!!!!Applying for car loan, dealer wants deposit..I have a Question!!!!!

[littlejuanito]

Yeah for you LJ!! I'm so happy for you!!

Thank you. I am too very happy.

Well I think this was a much better decision than to finance an old 300ZX. The Acura should be very reliable for quite awhile, at least until you are able to pay it off.

It's true, if I was to get that 300Zx, I would have had to buy it cash. My plan with the Acura is to pay it off as soon as possible.

[Minnymouth]

Congrads,
Sounds like you made a better deal, better rate, for a better vehicle..........PLUS your payments will probably be reported to the credit bureau to help build your credit score back up again..........

ENJOY

[littlejuanito]

Congrads,
Sounds like you made a better deal, better rate, for a better vehicle..........PLUS your payments will probably be reported to the credit bureau to help build your credit score back up again..........

ENJOY

Thanks. Im pretty sure Toyoya Finance Corp will report accurately every month. My plan now id to build a solid payment history and refi as soon as possible.

[mike9302]

People be very careful about buying used vehicles. I am not sure about anywhere else in the country but since all of the hurricanes here in the south there are a ton of water damaged vehicles on lots. They are both on mom and pop lots and surprisingly higher up dealerships. A friend of mine was looking to buy a used vehicle and wanted me to come along to look for any problems he may of mised. I was looking at some newer 2004 2005 vehicles that looked fine on the outside and ran great but if you look close you could see water damage and the dealership said nothing about them and the prices had not been reduced at all for water damage. Whenever you look at a used vehicle pay attention to the wires under the hood and under the vehicle and look for any corrosion. Look under the fluid caps for discolored fluid and here is the best indication for water damage, look in the frame rails for things such as drift wood or other debris. My friend was looking at a 2004 Ford Explorer and I actually pulled out a piece of drift wood from the frame rail and the sales man didnt know what to say other than he would tell this to his boss. That is when we left.

[robivi3]

Mike, I agree, you have to crawl under the Vehicle. In general I would say it safer to go with ther dealer, they generally don't want problems created by damage. A late model vehicle on a Buy here/Pay here lot is to me a given that it has problems.

Like he said, a dead giveaway is condensation under the fluid caps. Engine washing can do that but not likely.

[Danielle1981]

That's just scary.

[littlejuanito]

UPDATE

A week after I had originally purchased the car, the dealer called me saying they werent able to keep promise on the 17.99 APR I had originally been given. I was instead raised to 23.99%...I was about to turn in the keys an nulled the contract, when they re-did everything, lowered the price of the vehicle and shortened the lenght of the loan. Although I ended up with a higher APR, my payments stayed the same cause the value of the vehicle was lowered in order to compensate me for the original non-approval. Also, last month I refinanced with Capital 1 and was approved for a 17.99%, so my payments dropped a little more. I still think my payments are pretty high, considering the milage of the vehicle and everyday expenses. I'm planning on selling and maybe making a bit profit since I'm about even on equity. The car is worth as much as I owe. Any other suggestions? should I trade it in for a much cheaper car so I can get lower monthly payments?

[BassBoy]

Did you take this vehicle as a "Spot Delivery?" This is one of the biggest scams that a dealership can pull.........AND IT's NOT LEGAL. I can't remember if I posted an article/case law with regards to this.......here's a link of something I just searched.......

http://www.lemonlaw.com/spotdelivery.html

.....and another......

http://www.carlawyer.com/auto_scams.html (scam #3)

You can also go to http://www.edmunds.com (Tips and Advice section) and read up on what scams dealerships can pull on you.

Of course since you have done some things to get the rate you wanted and the payment you wanted, keep this info in the back of your mind for the next time you wish to purchase a vehicle.

[littlejuanito]

Thanks for the tip...I guess they pulled that scam on me, but in the end the final price on the car ended up being less..