Working w/ a dealership. Is this right? 74,000 miles, was leased by someone, I am putting 2,000.00 down, price is 8,995.00, at 23.80% interest rate, 1,100.00 service contract which is the 2 yr. warranty, 545.40 for taxes, loan for 5 yrs. total at 15, 056.40 and Deferred Price (after 5 yrs.) 17,056.40. This seems a bit much for a 2001? but this is the only person I could find to approve me cuz of my bad credit (went through a divorce) & I can't buy out right, have to borrow the 2,000.00 down payment. He is putting on new front tires & I kinda know the guy so should I trust him? It costs $50.00 to $75.00 for a saftey check through any mechanic. Should I get this done? Didn't look like there was any paint work done to it. Thanks for anyone that can help me.
2006-10-16 14:45:54 · 20 answers · asked by pinky 1 in Cars & Transportation ➔ Buying & Selling
Another one bites the dust. I asked the Sales guy to pull a carfax for me. He wouldn't & gave me every excuss. I pulled it my self, found 4 owners on this car! Lots of engine & wireing problems. Time to look for another dealer......& he belongs to Cub Scouts??? He should be ashamed of himself!
2006-10-17 23:58:58 · update #1
Yo, if you have bad credit, then that's what it is.
If you have good credit, run for the hills, because a loan like this is how you make bad credit.
If you are adding up all of your payments to determine the price of the car, you are doing it wrong. That's going to be the price of the car + the price of the money.
2006-10-17 03:24:41 · answer #1 · answered by Manny 6 · 0⤊ 1⤋
I sold cars for many years. The dealership that is willing to finance you is charging you a huge amount of interest on the term of the loan and also a bad price on the truck. Go to kbb.com and look up the retail value of this vehicle, then negotiate a better price on the truck. The interest rate is not likely to change if your credit rating is low, but that does not mean you have to bend over for them, try telling them you simply cannot afford to pay that much a month for a vehicle and you will just have to wait for a better "deal" to come along you will be amazed at what happens. As far as an inspection goes it is well worth the money if it means avoiding a "lemon" or previously wrecked vehicle. Demand that a carfax be pulled from the internet on whatever you buy it will tell you if the vehicle has ever been wrecked and will guarantee up to 5,000 dollars. Good Luck.
2006-10-16 14:56:25 · answer #2 · answered by Jeremy D 1 · 1⤊ 0⤋
Never trust a car salesman! They are paid on commission.Always ask to test drive a car and take it straight to a mechanic to have it looked at and always run carfax.If they refuse leave then.Cause there is a reason they dont want to. I know you have to pay a little more at a buy here/pay here car lot but they usually will finance anyone and most do carfax on car and have ready to show it to you if you ask and some will volunteer this info. Buying a used car is tricky,but if you find the right place(not dealership!)then usually you will do ok.The deal on the Ford Escape RUN as fast as you can.Don't do business with this person.He sounds a little shady.
2006-10-24 07:06:09 · answer #3 · answered by blueberry_coconut_1 3 · 0⤊ 0⤋
If you have credit concerns you will have to pay a price. However, that price is steep.
I would purchase from a large auto dealer. They will have a way to get you financed. Sure, you'll need cash down. But it's time to start your life (and credit) over. It will be easier to finance a newer, less expensive car. Get an entry level (15K ish) vehicle with $3000 down. You'll get 48 month financing or shorter. You'll pay a 21% rate. Do not do any balloon notes.
If you find a 2006 you'll not need a warranty over and above the factory. Good luck.
2006-10-23 16:41:54 · answer #4 · answered by bgdaddyzman 2 · 0⤊ 0⤋
Listen, are you really that desperate to buy this 6 year old car at TWICE it's value? That's what you'll be doing when you sign that contract.
If you're not ready to commit that financial suicide yet, take that $2000 and buy yourself a nice reliable Honda or Toyota. Look at Craigslist.com and Autotrader.com, they have some great deals. Then, each month, take the money that you would've been paying on the overpriced Escape and deposit in your savings. In no time, your credit will improve and you'll have a nice downpayment to purchase a brand new car.
2006-10-16 15:18:42 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Call the bank and ask them what the car is worth.Go on line to kelly blue book it will tell you what it is worth.Are you crazy paying all most 24% interest.Have you any idea what the car is going to cost when you get threw paying DONT DO THIS.A ford Escape is not a good car any way if you can get 2000 dollars that means you can get money.A used car interest should not be mor than 10% they are takeing you for a ride and not in a car buy your ***.DONT DO THIS the car is not worth it hope you did not sign any papers.These people are rip offs.They should be turned in to the law,Rip offs and you will be dumb if you do it.
2006-10-16 15:00:25 · answer #6 · answered by Douglas R 4 · 0⤊ 1⤋
it's better if you look for a new car. the interest rate is gonna be a little lower that in a used vehicle...you don't have to buy a nice looking vehicle, just get something to start with, pay it on time every month, and try keep your credit in good standing by paying credit cards, furniture, or any other things you may owe... then, maybe after a year or so, try to refinance to lower your interest rate or get another vehicle that meets your needs.
2006-10-23 13:28:31 · answer #7 · answered by simonsvq 1 · 0⤊ 0⤋
let me guess your name is Ben Dover. don't walk away from this deal RUN -AWAY --FAST. for the 2g,s you can purchase a clean civic,corolla.2 or 7 series volvo. all with approx 150k on the clock any of these cars are capable of surpassing 300k miles if treated properly. the ford [it's scrap] will probably never come close to 300k. also plan to spend around 120 - 150 dollars to get a pre purchase check done[this will cover more than just a few safety checks] and let you know what you will be facing if you purchase said vehicle. as always have your trusted mechanic check said vehicle before you sign anything.
2006-10-16 15:10:09 · answer #8 · answered by hobbabob 6 · 0⤊ 1⤋
i own a repair shop,and that's way too much for that old of a vehicle,,you can buy a new one for less than that,and it will have a full warranty on it,,,he must have seen you coming,and jacked the price of it way up,because its not going to be worth that much at all,and in a few years it will be out of the book as far as loans go ,and the value will drop out from under it,even if you know him that's not a good deal,you can do way better than that ,any where else,if i were you id pass on this one for sure,good luck i hope this help,s.
2006-10-16 14:53:30 · answer #9 · answered by dodge man 7 · 1⤊ 0⤋
Ford Escape is a very good car, but to pay 17k for a 5 year old one with 74k miles is too expensive.
Check www.autotrader.com, you can get a lot of of dealers and offers in your are. I have bought my wife's car there.
Get finance through a credit union, you can get better rates, pay cash and pay to the credi union.
2006-10-16 15:52:42 · answer #10 · answered by wazup1971 6 · 0⤊ 0⤋