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Old 06-02-2007, 12:51 AM   #1
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Default Holy interest rate

So, with the Bonnie out of commission, the wife and I thought we look for a new car.
Since we are in the process of rebuilding my credit, are options are pretty limited.
I tried one of those "guaranteed credit approvals"
The lady said worst case scenario would be we would need 15% down.
Not too bad I guess.
So, I call back later to see what'* up...
she said they could do about $500 for my trade in and I would need about $500 down. I could do that in a few weeks, so I am thinking this might work.
Than she says .....
>
>
>
>
On a $6,000 car, payments would be around $323 because you only have 3 years to pay it off.
After catching my breath, I did the math
$6,00 divided by 36 months (not including the trade or down payment) is $166.66
now, I am no math genius, but I figure a $166.66. payment turning into a $323 payment works out to about 100% interest.
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Old 06-02-2007, 12:55 AM   #2
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DAMN!

And I thought that my 13.4% was high!
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Old 06-02-2007, 12:57 AM   #3
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I would have jumped at that!!!
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Old 06-02-2007, 12:59 AM   #4
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My only comment:

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Old 06-02-2007, 01:31 AM   #5
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What if you took the 500 down, and used it to fix the Bonneville? Running car, no payments, where'* the downside?
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Old 06-02-2007, 09:05 AM   #6
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Well, that would be my plan. The wife wasn't so keen on that. But, since we have gotten to the point that we don't have a better alternative, i think she is coming around.
She'* just sick of putting money into it.
I think I am gonna drive it to a garage this week and get an opinion on what it needs just to be legal, and what it needs to be in good running condition.
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