I read the same thing.

So they gave him $15k for the car. Thats all that matters. What you actually pocket and what you owe is your own personal problem. Overall no one was hurt, and you didn't end up upside down on it.

 

True, as long as they give you a good value for the car!

 

I'd count myself lucky, that interest rate is INSANE

 

i did even see this part.


yea given that... i would of advise you to buy a $2500-5000 car and be done with it. Its too late for that. Dont fall into this again. Given all said and done, you easily came up. You got out of a bad contract deal! You pretty much rented the car and gain $2500 bonus.

Either build better credit, find a co-signer or whatever you can do but dont get stuck with another high interest loan. At the time 3 years ago, i was pissed i got declined for 4.99% and got a 6.5% a year after rates dropped and i got it at 3.25%. Car is done now. This was my 3rd car, i did the $5000 cash on my first car. $8000 cash on my 2nd car. Had $6000 down payment when i bought my G used at 3-4 years old. It was tough when i had no credit and took FOREVER to get $5000 saved.

 

Yea its tough not having credit...the crappy part of the deal is that i was not aware of the interest rate up until i had signed the contract...that was my mistake...anyway like you said I ended up with a bonus and im trying to stay positive about this...only reason i went through crappy financing was because i needed a reliable car and something that i actually wanted...oh well...now im def going turbo

 

That sucks, might be a blessing in disguise getting out of that car payment. Building your credit other ways might be a better bet and save up cash to buy a car. I built up my credit by using a 0 interest for a year cards like Best Buy, Discount tire, etc and paying a purchase off before the year was up. Never had any normal credit card and had really good credit rating when I went to buy my first house. Never bought a new car either and only had two used car loans before.

 

With a rate like that, when I came out to see my car demolished. My first reaction would be, there is a God.

 

You've got the credit history now, definitely a blessing. I would still do what I could do to get as much money back as I could. Telling you, you can get that fixed on the cheap. Insurance and loaner are all banks, same crooks, time for you to stick it back to them as per your agreements resulting in those monthly payments.

 

Last year I rear ended a Ford Escape. Damage was close to 9k. Insurance fixed it. I own a 2004 6mt. Mileage was 75k at the time.

 

Dang, that interest rate makes me feel so blessed with my 8%. Haha. I have no credit either, but I got a cosigner :-). I had my volvo taken out once by someone who did an illegal u turn into me. Destroyed the hood, fender, tire, rim, differential... I have no idea how it wasn't totaled, because I had $11,000 worth of damage! Honestly I wanted it totaled so I could buy an Audi A4, but for some reason those darn swedish cars keep their value. I say pay off that loan, get that car salvaged, and profit!!!!

 

Why would you ever agree on that? WOW. Thank the lord your car was hit...please take this advice. Driver a beater around for a year or 2 until you have credit and more saved up...banks love people like you.

And how do you not look at the intrest rate when you sign the papers? Please learn from this

I have perfect credit...just only 3 years of it however. So i got about a 5% rate on my 07

 

next time you finance a car, since you have a short history, go thru a credit union or personal bank. get a interest rate from them, then you can haggle with dealer finance guys because they also hack the interest rate way too high.

 

dealers also sometimes get a kickback from credit unions (or any finance company in general) so they would rather you get it though one

 

Thanks for a good laugh.

To the OP: you got very very lucky; as the banks had you good.

In the future never sign on a contract without knowing what type of interest rate you'll be paying.

My recommendation: Drive a beater, build credit score, save up more and buy another G with the lowest interest rate around in a few years.

The interest rate they gave you is insane. Its true banks only give loans to those who dont need it.
Buy a beater for now; there will always be great cars to drive and buy throughout your life.

 

i am still in shock someone would sign papers without knowing the interest rate ...