Other mistakes made: (1) Always post here, asking if it's a good deal before you purchase! The people on this bbs are very helpful and knowledgeable and can help you in your decision. We could have stopped you from getting in this mess. (2) When buying new, never deal with human beings directly. Always use cCarsDirect.com and communicate with dealerships through email. Pit them against each other. (3) Don't buy GM I know this isn't helpful in your current state, but maybe it'll be helpful next time.
Folks just have to be prepared prior to buying a car and have backup financing in place. The dealership has always met or beat the best rate I went in with.
Agreed. Next time I buy a car, I’m going in with financing already in place (through my credit union, most likely) and cash in hand. droxford is right about not dealing with people in person. I went through cars.com (I think) and pitted 4 dealerships against each other. That’s how I got such a good price and I had the quote in hand before I even went to the dealership. They honored that quote to the cent, but like I said, they raped me in the finance department…without even the common courtesy of a reach-around. Next time, I’ll be prepared for that as well.
And he'll still be upside down on his car loan. If your car is stolen or totaled, you don't necessarily get what you owe on it.
You could default and let them repo your car. It sounds like your credit couldn't get much worse anyway. Then buy a used car with cash from a shade-tree mechanic.
I just checked CarsDirect, $25,399 for an 09 Crv EX-L. It was cheaper to directly email the dealership. I emailed them last night and was quoted $24,399. $700 under invoice, but I think I can get it for under $24k.
18% lol wow you got taken to the back of the woodshed BAD. Get GAP insurance. Take the car out to a rural area. Burn it. Start over and try to not get raped again.
The highest % i have on a credit card is 12%. 18% on a car loan is pure bent over with no lube at all. I think I would rather have my knee caps busted up.
just don't get caught, insurance company can say F you and then you'd be out the ride and still be left holding the loan my advice, refinance that thing
When you use CarsDirect, your car request is emailed directly to all the dealerships, who then email you back with quotes. You then pit the dealerships against each other and put them into a bidding battle to be able to sell you the car. And always be willing to walk away from a deal.
