

Anonymous — Fri, 19 Jun 2009 21:46:29 GMT

I just got my second "newer" car in April. A 2008 cobalt with only 20k miles on it. I paid like $12k for it after taxes and fees. Very nice car it has heated leather seats that wins me over! Even though I would have rather went for an Envoy or something. But hey I am only 21 I have many more cars to buy in my future! Get something affordable for now.

Message Edited by Missallison on 06-19-2009 02:46 PM

Re: OMG!! 24.99% APR!!

Anonymous — Sat, 20 Jun 2009 03:06:01 GMT

@Anonymous wrote:
Eq 590 Ex 584 Tu?

OMG I finally found my dream car with all the necessities that I wanted. A pristine 07 BMW 328i w/navigation.
Asking price $25,995
Got the dealer to $20,500
Total after taxes and everything almost $23,000
Down payment $$$$9,000

Their finance dept ran my credit and said no one except Drive will approve me at 24.99% plus a $2,800 banking fee.

Does anyone any advice on where else I can get financed.
Getting another car is not an option.

If another car is not an option then use the $9k for bus passes and a bike.

Re: OMG!! 24.99% APR!!

Want2BDebtFreeNow — Fri, 26 Jun 2009 23:26:58 GMT

If you don't mind taking advise from a "been there done that person" In 07 I traded my 05 Tahoe for a 2007 Jetta at 1.9% for 36 months because I wanted to do the responsible thing, well one year later I got the itch again and traded the car in for an 05 Vette at 9.74% over 64 months. Big mistake, now I wish I would have kept my Jetta. I got a flat tire this week, and the other tires are needing replacement. Most inexpensive tire I can find is 275 per tire. I miss the Jetta.