Getting straight raped by this auto loan I recently signed...

[beenz]

Damn I got 13% when I was 20

M first car loan, also thru my credit union, was 7% back in 01 when I was 23. Only reason it was that high was cuz I had no credit history at the time.

 

[Klyk21]

Considering OP isn't tied down and isn't very smart, this is probably the best choice

isnt very smart?! Please dont judge me man. I had to do wha the fukk I had to do nikka! Given scenario, im sure any of u woulda done same.

 

[flea]

120K miles?? r u fukking stupid? u shoulda just bought a bucket and kept it moving till u got on ur feet. holy shyt you're fukking stupid.

 

[Sweet James]

Does the threadstarter have asperger's or something........

Why would you sign that contract....

I hope this guy is a minor, so he can void that contract and get his money back.

 

[x2y]

And I thought I was getting raped at 3%

 

[winb83]

My girl got an 05 Jeep Liberty and was paying 28% interest. After making payments on time for a year (in addition to cc payments and paying off a secure loan) her credit score went from 579 to 768. She went to another Jeep dealership and they paid off what she owed on the 05, used it as a trade in and she drove off with a 2012 Liberty with no money down and 12% interest. If she makes ontime payments for a year the will refinance again.

Never do this. It's called negative equity. They buy off your old car loan and roll it into the new car loan. Now you're stuck with a car loan that's worth more than the car. On top of that if you put nothing down the depreciation of the car may outpace your loan payments.

if you get into some shyt and you need to dump that car you'll be unable to sell it being upside down on the loan. Basically the only way out of the loan is to accelerate payments and get right side up then sell or to take a repo and fukk your credit and after the repo you'll still owe money. The difference between your loan and what the car sold for and it was upside down to boot.

on top of that she got a new 2012? That car took a huge depreciation hit the moment she drove it off the lot. Putting nothing down guarantees you're gonna be upside down in the loan.

 

[DrunkenNovice]

u shoulda just bought a bucket and kept it moving till u got on ur feet.

This,

Man get GAP insurance, and call da boys to take care of that for you.

You've tied yourself down for a while with that loan agreement.

 

[RichSincethe80s]

120,000 miles though. i would've invested in a bike, damn that.

 

[R.E.N. Spells Ren]

isnt very smart?! Please dont judge me man. I had to do wha the fukk I had to do nikka! Given scenario, im sure any of u woulda done same.

Nah, I think most of us wouldn't have put ourselves in a long term hole for a temporary job.....that's hustling backwards, friend.

 

[CrimsonTider]

Your only mistake was getting something that had that many miles on it.

 

[JoelB]

Sounds like you went to a place like DriveTime....they prey on people with weak credit who are desperate for a car.

@ that interest rate tho....Just pay that balance off as fast as you can and take that L as a learning experience.

 

[DaChampIsHere]

nikka you just need to move back home with your momma. You aren't built for life right now.

 

[Non Sequitur]

isnt very smart?! Please dont judge me man. I had to do wha the fukk I had to do nikka! Given scenario, im sure any of u woulda done same.

I think you got in a tough spot and panicked.

 

[69 others]

is charging 28% interest even legal? i thought they had caps on that shyt.

 

[HiphopRelated]

you probably would have had better luck hitting up craigslist