My grandma Bought a new car (UPDATED)?
Today me and my grandma were at the honda dealership and today she bought a 2011 honda civic 4 door for 15000. She is doing 72 month payments and her monthly payments are 399 the dealership financing manger said. I'm wondering if this is about right or crazy. Eventhough she had a credit score of 620 thats what they offered and she took it. The man at the dealership said that there was nothing else that he could offer and he kept talking about god. Also that this is what god wanted her to have. He said that he included a warranty into the price but i do not think that is worth it. Also he didn't tell her what her interest rate was but she took it. That was the only car that he was trying to get her. So do you think that this financing manager should be turned in? Also she made a down payment of 1500. But the man also said this is what the financing company can only get for you.
Should he be turned in? Turned in for what? Making a sale? It's not his fault that your grandmother may have agreed on a bad deal. A credit score of 620 is not that impressive. She certainly should have found out what her interest rate was when she agreed to finance through them. She might be paying several thousand extra just in interest. Often times, it is a smarter option to finance through a bank or credit union rather than the dealership. Just by looking at the numbers you gave, she should be paying $187.50 a month on a 72 month loan of $13500, not $399.
No one is at fault here but your grandmother and whoever she may have brought with her to help make a decision. She should have left that dealership if she wasn't happy with the only car the salesman was showing her.
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