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How bad did he get screwed, or is this average?

Posted by on Jan. 22, 2014 at 9:42 AM
  • 83 Replies

My BIL got a wild hair up his ass and decided to go buy a new car--did not consult his fiance(and child's mother), just left work 'sick" and went and got a new car. He got a 08 Chevy Malibu LT, 83k miles. sticker price: $12995, trade in for his car ;$3000. He did not read any of the paperwork, just saw a shiney car and signed his name on the dotted line. My DH called him while he was there so we knew what he was doing and tried to talk him out of it, told him to get a loan through his bank--a credit union. a few hours later he pulls up in his new car, and I asked for his contract...Total cost of the car? $25K after finance charges....KBB value is only around $9K..so he is already completely upside down on the car. Is it normal to pay that much in finance charges and stuff, or did he just make a salesman's day? Had it been another car, I wouldnt think it was so bad--a nissan or a toyota...but a malibu with almost 100k miles? That car wasnt worth $25k in 2008!

by on Jan. 22, 2014 at 9:42 AM
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Replies (1-10):
thefiregoddess
by MotherDucker on Jan. 22, 2014 at 9:43 AM
He got ripped off.
imakehimscream
by He screams on Jan. 22, 2014 at 9:45 AM
Does he have bad credit? Sounds like he went to one of thoes small used car dealerships and got used big time
GhettoKoolAide
by Lighthouse Blues on Jan. 22, 2014 at 9:47 AM
What a fucking dumbass it's called a predatory loan and that's normal. I couldn't marry a man like that.
Anonymous
by Anonymous 1 on Jan. 22, 2014 at 9:47 AM
My BIL sells used cars, he told me that finance companies can charge up to like 30% interest on cars made before 2010, and only upto 19% on cars made after 2010. We bought a 2011 Mitsibishi from him and our pymts are only $200/month and we have crap credit.
Anonymous
by Anonymous 2 on Jan. 22, 2014 at 9:47 AM
1 mom liked this
Sounds like he has bad credit and was willing to pay crazy interest.
mombear55
by on Jan. 22, 2014 at 9:48 AM
2 moms liked this

 Having a Chevy Malibu is bad news. I'm trying to get rid of mine. Maybe it's just a Chevy in general. It's not a Toyota. It can't 'take you places.' It's 'like a rock.' Lol.

tifbrown
by on Jan. 22, 2014 at 9:48 AM

You bil got scammed. You should always read the paperwork and bring up chargers you feel unnecessary, paperwork is the biggest room to move in a car deal. You can almost always get it cut in half. Your bil got taken and there is no way out of it.

Foolynroo2
by Emerald Member on Jan. 22, 2014 at 9:48 AM

You mean 12,995 right?

and that's pretty crazy

Anonymous
by Anonymous 2 on Jan. 22, 2014 at 9:48 AM
People are crazy to even pay 19% interest.

Quoting Anonymous: My BIL sells used cars, he told me that finance companies can charge up to like 30% interest on cars made before 2010, and only upto 19% on cars made after 2010. We bought a 2011 Mitsibishi from him and our pymts are only $200/month and we have crap credit.
Anonymous
by Anonymous 3 on Jan. 22, 2014 at 9:49 AM
1 mom liked this

$129,995 for a car?????


Quote:

 He got a 08 Chevy Malibu LT, 83k miles. sticker price: $129995,

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