Finally got a new car

[Stilltheone]

We had a dealership do this to us. We drove an Escalade, loved it, and they told us to keep it for the weekend while they tried to work out financing. We told them we wanted our payments to be no more than $300.

We took the car back "after the weekend" and they told us our payments were going to be $460. Our interest rate was only 9.84%.

We bought the car with the intentions of refinancing it in 6 months.

4 months later, dh's salary got cut and we filed for bk. Now, we are stuck with this high payment.

DON'T FALL FOR THE DEALERSHIPS SCAM!! If you don't like the interest rate, don't BUY IT!!

[NOMOREBADCREDIT]

So, let's see if I understand your situation....

You went to the dealership and they made you an offer with high interest that you hope you can reduce in the future. You drove off the lot with the car, but the dealership hasn't been able to secure financing for you yet. And even though they haven't found financing for you yet, they insist you have to keep the car????

Now they are likely to come back with an even worse deal and hope you are so in love with the car after driving it around that you'll agree to it.

There's no guarantee you'll be able to refinance this car soon. Can you afford the payments if you can't refinance? If you can't, then keeping this car is going to land you right back into the financial mess you just escaped.

I'm curious...why you didn't look for a reasonably priced used car after your bankruptcy rather than a high-priced, high-interest rate new one?

i can afford the car but the intrest is to high i did the math i will be upside down with the car. and no dealer would even try to get me finance with a used car out of bk. the dealer still havent got financing on the car i have now.

[lrprn]

So, let's see if I understand your situation....

You went to the dealership and they made you an offer with high interest that you hope you can reduce in the future. You drove off the lot with the car, but the dealership hasn't been able to secure financing for you yet. And even though they haven't found financing for you yet, they insist you have to keep the car????

Now they are likely to come back with an even worse deal and hope you are so in love with the car after driving it around that you'll agree to it.

There's no guarantee you'll be able to refinance this car soon. Can you afford the payments if you can't refinance? If you can't, then keeping this car is going to land you right back into the financial mess you just escaped.

I'm curious...why you didn't look for a reasonably priced used car after your bankruptcy rather than a high-priced, high-interest rate new one?

[NOMOREBADCREDIT]

Finally got a new car. 08 hyundai elantra se.I dont how long i will have it. the int rate is not good but can refi in the future if i keep the car? i check my credit reports dealer has made 20 inqs . i call the dealer and the F&I GUY says they have not got me approved . i tell the dealer that i will return the car but they will not take it back. can i take it there and leave it there?