My Ch. 7 was discharged in May 2007, so thinking that two years out of BK, I'd be able to finance a used car with a decent interest rate and payment, I went to find out. My credit score is 531, ok, I know that is not very good. In the past two years, I have late pays on two credit cards, one with about $1000 balance and the other with about $500.
So, I go to a used car dealer and tell them I am looking for a used vehicle, 3-4 years old, mileage around 30k-40k and I need a payment of around $250per month. I check their inventory online while waiting for them to get back to me and see several cars around $10,000. I also have a vehicle to trade in, which they said they would give me $1000 for. I check the "payment estimator" tool on their website and for a car that is $9995, even with 23% interest, at 48 months with $1000 trade in, the payment shows $288 per month. I'm even ok with that. But, when I talk to the salesman, he tells me that he can't do any better than 23% for any vehicle and that the only vehicle he can offer me is a 2006 Pontiac G6 (which is not really what I had in mind) for about $8900 at 23% interest for 52 months and my payment will be $400! Now, can someone please explain to me how the payment estimator shows $288 and the salesman hits me with $400?? What are they adding in that the payment estimator is not accounting for? Warranty? fees?
This salesman went on and on about how bad my credit is, how the fact that I "messed with" Credit Acceptance in my BK by defaulting on a car loan with them, very few lenders will even consider me. I tried to nicely explain to him that hey, all I want is a decent USED vehicle, around $10,000 that will get me a payment I can actually afford and not default on, as happened with vehicles in my BK. The guy was such an A$$ I had to just walk away before things got really ugly. He acted like he was doing me a big favor by offering me this ONE vehicle out of their 250+ inventory for the low price of $400 per month.
What gives? Will I be able to do any better than this elsewhere?
So, I go to a used car dealer and tell them I am looking for a used vehicle, 3-4 years old, mileage around 30k-40k and I need a payment of around $250per month. I check their inventory online while waiting for them to get back to me and see several cars around $10,000. I also have a vehicle to trade in, which they said they would give me $1000 for. I check the "payment estimator" tool on their website and for a car that is $9995, even with 23% interest, at 48 months with $1000 trade in, the payment shows $288 per month. I'm even ok with that. But, when I talk to the salesman, he tells me that he can't do any better than 23% for any vehicle and that the only vehicle he can offer me is a 2006 Pontiac G6 (which is not really what I had in mind) for about $8900 at 23% interest for 52 months and my payment will be $400! Now, can someone please explain to me how the payment estimator shows $288 and the salesman hits me with $400?? What are they adding in that the payment estimator is not accounting for? Warranty? fees?
This salesman went on and on about how bad my credit is, how the fact that I "messed with" Credit Acceptance in my BK by defaulting on a car loan with them, very few lenders will even consider me. I tried to nicely explain to him that hey, all I want is a decent USED vehicle, around $10,000 that will get me a payment I can actually afford and not default on, as happened with vehicles in my BK. The guy was such an A$$ I had to just walk away before things got really ugly. He acted like he was doing me a big favor by offering me this ONE vehicle out of their 250+ inventory for the low price of $400 per month.
What gives? Will I be able to do any better than this elsewhere?
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