Is the dealership ripping me off?!
I would like to buy a 2013 Chevrolet Spark. The sticker price is $14,300. He told me that it's only a couple of hundred above invoice. According to truecar.com that is not true. Also, they offered me two scenarios with bad credit. One was a $3,000 deposit with $350 x 72 payments. The other was a $4,000 deposit with $325 x 72 payments. My trade in is a Ford Escape 2007 in good condition. I owe $7,225 on it. I have negative equity in the vehicle. I owe more than it's worth by $1,000 and then they have to resell it so its more like $3,000. I have 92k miles on it. They are charging me for two Sparks when you add it all up. So should I wait six months and pay off a chunk of my debt and then try again? When I went for two other vehicles before this averaging around $17,000 mind you, I got the same insane deals and those cars are $3,000 more. What the heck is going on? Any good advice? I just wanted a small economical fuel efficient "new" car. That is my bottom line for around $300/month.
The interest rate is what is killing you on this deal. 16% is obscene. From what you describe, most people would have been denied outright. 6 years @ $350..naw. Since your Escape is in good condition, you did ask for advice..so forget it for now. In 6 months you will have 1) more time on your job which means lower interest, 2) more equity in your Escape. If you can get it down to 10%, and with the more equity, you will probably still have maybe $300 but knock an entire year off, to 60 month. Friendly advice: Wait. Just don't be late on any payments and your credit score will go up..translates in to far less interest. Best of luck
Thank you. I think I'll wait. The General Manager I spoke with today wants to put me into an even more expensive vehicle because there is more rebate and incentive to do just that. I feel I'll just be getting deeper into a hole. I will pay off my debt as much as possible over the next six months and see where I stand and not only that I'll be in my job longer.
You're right. You will only be digging a deeper hole. Agreeing to 16% is not the way out of debt. And they will sell you anything they can get you to sign on the proverbial dotted line. Wise choice in my humble opinion to wait
Thanks for confirming my thoughts on this matter. Waiting is no problem because the car I have runs perfectly fine and six months will go by really fast. Hopefully, in six months, I'll be able to really pay down a big chunk of my debt!! And hopefully my credit will not take a huge nose dive because the debt is in collections at this point.
if the salesman has his mouth open he is lying trying to talk you into more money
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