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Old 06-24-2008, 12:57 AM   #1
Bumble Bee '77
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Unhappy I'm an idiot

You know that phrase, "there's one born every minute"? well im the guy they were talking about. When I bought my '01 I didn't exactly read everything just right on the paper work and even though i knew i had about a 20% interest on my loan, but after looking at the contract today its actually 27.99% and when the cars paid off ill be paying $21,456.95 for a car that was listed as $9,800.00



Sigh:(

so much for gettin my '10
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Old 06-24-2008, 01:57 AM   #2
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READ THE FINE PRINT
you are an idiot
always read it
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Old 06-24-2008, 02:07 AM   #3
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Ouch.
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Old 06-24-2008, 02:09 AM   #4
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Refinance it ASAP…
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Old 06-24-2008, 02:14 AM   #5
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Refinance it ASAP…
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Old 06-24-2008, 02:18 AM   #6
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Wow, how much longer till it's paid for?
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Old 06-24-2008, 03:15 AM   #7
Bumble Bee '77
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5 years but i doubt ill be able to re-fi it since i have no real credit. It took 12 different banks before I got the loan.

And in my defense, my other cars tranny crapped out 10 blocks from my house that night after a 12 hour shift at work and I had to push it home. So when I went into the dealer I wasn't exactly in full capacity of my senses. And this dealer, Ron Tonkin Chevrolet, took advantage of that and the fact I was a first time car buyer. And yes I should have read everything, But as stated earlier I was under stress and wasn't thinking clearly.
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Old 06-24-2008, 08:27 AM   #8
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Ouch. Bummer.

I personally would try to sell out of it, get out any way I could without destroying my credit worse, and just live with constantly repairing a $500 beater until I could rebuild some credit and get a reasonable loan.

I'd also try reporting your experience to appropriate government agencies, though I'm not sure which ones would be appropriate; and look for a news reporter who wants a juicy story (and be sure to ham it up!).
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she really underestimates the damage i would do to her reproductive organs
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Old 06-24-2008, 10:32 AM   #9
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That's robbery.. State Max in FL on a new car is only 17.99% and 25% on a used car.
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Old 06-24-2008, 11:14 AM   #10
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Quote:
Originally Posted by Bumble Bee '77 View Post
5 years but i doubt ill be able to re-fi it since i have no real credit. It took 12 different banks before I got the loan.

And in my defense, my other cars tranny crapped out 10 blocks from my house that night after a 12 hour shift at work and I had to push it home. So when I went into the dealer I wasn't exactly in full capacity of my senses. And this dealer, Ron Tonkin Chevrolet, took advantage of that and the fact I was a first time car buyer. And yes I should have read everything, But as stated earlier I was under stress and wasn't thinking clearly.
Well, on the bright side you now have a camaro and will be rebuilding your credit. That is, if this place reports to all three credit agencies. Definately pull a credit report from http://www.myfico.com/12 That's the only site that gives you the 12 reason codes your credit is low. Alot of credit reports are fake and made to look like a real one. And for the free credit reports, always get one by mail and NOT online. The online ones are junk and the one thye mail contain more info. I am very into credit rebuilding since my BK and it's already back to 690 in a short amount of time. I would be happy to discuss anything more about credit if anyone would like to.

/me steps off soap box.
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Old 06-24-2008, 12:32 PM   #11
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Most of the online free credit reports are junk, but annualcreditreport.com is THE official site for the three agencies to provide the legally-mandated free credit reports online, and the data you get is a pretty complete dump of all the data they have on you. It actually sends you directly to each agency's report on their respective websites, rather than serving the reports to you itself.

It does not include FICO score or other calculated numbers, though each agency offers that stuff to you when you pull their report, but of course they charge. I got my FICO score for $7 from one of them the last time I did it, but the time before that I did not choose to purchase anything.

From http://www.ftc.gov/bcp/conline/edcam...rts/index.html :
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Important information from the Federal Trade Commission, the nation’s consumer protection agency: annualcreditreport.com is the ONLY authorized online source for you to get a free credit report under federal law. You can get a free report from each of the three national credit reporting companies every 12 months. Some other sites claim to offer "free" credit reports, but may charge you for another product if you accept a "free" report.
I strongly recommend using that site, and not ever using any other site (except the 3 agencies' official sites, if you want to pay), to get your credit report.
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Removing weight has surprisingly little effect on fuel economy
Engine break-in procedure | Gear ratios
2002 GMC Sierra 4x4 5.3 (190,000 miles and going strong)
1980 Buick Lesabre family heirloom with 36,000 miles
2008 Volkswagen Rabbit 2 door I5-2.5 5spd DD lease
Quote:
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she really underestimates the damage i would do to her reproductive organs
http://allOffTopic.com is the place for all the naughty stuff you can't get away with on this forum...
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Old 06-25-2008, 03:02 AM   #12
chadrcr
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Try to refinance asap, parents bank etc.... if no luck:

If you really like the car you bought, and it appears to be in good shape (get it checked) you could make the payments for several months, pay double payments if you can, (to lower tha principle owed) then try to refinance.....
If you do not plan on (want to) keep what you just bought, make the payments until the 2010 comes out, sell it, or trade it in, and get the new Camaro.
Definitely do not keep the current 27% loan full term..... There are still too many options; It may take a few months to get one that will work for you.
Probably more people on here have made similar mistakes, than will admit it.
I tried to buy a new truck around 1995, tried to get 72 months financing...tried=no, tried=no... they would not go 72 months. So I got the higher payment, got home and was reading the fine print 72 months. I was able to go back and get out of that deal (luckily)
good luck, hope some others on here will have some positive ideas for you.
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Last edited by chadrcr; 06-25-2008 at 03:07 AM. Reason: try to refinance
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Old 06-25-2008, 10:21 AM   #13
Bumble Bee '77
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thanks for all the advice guys. I'm working on getting it re-fied through my insurance company right now. and i love this car even for a V6 it drives like it wants to be a V8 hehe
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Old 06-30-2008, 02:12 PM   #14
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Quote:
Originally Posted by theholycow View Post

It does not include FICO score or other calculated numbers, though each agency offers that stuff to you when you pull their report, but of course they charge. I got my FICO score for $7 from one of them the last time I did it, but the time before that I did not choose to purchase anything.
I agree with most of what you say except that when you get the free reports from Annualcreditreport.com and they redirect you to the credit agencies to get your reports, the try to sell you your credit score. This is what you paid $7 for, but if you read carefully this is not your FICO score. This is the credit agency's score. Each of the credit agencies about 2 years ago began trying to sell their own scores to compete with the Fair Issac Corporation's FICO score, I am sure they work well enough to calculate the scores but few if any banks have begun to accept them because they have systems set up already for the FICO score. You should be careful to note that the credit agencies use a different scale than FICO, FICO scores range up to 850 (I do not remember the bottom score) and the credit agencies go up to 950 (Ithink it is 950 but deffinatly they go higher it is either 950 or 1000) so the scores are not comparable.
To get your true FICO score the cheapest way is to go directly to the Fair Issac Corporation at www.myfico.com, they have a partnership with Suzi Orman, and they will sell them for 14.95 (could be 15.95) each or I think it is $1 cheaper to buy all three. All of the other sites are selling some sort of credit monitoring service and are not necessarily official FICO scores
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