Reply to Car dealer will not budge on “online price”

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[quote=Anonymous]OP, you definitely need to bail.  This deal has almost nothing in your favor.  You are dealing with a high risk car (see my post ^^).  You don't want to any money to the dealer, not even a down-payment, until you have it thoroughly checked out by a mechanic who can tell you what the true wear-and-tear are on this car.

Second, your credit is average.  750-850 is excellent and gets the best loan rates.  650-750 is good and gets good but not best rates.  550-650 is average and gets very mediocre rates.  Below 550 is bad and gets really bad rates (because those buyers are typically the biggest risk to not pay the actual loan when finances get tight or they have to choose between which debts they can actually pay).  You are getting a horrible rate (anything over 5% is bad) as if you had a much lower credit score.  You will be paying several thousand dollars more than most other buyers over the life of this loan.  Additionally, do not let shyster loan sharks talk you into longer than a 60 month loan.  That's one of the games, they lure you in with a 72 month loan for the same rate you should be paying for a 60 month loan.  Essentially you are paying them an extra year of interest for free.

I agree that you need to stop taking financial advice from your father and husband.  They are looking at the sticker price and not at the full picture.  They are saving you $900 on the sticker price but letting you pay $5000-6000 extra over the life of the loan because they didn't pay attention to the fact that this loan is a 9.75% loan for 72 months.  This is the type of loan that someone who went bankrupt and had bills sent to collections gets.

Where are you buying?  Is this a dealership or just a used car lot?  My guess is the latter.  You need to look at someplace like Carmax.  You may pay a little more on the sticker, but they will not cheat you on the financing like this.

I see that you've reconsidered this morning and that's a good thing.[/quote]

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