So this is my first time buying a car from the dealer....and of course i got ripped off. Since I can't afford to pay for my G35 up front, the dealer set me up for financing. He told me that my interest rate was goin got be 12% but if i want i can buy down the interest to 7.79%. I figured I would save in the end so i spent the extra $1500 to buy it down. So today i called the bank where i was financing to check out the interest rate and i found out it was fix rate of 8.1% for any auto loan. God dam dealer ripped me off $1500!!!

Now my question is since i signed the contract..you think i can get my money back becaused they lied to be? any attoneys out can answer that question?!

 

Is 7.79% in your contract?

 

What state? Some states have a grace period to get out

 

Actually the dealer didn't lie to you. They offered the financing rate and you agreed to it. Being unprepared is quite frankly your fault.

 

how can the bank of a fixed rate for all auto loans, it depends on your credit

 

mmm fishy...

 

Did you not take Personal Finance in High School?

 

The bank's consumer end and dealer auto financing ends are completely different.

Banks do NOT offer the best possible rate to consumers; it is reserved for their VIP customers and dealers ONLY. They will not show the rates on their websites, nor will they offer them to you if you ask. If they think you should have that rate, they will come to you and offer it to you.

Now, given that I work at a dealer, you probably takes what I'm saying with a grain of salt, but what I will tell you, is that a 4 point buy down would cost a LOT more than 1500, if it is even offered. Usually 2 or 3 points is the most you can buy down, if even that.

 

take the car back and say you dont want it...

 

Yes 7.79% on my contract

 

I am in NY

 

well if the fix interest is 8% and they told me 12% is that not lying?

 

I'd never pay down the interest rate on a car. That's like throwing money away. You live, you learn. Next time, go in with your own financing in hand. I don't know if there's anything you can do legally to get that $1500 back.... Good luck.

 

well i got preaproved for 6.5% @ BOA and capital one...how is it 12% with M&T? I have good credit so i should have a rate that is similar at every bank...12% seems a lil high?

 

Unless you asked the bank about your specific loan (e.g. you gave them your loan number and everything...), that 8% might not have applied to you. Dealers often mark up interest rates so they profit from the financing. It's legal... Hence, have your own financing when you walk in....