100k for a used hellcat?

[2pac]

Saw this on another forum, enjoy! I think it's a hellcat but not sure.

 

[Hellcatcfp]

Yikes...🤮. Highway robbery right there. Wonder if they went through with it???

 

[MikeD1]

28%
Even credit card interest is less that that, these ppl's credit must be totally in the crapper !!

 

[1971demon]

28%
Even credit card interest is less that that, these ppl's credit must be totally in the crapper !!

I had friends of mine go to jail in the early 90's for chargin those kinda rates...(there out now)

 

[BULL]

Holy hell, I squealed like a bitch when I financed the DSRT at 3.99% after having a loan on the HC at 2.04%


28%?!


BAD credit card rates are 16%...

 

[Purerock105]

The epitome of being "upside down" on a loan, but immediately not down the road due to unforeseen circumstances.

 

[BULL]

That almost seems like a setup finance doc.


Nobody would actually do that would they?


And at 96 months too...


I'm going to go see what my total finance on the HC was...

 

[1971demon]

Holy hell, I squealed like a bitch when I financed the DSRT at 3.99% after having a loan on the HC at 2.04%


28%?!


BAD credit card rates are 16%...

Thats sheer insanity...

 

[BULL]

I just looked


~$69,200 financed
cost me ~$4,425

 

[Hickster]

That is why states have secatarys of fianances is to keep this kinda crap from happening. Sum states get away with it and some are run by the credit card industry. I have seen some as high as 36% on some credit cards. You either have to have very bad credit, alot of $$$, stupid or all the above. With my loan I had to start out with a 5.2% out of Atlanta bank cause it was on a Sat. credit locked and I wanted the car. Refianced the car the next month to a local credit union. 3.2% and will go lower. Do to the unformatted of not have any income and my paid town homes are rented. No income got me. I just take $$$ out when I need it. Roth IRA's taxes already paid for so it's cash sitting there. I will die with that account still open. Yea,, next week. Unless this guys has sum richer inlaws and can use the tax deduct, he is dumb as a box of rocks came from the moon. Or so they say. Sorry mom and pops.

 

[1971demon]

I just looked


~$69,200 financed
cost me ~$4,425

Even that would bother me...the only way i would consider any auto financing plan would be zero %...even then..its usually 0%...or cash back...and generally any vehicle i would consider purchasing..never qualifies for those incentives...I work too hard for my money to pay interest..I understand money is a commodity... fortunately...I'm at a point in my life that I have no need to rely on lending institutions...

 

[Purerock105]

Even that would bother me...the only way i would consider any auto financing plan would be zero %...even then..its usually 0%...or cash back...and generally any vehicle i would consider purchasing..never qualifies for those incentives...I work too hard for my money to pay interest..I understand money is a commodity... fortunately...I'm at a point in my life that I have no need to rely on lending institutions...

And it used to be just about moving units. Selling cars. The old "cash is king" is not so much a thing anymore. Dealers want you to finance as there has to be some sort of kick back with thier chosen lenders and then of course the other newer revenue stream...upsale on extended warranties and the like. 3 of the last 5 cars I bought were paid with cash in full. The dealer people(sales & finance) are left gasping for air when you pay in cash and say no to the other crap they are trying to sell. Almost sad. Almost. 😂

 

[1971demon]

And it used to be just about moving units. Selling cars. The old "cash is king" is not so much a thing anymore. Dealers want you to finance as there has to be some sort of kick back with thier chosen lenders and then of course the other newer revenue stream...upsale on extended warranties and the like. 3 of the last 5 cars I bought were paid with cash in full. The dealer people(sales & finance) are left gasping for air when you pay in cash and say no to the other crap they are trying to sell. Almost sad. Almost. 😂

Spot on...dealers make more on a vehicle financed...than those that are cash sales...and that amount varies depending on the lending institution..(I know first hand, I'm on the board of directors of a local Federal Credit Union)..there are also quarterly...and annual volume incentives as well...Cash may be king in some arenas...not at your local auto dealer...

 

[Hunter]

I had friends of mine go to jail in the early 90's for chargin those kinda rates...(there out now)

So, just found them again?

 

[Hunter]

Even that would bother me...the only way i would consider any auto financing plan would be zero %...even then..its usually 0%...or cash back...and generally any vehicle i would consider purchasing..never qualifies for those incentives...I work too hard for my money to pay interest..I understand money is a commodity... fortunately...I'm at a point in my life that I have no need to rely on lending institutions...

I'm adoptable, dad....

 

[MikeD1]

I had friends of mine go to jail in the early 90's for chargin those kinda rates...(there out now)

I was working for a company that was selling software to many of the larger "buy here - pay here" places charging those rates.
Got to see how it all worked from the inside, it was quite the scam, all designed to allow them to repo & resell the same the cars over & over again.
The loans were all rule of 78's !

 

[2pac]

I was working for a company that was selling software to many of the larger "buy here - pay here" places charging those rates.
Got to see how it all worked from the inside, it was quite the scam, all designed to allow them to repo & resell the same the cars over & over again.
The loans were all rule of 78's !

Damn shame, I could see this with a lot of small used car dealers, people with low or bad credit, but a large dealer taking advantage of somebody like that is a travesty, the interest charge is 1.3x the actual financed amount.

 

[ACMAVRO]

Somebody fudging the numbers, not a little... A lot!

 

[Slowpoke387]

Spot on...dealers make more on a vehicle financed...than those that are cash sales...and that amount varies depending on the lending institution..(I know first hand, I'm on the board of directors of a local Federal Credit Union)..there are also quarterly...and annual volume incentives as well...Cash may be king in some arenas...not at your local auto dealer...

I can confirm this. People with cash are the worst customers...lowball offer always followed by "Hey we have cash!" We'd rather actually make a profit than take your Craigslist lowball cash offer, thank you very much.

 

[BULL]

I can confirm this. People with cash are the worst customers...lowball offer always followed by "Hey we have cash!" We'd rather actually make a profit than take your Craigslist lowball cash offer, thank you very much.

You're in business to make money???

Really?