Roadloans Stinks!!!

[Stilltheone]

That is heartbreaking. Just don't do what I did.

I always wanted a really nice SUV and bought a $44,000 one. Lincoln/Mercury told me that I would get 3.9%, but when I got through the paperwork, it jumped to 11.45% (and I was trading in a current year (model) Mercury Cougar in perfect condition with no real miles on it).

I was so devastated at the $989/month payment... like an idiot, I said... I'll take it anyhow.

Be patient, hopefully it will all work out for you. Were you able to contact the original dealer yourself?

We already did that with the Escalade....we originally wanted a payment in the 200's and when they came back with $460, like a moron, I signed. I've been kicking myself ever since.

The dealership that has my minivan wants nothing to do with the Escalade. They are in a small, po-dunk town and they sell farm trucks. They have no market for an Escalade.

I've filed a complaint with the BBB against the dealership, but I doubt that will go anywhere.

Again, back to square one...and in this market, it's tough!

[jason0618]

I've had the same situations. It seems that even the dealerships that hammer people with their various "fresh start" options are just as much shooting their guns and hoping they hit someone. I'm still stuck with a car thats getting worse every day, and there doesn't seem to be anything I can do about it. All I want is a cheap, used car. I know my rate is gonna be high, so I want the minimal amount financed.

[Stilltheone]

UPDATE:

We went to the dealership where we bought the Escalade from and they seem to be willing to work with us.

Only problem is, we'll have to have a large downpayment, around $4K, but they're willing to hold part of it until we get our tax return next year.

So, we'll see what happens. I'm trying not to get excited this time around.

[SubPrimeME]

I spoke to a finance person at our local mazda dealer, and they stated that 20% down is typical, and that 18% was the typical interest rate.

Good luck with your new car!

[coloradomrg]

15% down is typical for what the bank likes... and the typical rate is between 10% and 14% right now.

The rates for just discharged, bad credit, and the like the typical rate is 14%-20 something % depending on where you live.

I'm in the business for a non-traditional dealership, but the knowledge is the important part.

At a traditional dealership, they don't even have you approved when you leave. They base their decision on your credit score and income.. NOT a banks approval. They then shop you around as much as they can to get you the rate they promised you. IF they can find a better rate, YOU will never know and they will take those extra percentage points as PURE PROFIT on the backside of the deal. If they can't get that rate, they call you back and need more $$ down or just tell you they couldn't get you approved and you have to bring back the car.

Get your financing before you go to the dealership if your going to shop at a traditional dealership!!

Pay attention when Roadloans or Cap 1 recommend dealerships. The dealerships that they highly recommend won't play the same games as the typical used car lot.

[lrprn]

SubPrimeME, in the future please do not post to old threads like this one that have been inactive for more than 1-2 months. It's against our forum rules because some of the information in old threads could be outdated due to recent changes in bk case law, and also because often our Ch 7 members are no longer coming to the forum after their discharges to see questions and advice that's posted on their old thread.

In the future, if you have something to contribute, please start a new thread of your own - thanks!

[jribe]

Sorry to hear this. We were afraid something like this might happen to us, so we went ahead and took USBank up on their 722 replacement loan in July...we were worried that we would be discharged and end up with NO vehicles. While the loan carried a high interest rate, at least we have a vehicle. I shudder to think what might have happened if we had waited until discharge to find a vehicle. Good luck!

I know this doesn't help for those that are already POST BK, but we just got a great 2006 EX Accord Sedan for 16k @ 4.9% for 60 months through a local Honda dealer. The interest rate alone was a great selling point, i had applied through a local CU, and they were offering 9.2%! So for those that haven't filed yet- look at dealers for good certified used cars. Our Ficos were 665 and 688 - so not that great to begin with - and got 4.9% through Honda. We jumped at it since we owe on 2 cars now- about 10k each over the value and both around 7% interest.