I have an 01 Acura CL-S, the buyout is 15998.00. Here's the thing, the dealer will only give me an 8.9% APR on the vehicle and thats if I purchase some bullshit 2,000 dollar warranty. If not, my APR goes up to 11.9%. This sounds like complete bullshit to me. Complete bullshit. What do you all think?

 

I'd walk down the street to the bank and see what they can do for you.

 

Tell them to shove it. Then take your $15,998 and put it towards an '03 someplace else.

 

That sounds terrible. I agree with you, complete bullshit.

 

Well, I owe cause of the f'n miles. I'd love to dump the CL-S by the curb at this point. I was disghusted to see they were gonna try to charge me 11.9%, I'll admit my credit score is only about a 650, but damn. That's taking up the ass. What is the amount per mile anyways?

Regards

 

I thought the amount per mile was like 10 cents or something, but I am not sure at all. I have nothing to back that up. I work with some people that have terrible credit and they are getting better rates than that on used cars.

 

650 is average credit man. You should get 7-8% easy. Just go to a credit union.

 

If you're a AAA member ask them what their rates are. My friend just fianced a car thru them. He went to the bank and got a quote of 8 %, then went to AAA and got a quote of 5 % (thru the same bank, that AAA office uses his bank). He paid the $40 membership, had the seller goto the AAA offiice and they did all the paperwork for him concerning the sale, and handed the check over to the seller.

 

that's way too much for interest on a car loan. go to a bank or call honda financial for a free quote. i'm sure you'll find a better deal from someone else.

 

I'm wondering if it's against the law to do that. Charge people a higher interest rate if they don't buy your warranty, it sounds like bullshit.
:gheywave:

 

LOL...yeah, it's BS. Dealerships always charge more interest than a bank. Trust me I work for the largest dealership financing company in the nation. I would never finance through a dealer on a used car.

 

Maybe they said "if you can sell it to him for $18K we'll approve the loan" Since he already said he's buying the car for $16K, the dealer couldn't just raise the price, so now he's trying to get him to buy the warranty to get it up to $18K.

That's the only thing I can think of. I'm sure it's illegal to give him a higher interest rate just because he doesn't want to purchase an OPTION.

 

Btw, my interest rate was 8.9% through Lexus without the warranty, but I still purchased it - but then again I'm only 20 and it's my first car purchase!

I'm sure you should be able to do a lot better

 

Thats a common scam, walk away asap. Credit unions are good places to get a car loan.

 

they are trying to scam you. totally illegal even

try financing here

www.capitaloneautofinance.com

many people have had great success there

 

read this whole page word for word and you will be smarter than 99% of the people out there looking to finance a car. This lists all the scams dealers try to pull on you and how to avoid them.

http://www.carbuyingtips.com/finance...z_ttky3&y=0x40

 

Also remember caise the car is used, you will not get any good rates as with a new car.

 

Yeah but 11.9 is off the charts high. 5 years ago it was a good rate, today, horrid. :killer:

 

Prime APR for a used car for someone with good credit ranges anywhere from as low as 4% to 7.5%

The worse your credit, the higher the APR of course.

 

complete

you want to fuck em up? just dispose off the car.

Unless you wanna seriously keep it.

 

oh crap, i just read about the miles.

How many miles extra have you driven?

 

since it's an auto AND the lease is up just walk away. search for another car, new or used. you'll get out from under the CL and it's trans problems. move on to something else.

 

He is having issues with excessive mileage.

 

the "bundling" of the extended warranty is definitely BULLSHIT. My dealership tried to do the same shit to me when I picked up my 03. I told them I wanted to speak to HondaUSA about this matter, and they told me they "would see what they could do." Of course, 15 minutes later, i got the 2.9% financing. Don't let the finance dept. bully you around. Your credit score is 650, which means you should be able to qualify easily for 6-7% financing. If this dealership is not willing to work with you, take your business to any major bank or credit union. If you have any other questions, just PM or e-mail me.

AL

 

http://www.edmunds.com/advice/buying...2/article.html <---excellent read, rather long, but worth the time.

According to that article any dealer can throw on 1-3% interest on top of the rate the loan provider quoted, this helps them with the money side. I would suggest, as many others have, check with a local bank or something. If you have been dealing with the same bank for a few years they should be more than willing to give you a loan for the car.

 

That’s standard practice to lower the loan rate if you agree to buy the extended warranty.
Although the interest rates and cost of the plan originally quoted here seem WAY too high.

When we bought our RAV4 we were pre approved at like 5.9%.
The dealer offered us 4.9% if we took the extended warranty so I went with it.
It dropped the 4-year payment like 9-dollars a month so over the life of the loan it will pay off 2/3 of the 700-dollar cost of the plan.
Plus they threw in free scheduled services for the first 3-years.
I think it was a fair offer; otherwise I wouldn’t have done it.

Shawn S

 

It kinda dont make sence, I financed a 01 CLS Cert under honda finance, I had No credit what so ever as my SS was issued only 2years ago and i got 4.9%.

Just 2weeks ago when my tranny failed i had enough and the acura dealer wanter to put me in 04 TL Loaner i was driving, and the rate would if been the same 4.9%, on a new TL would of been higher like 6%. At 11% thats the highest HF will go. At a Score of 650 you should be able to do better then that.

Good luck ...

 

I don't know about all this. Honda Finance is a totally separate entity from the dealerships. HF buys the deals from the dealer. The dealer doesn't decide on the rates. He just sends the apps to HF and then they decide if they will pick up the contract.