Is my car dealership beating me out of my money?
I bought a honda accord 2001 from a used dealership for $8000 last February. I've been paying $75 a week, so $396 a month for my car note and just realized I should of just bought a new car if I was going to pay that much. Anyway I guess my car dealership has a new manager and he's telling me I have to pay 149 a week(single parent, one job, 3 kids) and he's not willing to break up the payment to $75 a week, he will still be getting the $396. The car has been broken since I've got it, two weeks in with the car and it needed a new catalytic converter. The new guy also said I'll be having to pay the $396 for around 10 more years, I really think I'm getting played for my money. What should I do about it? I was thinking about giving the car back up but I have to work and get my kids to school, plus I want to build my credit
Your math is odd: 75 x 4 = 300, not 396 and 149 x 4 = 596, not 396… What should you do about it? Read your contract to see what the terms of the loan are ; a contract can't be legally changed unless both parties agree to the changes
Yes, it is a bad deal and they are playing you. There probably is no good option for getting out of it, but you can start by telling them you want out.
At first I thought you were not serious. Re-reading this, I see that you are serious. Your payment terms must be in writing. If they are not in writing, they are in violation of numerous Federal Lending laws. If you signed a 10 year note on a 14 year old car, I would say read anything before you sign it.
Give the car back, but you need to do it in a way that they do not hurt your credit any further. You vastly overpaid for the car. Also, many of these dealerships do not use all of the proper paperwork (there are federal requirements - truth in lending, etc.) so when confronted by a legal representative, they back off rather than fight. You need to find a legal services group that can help you. Perhaps the local bar (attorney) association could point you in the right direction. You are not in a position to try it on your own. You will not build credit with an operation like that. It is not a car dealership, it is a loan shark business disguised as a dealership. You are being played and punished for your bad decision. You need to research what a car is worth (kbb.com or edmunds.com) and be far more careful in the future. Keeping this car is only going to keep you impoverished.
None of your figures add up… And in 10 years from today the payback is.$47.520 00 and it cost too much in first place… Return it
8000 my neighbor just bought this same car from a private owner for 1000 bucks which is what it is worth.8k your an idiot.
Nothing matters except the written contract. So go READ IT.
- Will a car dealership work with me if I'm gonna lease a new car, while trading in the car I have, which has an outstanding loan against it? The car I have now has a loan against it which is worth more than the trade in value of the car by about $5000. If me and a family member were BOTH looking to lease a new car (so 2 new cars), does anyone know if a dealership will be working to work with me in any way? Also the cars looking to be leased are not high end or luxury cars, they d be coming from a dealership like Honda, Toyota, or Subaru.
- Should I sell my car and invest the money? I have 2 cars. A 2000 Mitsubishi Eclipse and an 2006 Honda S2000. I'm thinking of selling the Honda and getting 12-15k for it. Then investing that money. I have a friend who builds and flips houses. He said if I invest he'll give me a good return on it when they sell. I forgot the percentage he said, but it was higher than doing a cd or anything like that. I like my car, but I only drive that one once a week or so. Should I try and sell it and use it to make more money?
- How much is it to walk out of a dealership with a leased vehicle? I have 2300. I seen a deal at honda, where you put a $29 down payment and 159 a month. Is this just to draw attention, or is leasing a car really that easy? What can I expect for a total cost?
- Will this be enough money to save up for a car? I'm 16 right now, and I work at a banquet center. I make minimum wage per hour for one day a week. (Sometimes two if it's busy). I get paid every Friday. So I was wondering if I save up my money, and put it in the bank would that be enough by the time I'm 18? I either want to buy a Pontiac g6 (2008- 2005) or a Honda civic (2009-2004). And they usually cost around 8k - 10k. I also have $3,100 saved in my account. Would this be enough?