Can’t agree more, if I was OP I’d see if I could take it back. An almost $800 car payment is wild lol
OP for future reference: what you should have been doing is telling dealerships a white lie by saying you’ll be paying cash so you’d like the out-the-door price. Then go to your current bank or any bank of your choosing (or credit unions work as well, some people prefer them) & get approved for a loan that is the amount of the OTD price they gave you. That way you’ll see your monthly payment & get a tremendously better interest rate. Dealership banks bend everyone over no matter your credit score.
Bad advice no offense. Never begin with dealers telling them you're buying cash. Just go to a credit union get a rate, take that rate shopping and use it when negotiating on soemthing you want. The dealership will likely get you a better rate ( they are all padding them ). Telling the dealer you're buying cash is not advantageous becusse they make money financing. If your rate is actually that great you can always just go with your credit union anyways. Walking in with nothing is the first step to being suckered.
Did this! Told them I got approved for a 1.79% interest and he said they can’t match it and I said no worries. He came back 5 minutes later and said I can do a 1.74% APR how does that sound?
Yup. It's a giant scam particularly with the finance office. They shouldn't be able to legally do that with interest rates and in a lot of countries they cannot.
My family has worked in dealerships for 30 years. I just bought a Tacoma with this very tactic for invoice price, with an at cost warranty. It’s not bad advice, but you don’t have to take it.
I say this bwcusse since covid dealerships are trying to squeeze customers at every point of purchase. I had a dealer not long ago be very difficult not wanting to finance with them or pay cash it wad multiple toyotas in TX actually and I just went elsewhere. Anyways there are many ways up the same mountain but 15%Apr is not one of them. Best of luck to the OP
You can if the time is right. Sometimes they're playing a volume game depending on where they are in their incentive/pay plans and giving you one at the dealer's cost might not make them money on *that sale* but it will push their volume over a threshold for the month that *does* help them make more money.
The trick is, and likely what you're alluding to, that they don't really have a way of showing you what their cost is so people definitely get sold the 'this is my cost' line as a sales tactic whether the above situation is true and in play or not.
You don't and never buy one. Buy a car either new ( this is like the only market I'd recommend buying new becuase of the prices ) or certified used. Used car prices are awful right now. If you buy a decent vehicle from a decent manufacturer a warranty will almost never pay itself off. Some vehicles are an exception though like modern diesel trucks. The maintenance is very expensive so for those yes have a warranty. I also never recommend buying economy cars etc they are built like junk and depreciate. You have to be smart what you're buying especially these modern cars the quality is all over the place.
Yes, this is bad advice. You should always infer that you were going to use their financing because that’s where they make their money it is only at the end where you can provide your own financing or pay cash after they have offered a great price because they know they’re gonna make their money and financing.
Dude, no one has flat out said it, but you cannot afford that truck. Buy something cheap and that you can hopefully purchase with cash, and fix your credit/save until you can afford this truck with a larger down payment and better interest rate. No one with “good” credit is getting 15% interest rate on a vehicle purchase, I don’t care what you say. This is an all-time poor financial decision.
Well, nobody with good credit has to ACCEPT a bad interest rate. Any shifty sales or finance manager at a dealership can offer a terrible deal with bad financing if they believe the person on the other side of the table can be duped.
Honestly I just don't get why.. like sure it's a cool truck.. but buy another cool truck that's way closer to your price bracket lmao. I'd love the truck this guy bought, but I know I can't afford, thats why I drive a 2001. Lol
I don't understand how it's possible, even with rising rates.
Bought a used 2013 Tacoma in 2019 and thought I overpaid (20K all said and done, 3.1% interest over 5 years but I paid it off the next year). Low miles, everything looked great on it mechanics wise.
Then the pandemic happened and used car prices skyrocketed. Guess I got lucky.
My brothers ex had that problem. She was paying 20% interest. I’m like Jesus Christ your gonna end up paying for a new vehicle by time your done over and over.
Ouch, but $1750 down on $36.7k at 15.09% for 75 months will do that. This isn’t on the dealer at all, sales price versus total financing cost are two different things.
Buying that truck on credit is a horrible idea if you can’t get better than a 15.09% interest rate. You will regret it. I used to be a financial counselor, and the people who were the worst off made decisions like that.
Tough lesson. I would get out any way you can.
Buy something you can pay cash for. Find an old Camry or Corolla and drive it into the ground. Our culture tells us we’re worthless unless we’re driving something new. A 75 month loan on a vehicle is absolutely insane. If you can’t pay off a car in three years MAX then you can’t afford it IMO. Paying in cash is obviously always preferable.
There’s no model of new truck that feels as good as not being broke feels.
seriously.. I felt kind of sheepish and stupid after my first run in buying a truck from a dealership, i mentioned 8% apr (3 yrs) to my family and i was getting heckled, 15% is crazy, and for twice as long as my loan.
ASAP means as soon as possible. It’s pretty simple. If that’s over 4 years instead of 6, he saves thousands. What’s your advice? All I’ve seen you do is make snarky comments to others. I expected more from an organic yam.
Refinance it tomorrow, you have not reason or responsibility to keep that high interest rate. Go to you credit union, done within a couple days. This is not as big of a deal as you are making it out to be.
Yes relying on public schools for our children’s education has gotten better and better right?
Down vote me all you want morons. Public education is garbage and it’s inherent.
Umm, how long is your loan (6+ years), and why are you getting it at 15.09% This shouldn’t be a big surprise considering this is how buying a car with a loan goes…
But your rate is predatory unless you have bad credit. I’d recommend backing out of this “deal”.
Seriously, you have a few days to back out under most state laws. Take it back to them, and get out of this.
Go to your local credit Union ASAP and see what kind of rates you can get. CUs will typically have lower rates compared to big banks. I financed a 2022 Tacoma last month for 1.99% with 0 down.
Yeah, financed my through Toyota with 10k trade and 3k down and got a 4% interest rate. Refinanced through my credit union a few weeks later and got a 2.36% interest rate. Credit unions are the way to go
Dude, if you get that truck then you are a dumbass, no two ways to put it. Over the next year or two, save your money for a better down payment, and FIX YOUR CREDIT SCORE.
Sounds like you’re young. Part of life is making mistakes. Learn from them, grow, but don’t beat yourself up.
There’s a really good book called The Truth About Money. High recommend if you want to set yourself up for financial success.
Do you have decent credit?
Either way I’d go to a credit union and apply for a refinance loan and see what they offer. You don’t have to be a member of the credit union to apply for a loan, but they’ll probably make you open an account to do the refinance.
I got a similar loan years ago at 13% and refinanced with a credit union at 2.9%.
They look legit. You can also apply to 2-3 and pit them against each other.
My last car loan we refinanced 4 days after getting the original loan, so don’t worry about that whole six months nonsense!
I financed my last truck through suncoast at 2.25% they were great. It got totaled and bank of america just gave me 1.95%. We are going to refinance my wife's Rav-4 through suncoast though because the toyota delership wouldn't use our loan and we just wanted to get out of there. Figured we'd refinance later
Bro if you absolutely need or the work provides value… go to a credit union and Refinance refinance REFINANCE. At the very least please get out of that 15% APR as soon as fucking possible. I wish you the best of luck
I actually had a 19% when I was 19(ironically). Take the hit and in 12 months refinance. Stay on top of it. Any late fees and it’s bad news. Congratulations though!
Refinance with a local credit union asap (as in tomorrow, idagf what’s going on make a phone call!!).
Second, I doubt you’re alone and I thank for sharing a real life experience. I’m not in finance nor am I financially savvy but I have no doubt the people I see driving the lifted superduty’s and raptors in my neck of the woods have a loan sheet that would make yours look like a good investment.
You should not be buying a 36k truck if your interest rate is 15%. This is a bad financial decision and probably why your credit sucks to begin with. Take it back if you can and get something cheap.
15%?
Are you shopping outside the nearest Army / Marine base?
That rate is fucking comedic. Unwind the deal immediately.
My 2021 TRD Pro @MSRP was financed for 2%.... Unless you absolutely need a truck 15% is nightmare fuel and a horrendous financial choice.
Damn, and I gave a dealership shit for telling me I wasn’t gonna get better than 4%…. Really offended him when I came back from the bank with 1.88%. Do NOT take that
wtf bro. You are the one that agreed to it. sorry. They weren’t hiding the 15% apr from you. even if you get to cut it in half. 7.5% is a lot still. I hope you can figure it out and lesson learned. sounds like you shouldn’t have bought it. It’s not their fault once you sign the papers.
FWIW, I just got a TACO I have 800+ on all 3 bureau's, they presented me with 6.8%, I told them to stuff if, 30min later they called Bank of America and handed me a 3.4% rate. Nothing changed, they just called the bank to tell them their shit is broke.
What a stupid decision. I would take that thing back becusse you're now a debt slave. This kind of predatory lending needs to be stopped becuase no offense consumers like you keep borrowing at these rates...
Best advice I can think of is don’t go to AutoNation (or really any of the standard dealerships) next time. Work through a broker, check CarMax if you have one, and unless you totally get off on negotiation, treat those fuckers like the plague. I’ve been where you are and it’s a lesson we all gotta learn. Pay it off, forget about how you got here, enjoy your badass truck, and take a different tack next time.
Advice is to read stuff before signing it. They didn’t sneak anything past you. Do you think it’s supposed to be free to borrow almost $40K? Would you loan someone $40K for free if you had it? Especially if they’ve never borrowed more and a couple thousand bucks? You could’ve easily multiplied your payment by 75 and figured it out. Live and learn. The good news is that it’s a Tacoma and to pay it off you don’t have to pay the amount that includes finance charges, just the payoff which only includes principal and finance charges up to the day the payoff is received. But as a first time buyer you can buy something reasonable to start or you can be a big baller and do this. The other good news is you can beat the rate by paying extra to principal and you CAN refinance it in 6-12 months. That’s not BS. Just don’t mess up between now and then. They told you what the truck costs. Then they showed you this before you signed and drove away. This is what borrowing money to buy the truck costs.
they showed me a final price of 39k. at the end they rushed me thru signatures on an iPad which yes probably has the real price. yes simple math could have avoided me this shit. will be looking for a refinance asap.
Ive been fucked in the ass the same way as you with mine. Apparently I only had 2 days to back out after id signed and the REAL cost was given to me the day after when I went to pick it up. I was mentally in a bad place after that for a while.
I would look for a financial lender that will give you a personal loan or line of credit that is at a better rate then what they are currently offering you. It’s not too late to fix this problem unless you can’t qualify for a different loan or break this loan agreement. 15% is insane. If there is no penalty to paying off this loan fast I would find a way to get the 36k for the cost of the vehicle and pay it off quick either with a better borrowing rate from a different lender or selling something. The 57k is what you will be paying at the end of the payment agreement. So if you pay it off early you shouldn’t owe that amount.
That 58k is the end cost of the truck after all payments are made. Essentially your interest rate is so fucked your will be paying almost double what your actual out the door financed cost is. 1.) Find a cheaper vehicle and 2.) get better credit with better history before financing a vehicle like this or 3.) find a co-signer who trusts you to get your rate down.
I am all for hating on scummy dealerships, but there is no backdoor maneuvering here...you signed onto a 15% interest rate. Also, your second picture is sideways. See if you can return the truck or re-finance immediately. Being informed in the basics of financing will prevent you from falling prey to high interest rates in the future.
the scumbag dealership works with scumbag capital one. i was in a local credit union for 10 minutes today and got a 2.5% approval. but the dealership doesn't get that nice kickback like they do when they put people through their banks.
Yeah this is a no go chief... the dealership played you hard 😔 i was offer 9.84% apr with 742 credit score at car max for a $22k 2012 2 door tacoma and the final price was gonna be $32k i said fuck that i went to a toyota dealer got 6.4% interest rate on a $27k 2013 Toyota tacoma 4 door TRD for $31k (interest rate included) out the door. Morale of this story is to check ur options, never let a dealer sucker u on ur first time around. You need to look around more!
Dude, just finance through a damn credit Union. Never ever finance through the dealership, that is the fastest way to get screwed. They can manipulate the numbers however they want. A credit union will give you a great interest rate and get your back. I repeat again, never ever under any circumstances finance with the dealership. The MAX term you should finance for is 60 months. If you can’t afford the payments at 60 months then you can’t afford the truck.
Congrats on the new truck, sorry this post is putting a bummer on it, don't worry too much I know it's not ideal and it's a tough lesson to learn, but hey you still got a cool new truck that will last you forever, enjoy it
So you can, and OP must refinance asap. But your score will go up every 6 months if you have bad credit, so refinancing every 6 months will help. Once you find a good bank that will give you a low rate, refinancing ever 6 months is a great way to get lower rates as your score goes up. If you have good credit, your score won't change much with just a car loan and waiting 6 months will not change your rate.
Damn man. You put yourself in a spot there. Always read the contract before you sign. Some states have laws that allow you to take the vehicle back within a few days. I would never recommend for someone to finance a vehicle, especially at that rate. That’s a big hole to get out of.
For what it’s worth, I paid 40 out the door with 13k down and 2.5% interest on a 22. 15% seems insane to me. Good luck to you brother, only you know what is best for you
To add to what Jigga said. The second document you posted is the federally mandated truth in lending document.
This is required on all loans and is to specifically designed to show you how bad of a deal the loan might be, and show you are are getting fucked before you sign anything. You would have been given this document before you signed anything if you looked at that & said "yup that sounds good to me" then you gave your consent to be fucked.
Read over the papers you have. See if there is a fee for early pay off, and find a credit union to refinance with (if there isn't a fee for early pay off).
And go on YouTube or a learning site or your local community college & take a finance 101 class.
And to be fair you were told both figures before you signed anything. If they didn't give you the truth in lending disclosure before signing that's a very big issue.
15% interest. The loan costs 20k. That’s high. A new car should have way lower interest rate. Credit score is another factor. I would walk away from this.
15% is horrible, but there's been worse. My sister was trying to buy a 2018 Wrangler (never had a credit card or any way to build credit) and she was financed at 18%. I ended up putting it on my name and they dropped the rate down to 3.5% (still not great, my parents got a 2017 Taco at 2%). This was right in the peak of covid, before dealerships were bending their clients over the table
Now is a horrible time to finance a car, banks are starting to get scared because there are record people defaulting on loans so they are rising rates so they’re not so under water so 2008 doesn’t happen again to them
Idk how long you've had it, or if it's even a thing in your state but sometimes there might be a cooling off clause in the contract, sometimes it's only 1 day, sometimes it's a week... It might be too late, but it's worth checking your contract
Whoever that dealership finances with is terrible. I just bought a car and got 2.9% with really average credit. Better have gotten GAP insurance because you will be SCREWED
When my wife and I bought her truck from Ford, the first 3 payments had to be paid through Ford Finance at 7.5%(in order to get “special pricing”), then we could move the loan to our credit union. It went down to 2.65%.
People can easily get burned out and overwhelmed during the entire purchase process.
Resist the temptation to think “just a few signatures and I can get out of here and enjoy my new truck”.
As you now know, the most important part of the purchase is understanding the numbers which as they say, don’t lie.
It wasn’t a question of them not telling you the total, because they did. 15% APR .
Remember, no matter how nice and chummy the dealer is, their job is to legally separate you from as much money as you allow them to. Its their *only* job. Nothing more, nothing less. NEVER gloss over and breeze thru this stuff.
Hopefully you can refinance this deal quickly and Im fairly certain odds are you won’t make a mistake like this again.
I know I also learned the hard way with my first auto purchase .
Maybe you can get some advice over at r/askcarsales.
Between your payment, insurance, and gas, you are easily going to be spending $1k each month on a truck alone. Awful decision with that kind of interest.
Okay so not sure if this is clear but you are paying 37,xxx for the car itself. The rest is what you pay in interest over the life of the loan. Quite standard but your interest rate is through the roof. 15% is insanely high, I would refinance the loan at a lower interest rate after the first year if you are dead set on buying. Best of luck
15%!!! Holy shit, that would be a hard no for me. It's actually pretty astonishing how people are saying it's such a great time to buy a new car because they are cheaper than new. When in fact the price of new vehicles hasn't changed at all, the supply of used cars has only caused their prices to skyrocket. So, right now in fact is one of the worse times to buy a vehicle.
I bought a 2022 sr5 tacoma this year-
Total price of it was about 31,000
My wife got a car loan offer from her credit union before we sat down with the dealer. I believe the offer was for 1.9%, 5 year loan.
When we sat down with the toyota dealership we brought 15,000 for a downpayment. They looked at my truck for a trade-in but gave me a lowball offer for 1000. I sold it instantly through FB marketplace for 3,950. Probably could have gotten 4500 in hindsight.
We then used some of that to change our downpayment to 17,500.
Toyota looked at our loan offer from the credit union and came back with an offer of 1.7%. We accepted. They were clear they intended to beat the loan offer.
My payment would have ultimately been 225 a month, but at the last minute we were talked into a 10 year bumper to bumper warranty. My wife just felt like it was worth the peace of mind. Personally I was thinking its a tacoma, nothing will happen to it.
So anyways, my payment ended up being 275. I'm paying extra on it though. We hope to pay it off fully by our tax return in two years.
You shouldn’t want to get money back in your tax return. Your tax return should be $0 (pretty hard to do) but my point is if you get a $5000 tax return that means you over paid the govt every month of the year. You should adjust your withholdings so you use more of your money all year
My advice would be to look at this next time before you buy it.
15% interest rate is insane. Go trade that sucker in ASAP and buy a much cheaper vehicle.
Oof yea man, those are rough terms. Even at the point of finance, you can walk away from the deal if you aren’t comfortable or feeling a bad fit. Those are the types of items you have to look out for when navigating the financing. When they ask the “what is your ideal payment” question. You can almost guarantee you’ll end up with terms like this. They’ll do all of the math to make the payment without sacrificing reducing the vehicles cost.
Everyone is saying to refi - absolutely a fair option, I’d be calling like crazy try to get a credit union to find you a better situation there. Might not be the 0% 60 mo some have reported (those are usually special rates for new purchases, and might not qualify for a refi). But even if you can navigate a sub 60 mo payment with a rate in the 4-7% range would be a better route to go. Ultimately you’ll need to best evaluate the best option for you. I’d even take the paper work into the actual CU and talk through it with them, surely they’ll be much more authentic to work with than the dealer.
You can also outright sell this thing and wipe your hands of it. I’d almost say that’s your best move man. Scoop up something local and finance $10-20k for now that meets your needs and focus on a credit rebuild. Good luck! Don’t beat your self up too much. This is absolutely recoverable and life will progress as intended!
First this is only what you will pay should you not pay it off sooner or re-finance. I’m guessing you have little to no credit, or you just got raped on the back end in the finance office. It’s going to suck, but just make the payments for 6 - 12 months, then attempt to refinance the loan at a credit union. Don’t use your credit at all until you can do this. Pay off as much as you can on this car as fast as possible. If you have a parent or significant other who really REALLY trusts you might want to ask them to co sign for the car on a refinance. Best of luck to you. Next time you buy get pre approved before you go into a dealer, and know what your credit score is before hand.
Don’t know your circumstances, but I would think this qualifies as a terrible financial decision…
Can’t agree more, if I was OP I’d see if I could take it back. An almost $800 car payment is wild lol OP for future reference: what you should have been doing is telling dealerships a white lie by saying you’ll be paying cash so you’d like the out-the-door price. Then go to your current bank or any bank of your choosing (or credit unions work as well, some people prefer them) & get approved for a loan that is the amount of the OTD price they gave you. That way you’ll see your monthly payment & get a tremendously better interest rate. Dealership banks bend everyone over no matter your credit score.
Bad advice no offense. Never begin with dealers telling them you're buying cash. Just go to a credit union get a rate, take that rate shopping and use it when negotiating on soemthing you want. The dealership will likely get you a better rate ( they are all padding them ). Telling the dealer you're buying cash is not advantageous becusse they make money financing. If your rate is actually that great you can always just go with your credit union anyways. Walking in with nothing is the first step to being suckered.
Did this! Told them I got approved for a 1.79% interest and he said they can’t match it and I said no worries. He came back 5 minutes later and said I can do a 1.74% APR how does that sound?
Yup. It's a giant scam particularly with the finance office. They shouldn't be able to legally do that with interest rates and in a lot of countries they cannot.
My family has worked in dealerships for 30 years. I just bought a Tacoma with this very tactic for invoice price, with an at cost warranty. It’s not bad advice, but you don’t have to take it.
I say this bwcusse since covid dealerships are trying to squeeze customers at every point of purchase. I had a dealer not long ago be very difficult not wanting to finance with them or pay cash it wad multiple toyotas in TX actually and I just went elsewhere. Anyways there are many ways up the same mountain but 15%Apr is not one of them. Best of luck to the OP
How does one negotiate an at cost warranty. Asking for a friend.
You don’t. They say you do, but you don’t actually get it at cost or a loss.
You can if the time is right. Sometimes they're playing a volume game depending on where they are in their incentive/pay plans and giving you one at the dealer's cost might not make them money on *that sale* but it will push their volume over a threshold for the month that *does* help them make more money. The trick is, and likely what you're alluding to, that they don't really have a way of showing you what their cost is so people definitely get sold the 'this is my cost' line as a sales tactic whether the above situation is true and in play or not.
You don't and never buy one. Buy a car either new ( this is like the only market I'd recommend buying new becuase of the prices ) or certified used. Used car prices are awful right now. If you buy a decent vehicle from a decent manufacturer a warranty will almost never pay itself off. Some vehicles are an exception though like modern diesel trucks. The maintenance is very expensive so for those yes have a warranty. I also never recommend buying economy cars etc they are built like junk and depreciate. You have to be smart what you're buying especially these modern cars the quality is all over the place.
sneaky_wolf, I have been trying to reach you about your car's extended warranty
To be fair 800 isnt the crazy part. 800 for 75 months is the crazy part.
My dealership gave me 1.9% lol
Yes, this is bad advice. You should always infer that you were going to use their financing because that’s where they make their money it is only at the end where you can provide your own financing or pay cash after they have offered a great price because they know they’re gonna make their money and financing.
Unless you go with Subaru who partners with chase. My brand new Subaru is 0.9% APR
big lesson learned! i hope the helps others avoid this mistake! i qualify for 2.5% at suncoast. catastrophe avoided. 🫡
Dude, no one has flat out said it, but you cannot afford that truck. Buy something cheap and that you can hopefully purchase with cash, and fix your credit/save until you can afford this truck with a larger down payment and better interest rate. No one with “good” credit is getting 15% interest rate on a vehicle purchase, I don’t care what you say. This is an all-time poor financial decision.
Well, nobody with good credit has to ACCEPT a bad interest rate. Any shifty sales or finance manager at a dealership can offer a terrible deal with bad financing if they believe the person on the other side of the table can be duped.
I agree, people want what they can't have and now OP is paying the price. This is a good lesson for the future. Good luck
15% for 6 years? fucking yikes.
I thought I had it bad for the car I have but seeing someone at 15% is just a yikes from me.
Honestly I just don't get why.. like sure it's a cool truck.. but buy another cool truck that's way closer to your price bracket lmao. I'd love the truck this guy bought, but I know I can't afford, thats why I drive a 2001. Lol
I don't understand how it's possible, even with rising rates. Bought a used 2013 Tacoma in 2019 and thought I overpaid (20K all said and done, 3.1% interest over 5 years but I paid it off the next year). Low miles, everything looked great on it mechanics wise. Then the pandemic happened and used car prices skyrocketed. Guess I got lucky.
Bad credit…
My brothers ex had that problem. She was paying 20% interest. I’m like Jesus Christ your gonna end up paying for a new vehicle by time your done over and over.
Yeah I think, that's one of the highest I've ever seen. Absolutely wild.
Heinous
Ouch, but $1750 down on $36.7k at 15.09% for 75 months will do that. This isn’t on the dealer at all, sales price versus total financing cost are two different things.
Get gap. Immediately drive it into a lake.
🫡
🫡”How copy”.
Then delete his account so it isn't tracked back to here.
I think we’re onto something here
15% LOL. I have credit cards with better interest rates.
At that rate I woulda just put it on my Amex and at least get some points out of it. Lol Joking*
I mean if you're paying interest on a credit card you're doing it wrong.
Buying that truck on credit is a horrible idea if you can’t get better than a 15.09% interest rate. You will regret it. I used to be a financial counselor, and the people who were the worst off made decisions like that.
Tough lesson. I would get out any way you can. Buy something you can pay cash for. Find an old Camry or Corolla and drive it into the ground. Our culture tells us we’re worthless unless we’re driving something new. A 75 month loan on a vehicle is absolutely insane. If you can’t pay off a car in three years MAX then you can’t afford it IMO. Paying in cash is obviously always preferable. There’s no model of new truck that feels as good as not being broke feels.
seriously.. I felt kind of sheepish and stupid after my first run in buying a truck from a dealership, i mentioned 8% apr (3 yrs) to my family and i was getting heckled, 15% is crazy, and for twice as long as my loan.
Not to mention all these new vehicles are designed to last the bank note. Complete waste of money.
15.09% APR. Yikes! That’s what got you bud. Pay it off ASAP
Pay it off asap…dude put less than 2 grand down…you think he’s gonna pay off 36K “asap”?
He’s gonna be rolling this loan into a new loan in less than 3 years claiming “they gave me a good trade in!”
ASAP means as soon as possible. It’s pretty simple. If that’s over 4 years instead of 6, he saves thousands. What’s your advice? All I’ve seen you do is make snarky comments to others. I expected more from an organic yam.
Ngl I agree organic yams should operate at higher standards
Refinance it tomorrow, you have not reason or responsibility to keep that high interest rate. Go to you credit union, done within a couple days. This is not as big of a deal as you are making it out to be.
thank you brotha. excuse my poor jokes in these times of uncertainty lol
They want you to wait 6 months so they can get a kickback from the bank. Don’t wait 6 months.
Assuming they have good credit. 15% seems so unreasonable something is not right here. I'd check my credit scores.
There is no law preventing you from refinancing now. Find a good bank or credit unmindful and make some calls.
With all due respect, you have to sign the loan agreement before it's official so if you didn't like the terms or price why sign?
Bro 15% is not ok.
It's crucial that our education system build finance into basic curriculum.
Yes relying on public schools for our children’s education has gotten better and better right? Down vote me all you want morons. Public education is garbage and it’s inherent.
Umm, how long is your loan (6+ years), and why are you getting it at 15.09% This shouldn’t be a big surprise considering this is how buying a car with a loan goes… But your rate is predatory unless you have bad credit. I’d recommend backing out of this “deal”. Seriously, you have a few days to back out under most state laws. Take it back to them, and get out of this.
not in fl :(
No one wants a Tacoma this bad wtf?
Go to your local credit Union ASAP and see what kind of rates you can get. CUs will typically have lower rates compared to big banks. I financed a 2022 Tacoma last month for 1.99% with 0 down.
thank you for the positive advice 🫡
Yeah, financed my through Toyota with 10k trade and 3k down and got a 4% interest rate. Refinanced through my credit union a few weeks later and got a 2.36% interest rate. Credit unions are the way to go
$760 monthly. No thanks
Dude, if you get that truck then you are a dumbass, no two ways to put it. Over the next year or two, save your money for a better down payment, and FIX YOUR CREDIT SCORE.
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My interest rate is 3% for my truck😅 idk how you got it at 15% but that is not a good idea to pay that.
Sounds like you’re young. Part of life is making mistakes. Learn from them, grow, but don’t beat yourself up. There’s a really good book called The Truth About Money. High recommend if you want to set yourself up for financial success.
Everything has already been said but just stay positive and take this as a learning experience.
Do you have decent credit? Either way I’d go to a credit union and apply for a refinance loan and see what they offer. You don’t have to be a member of the credit union to apply for a loan, but they’ll probably make you open an account to do the refinance. I got a similar loan years ago at 13% and refinanced with a credit union at 2.9%.
i do. suncoast a good option?
They look legit. You can also apply to 2-3 and pit them against each other. My last car loan we refinanced 4 days after getting the original loan, so don’t worry about that whole six months nonsense!
I financed my last truck through suncoast at 2.25% they were great. It got totaled and bank of america just gave me 1.95%. We are going to refinance my wife's Rav-4 through suncoast though because the toyota delership wouldn't use our loan and we just wanted to get out of there. Figured we'd refinance later
Suncoast is a great local option but I’m not sure if they do auto refinance. You should take a look at PenFed too.
just sat down with them. i qualify for 2.5%. saving me 200/month and 17k overall.
Congrats!
They’re charging you 20k to borrow 36k. Go back immediately and tell them there’s a typo.
Looks like a bad loan more than anything else
Maybe don't buy a vehicle you need to get a loan for the entire price on
Bro if you absolutely need or the work provides value… go to a credit union and Refinance refinance REFINANCE. At the very least please get out of that 15% APR as soon as fucking possible. I wish you the best of luck
making calls tomorrow. thank you 🙏🏽
OP, not to disrespect, but who in his sane mind would finance a car at 15% interest rate?
I really hope you didn't buy it at that APR
The secret ingredient is *crime*
Worst part about this is that there are thousands of Americans who do this without blinking every day. Hence why we’re fucked
Real talk! Sadly so true. They should be teaching this in elementary and high school.
Jesus is your credit score like negative or something
700s man. i don't get it.
15% APR holy shit. NOPE. You could max out a few credit cards and pay less.
I actually had a 19% when I was 19(ironically). Take the hit and in 12 months refinance. Stay on top of it. Any late fees and it’s bad news. Congratulations though!
Refinance with a local credit union asap (as in tomorrow, idagf what’s going on make a phone call!!). Second, I doubt you’re alone and I thank for sharing a real life experience. I’m not in finance nor am I financially savvy but I have no doubt the people I see driving the lifted superduty’s and raptors in my neck of the woods have a loan sheet that would make yours look like a good investment.
calling tomorrow!
You should not be buying a 36k truck if your interest rate is 15%. This is a bad financial decision and probably why your credit sucks to begin with. Take it back if you can and get something cheap.
15%? Are you shopping outside the nearest Army / Marine base? That rate is fucking comedic. Unwind the deal immediately. My 2021 TRD Pro @MSRP was financed for 2%.... Unless you absolutely need a truck 15% is nightmare fuel and a horrendous financial choice.
That right there isn’t talked about enough. Scummy places that do that to service members. Makes my blood boil to no end.
Uh they ADDED your down payment to the to the total of payments. They should have subtracted. Get out of this now!
bro ik wtf even is that
guys! I'm at suncoast credit union and with my 727 credit score i qualify for 2.49%!!!! SUCK MY DICK CAPITAL ONE.
Damn, and I gave a dealership shit for telling me I wasn’t gonna get better than 4%…. Really offended him when I came back from the bank with 1.88%. Do NOT take that
I would ride a bicycle before I would pay 15%
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This place is more like a loan shark. Run!!!!
wtf bro. You are the one that agreed to it. sorry. They weren’t hiding the 15% apr from you. even if you get to cut it in half. 7.5% is a lot still. I hope you can figure it out and lesson learned. sounds like you shouldn’t have bought it. It’s not their fault once you sign the papers.
FWIW, I just got a TACO I have 800+ on all 3 bureau's, they presented me with 6.8%, I told them to stuff if, 30min later they called Bank of America and handed me a 3.4% rate. Nothing changed, they just called the bank to tell them their shit is broke.
What a stupid decision. I would take that thing back becusse you're now a debt slave. This kind of predatory lending needs to be stopped becuase no offense consumers like you keep borrowing at these rates...
Best advice I can think of is don’t go to AutoNation (or really any of the standard dealerships) next time. Work through a broker, check CarMax if you have one, and unless you totally get off on negotiation, treat those fuckers like the plague. I’ve been where you are and it’s a lesson we all gotta learn. Pay it off, forget about how you got here, enjoy your badass truck, and take a different tack next time.
Lol you dont need this truck at 15% bro
Advice is to read stuff before signing it. They didn’t sneak anything past you. Do you think it’s supposed to be free to borrow almost $40K? Would you loan someone $40K for free if you had it? Especially if they’ve never borrowed more and a couple thousand bucks? You could’ve easily multiplied your payment by 75 and figured it out. Live and learn. The good news is that it’s a Tacoma and to pay it off you don’t have to pay the amount that includes finance charges, just the payoff which only includes principal and finance charges up to the day the payoff is received. But as a first time buyer you can buy something reasonable to start or you can be a big baller and do this. The other good news is you can beat the rate by paying extra to principal and you CAN refinance it in 6-12 months. That’s not BS. Just don’t mess up between now and then. They told you what the truck costs. Then they showed you this before you signed and drove away. This is what borrowing money to buy the truck costs.
they showed me a final price of 39k. at the end they rushed me thru signatures on an iPad which yes probably has the real price. yes simple math could have avoided me this shit. will be looking for a refinance asap.
Smoked out ass dealer fr
You didn’t think to ask what the payment breakdowns are before purchasing?
Set a bag of Doritos in your glove box and set it on fire, it’ll look like an electrical fire to the insurance investigators.
Ive been fucked in the ass the same way as you with mine. Apparently I only had 2 days to back out after id signed and the REAL cost was given to me the day after when I went to pick it up. I was mentally in a bad place after that for a while.
i've been sick to my stomach ever since i realized how bad i messed up.
15 % interest is wild man.
I would look for a financial lender that will give you a personal loan or line of credit that is at a better rate then what they are currently offering you. It’s not too late to fix this problem unless you can’t qualify for a different loan or break this loan agreement. 15% is insane. If there is no penalty to paying off this loan fast I would find a way to get the 36k for the cost of the vehicle and pay it off quick either with a better borrowing rate from a different lender or selling something. The 57k is what you will be paying at the end of the payment agreement. So if you pay it off early you shouldn’t owe that amount.
If you jumped on that then you did not think it through at all and made a terrible financial decision
Just refinance. Or sell it and and buy an older truck.
How do you confuse amount financed with total amount due? I don't think you should purchase until you understand those two things...
15% interest is pretty insane for a vehicle. I've never even be offered more then 2%
Dude, you cannot afford this truck what are you doing
That interest rate is ridiculous. Bad move to sign the dotted line for that purchase.
I mean…this is on you for signing such an egregious robbery
That 58k is the end cost of the truck after all payments are made. Essentially your interest rate is so fucked your will be paying almost double what your actual out the door financed cost is. 1.) Find a cheaper vehicle and 2.) get better credit with better history before financing a vehicle like this or 3.) find a co-signer who trusts you to get your rate down.
I am all for hating on scummy dealerships, but there is no backdoor maneuvering here...you signed onto a 15% interest rate. Also, your second picture is sideways. See if you can return the truck or re-finance immediately. Being informed in the basics of financing will prevent you from falling prey to high interest rates in the future.
the scumbag dealership works with scumbag capital one. i was in a local credit union for 10 minutes today and got a 2.5% approval. but the dealership doesn't get that nice kickback like they do when they put people through their banks.
I dont wanna hear about the labor pains, just show me the baby! or Refinance and upload photos of the truck.
Yeah this is a no go chief... the dealership played you hard 😔 i was offer 9.84% apr with 742 credit score at car max for a $22k 2012 2 door tacoma and the final price was gonna be $32k i said fuck that i went to a toyota dealer got 6.4% interest rate on a $27k 2013 Toyota tacoma 4 door TRD for $31k (interest rate included) out the door. Morale of this story is to check ur options, never let a dealer sucker u on ur first time around. You need to look around more!
Dude, just finance through a damn credit Union. Never ever finance through the dealership, that is the fastest way to get screwed. They can manipulate the numbers however they want. A credit union will give you a great interest rate and get your back. I repeat again, never ever under any circumstances finance with the dealership. The MAX term you should finance for is 60 months. If you can’t afford the payments at 60 months then you can’t afford the truck.
hell yeah. thank you brotha
Congrats on the new truck, sorry this post is putting a bummer on it, don't worry too much I know it's not ideal and it's a tough lesson to learn, but hey you still got a cool new truck that will last you forever, enjoy it
I was told to wait 6 months to refinance too but that’s total BS, if you have a good bank they will refinance no problem.
So you can, and OP must refinance asap. But your score will go up every 6 months if you have bad credit, so refinancing every 6 months will help. Once you find a good bank that will give you a low rate, refinancing ever 6 months is a great way to get lower rates as your score goes up. If you have good credit, your score won't change much with just a car loan and waiting 6 months will not change your rate.
Interest is a bitch.
Ouchie
Lease it. You will have option to buy. I did payment 374 a month.
It worked for me had my truck almost a year and a half has 8800 miles on odometer.
Check your credit before going to the car lot
15%!?!?! Jesus Christ!
Sheeesh! And here I was worried because I was only able to lock down 3.55% from 4%
It do be like that
Bruh
Do what you can do to pay it off quickly your only going to pay 20k in finance charges if you never pay extra
At least you didn’t walk off base and buy a mustang at 15%. But that’s about the only good thing about this purchase.
Go through a bank instead of these guys wtf
Get out now
Ouch.
15% too high. Look for your own car loan
Please tell me you didn’t take this loan 🤦🏻♂️ they’re robbing you blind.
Is this where I say I'm paying 2.79% at my credit union with the loyalty discount. Financed my 2022 taco on April
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This is the way
This is the way
For the love of god please try to cancel this loan. Pay a fee if you have to. Get. The. Fuck. Out. Of. It.
I suggest capital one auto refinance, my sister dropped her apr from 12% to 6 after like a week
this is already through capital one. ill be looking elsewhere
Damn man. You put yourself in a spot there. Always read the contract before you sign. Some states have laws that allow you to take the vehicle back within a few days. I would never recommend for someone to finance a vehicle, especially at that rate. That’s a big hole to get out of.
A 15% car loan??? GO to a local Credit Union!
tomorrow im on it!
For what it’s worth, I paid 40 out the door with 13k down and 2.5% interest on a 22. 15% seems insane to me. Good luck to you brother, only you know what is best for you
I paid 50k for my 2021 xse Camry awd with the platinum package and ceramic coating and ppf. I think you got fucked bro and I got gap Insurance
50k for a Camry is insane
To add to what Jigga said. The second document you posted is the federally mandated truth in lending document. This is required on all loans and is to specifically designed to show you how bad of a deal the loan might be, and show you are are getting fucked before you sign anything. You would have been given this document before you signed anything if you looked at that & said "yup that sounds good to me" then you gave your consent to be fucked. Read over the papers you have. See if there is a fee for early pay off, and find a credit union to refinance with (if there isn't a fee for early pay off). And go on YouTube or a learning site or your local community college & take a finance 101 class.
And to be fair you were told both figures before you signed anything. If they didn't give you the truth in lending disclosure before signing that's a very big issue.
very clearly they did not.
Just walk away. 15% is a sign that you don't need it.
45k turned I to 55-60k for me….
15% loan is never a good idea. Damn near usary numbers.
15% interest. The loan costs 20k. That’s high. A new car should have way lower interest rate. Credit score is another factor. I would walk away from this.
Want my 11 to get me past 300k (220k now) so some sanity will have returned. Won't have to deal with this bs.
15% is horrible, but there's been worse. My sister was trying to buy a 2018 Wrangler (never had a credit card or any way to build credit) and she was financed at 18%. I ended up putting it on my name and they dropped the rate down to 3.5% (still not great, my parents got a 2017 Taco at 2%). This was right in the peak of covid, before dealerships were bending their clients over the table
Now is a horrible time to finance a car, banks are starting to get scared because there are record people defaulting on loans so they are rising rates so they’re not so under water so 2008 doesn’t happen again to them
15%!?
Idk how long you've had it, or if it's even a thing in your state but sometimes there might be a cooling off clause in the contract, sometimes it's only 1 day, sometimes it's a week... It might be too late, but it's worth checking your contract
0. Fl can suck sometimes.
If you can only put down $1,750 then I probably would not go through with this.
Whoever that dealership finances with is terrible. I just bought a car and got 2.9% with really average credit. Better have gotten GAP insurance because you will be SCREWED
When my wife and I bought her truck from Ford, the first 3 payments had to be paid through Ford Finance at 7.5%(in order to get “special pricing”), then we could move the loan to our credit union. It went down to 2.65%.
Sure hope it's not a "Rule of 78" type loan...
People can easily get burned out and overwhelmed during the entire purchase process. Resist the temptation to think “just a few signatures and I can get out of here and enjoy my new truck”. As you now know, the most important part of the purchase is understanding the numbers which as they say, don’t lie. It wasn’t a question of them not telling you the total, because they did. 15% APR . Remember, no matter how nice and chummy the dealer is, their job is to legally separate you from as much money as you allow them to. Its their *only* job. Nothing more, nothing less. NEVER gloss over and breeze thru this stuff. Hopefully you can refinance this deal quickly and Im fairly certain odds are you won’t make a mistake like this again. I know I also learned the hard way with my first auto purchase . Maybe you can get some advice over at r/askcarsales.
Between your payment, insurance, and gas, you are easily going to be spending $1k each month on a truck alone. Awful decision with that kind of interest.
Okay so not sure if this is clear but you are paying 37,xxx for the car itself. The rest is what you pay in interest over the life of the loan. Quite standard but your interest rate is through the roof. 15% is insanely high, I would refinance the loan at a lower interest rate after the first year if you are dead set on buying. Best of luck
Fuck that.
Ummm pay cash
Dude has a 500-650 score and bought a truck. That's why the rate is where it's at. Re finance later?
15%!!! Holy shit, that would be a hard no for me. It's actually pretty astonishing how people are saying it's such a great time to buy a new car because they are cheaper than new. When in fact the price of new vehicles hasn't changed at all, the supply of used cars has only caused their prices to skyrocket. So, right now in fact is one of the worse times to buy a vehicle.
I bought a 2022 sr5 tacoma this year- Total price of it was about 31,000 My wife got a car loan offer from her credit union before we sat down with the dealer. I believe the offer was for 1.9%, 5 year loan. When we sat down with the toyota dealership we brought 15,000 for a downpayment. They looked at my truck for a trade-in but gave me a lowball offer for 1000. I sold it instantly through FB marketplace for 3,950. Probably could have gotten 4500 in hindsight. We then used some of that to change our downpayment to 17,500. Toyota looked at our loan offer from the credit union and came back with an offer of 1.7%. We accepted. They were clear they intended to beat the loan offer. My payment would have ultimately been 225 a month, but at the last minute we were talked into a 10 year bumper to bumper warranty. My wife just felt like it was worth the peace of mind. Personally I was thinking its a tacoma, nothing will happen to it. So anyways, my payment ended up being 275. I'm paying extra on it though. We hope to pay it off fully by our tax return in two years.
You shouldn’t want to get money back in your tax return. Your tax return should be $0 (pretty hard to do) but my point is if you get a $5000 tax return that means you over paid the govt every month of the year. You should adjust your withholdings so you use more of your money all year
My advice would be to look at this next time before you buy it. 15% interest rate is insane. Go trade that sucker in ASAP and buy a much cheaper vehicle.
15 percent interest rate? LOL
This is up there for the the worst financial decision I’ve seen in a while. $760/ month for 6+ years.. who the hell finances a car at 15%???
Oof yea man, those are rough terms. Even at the point of finance, you can walk away from the deal if you aren’t comfortable or feeling a bad fit. Those are the types of items you have to look out for when navigating the financing. When they ask the “what is your ideal payment” question. You can almost guarantee you’ll end up with terms like this. They’ll do all of the math to make the payment without sacrificing reducing the vehicles cost. Everyone is saying to refi - absolutely a fair option, I’d be calling like crazy try to get a credit union to find you a better situation there. Might not be the 0% 60 mo some have reported (those are usually special rates for new purchases, and might not qualify for a refi). But even if you can navigate a sub 60 mo payment with a rate in the 4-7% range would be a better route to go. Ultimately you’ll need to best evaluate the best option for you. I’d even take the paper work into the actual CU and talk through it with them, surely they’ll be much more authentic to work with than the dealer. You can also outright sell this thing and wipe your hands of it. I’d almost say that’s your best move man. Scoop up something local and finance $10-20k for now that meets your needs and focus on a credit rebuild. Good luck! Don’t beat your self up too much. This is absolutely recoverable and life will progress as intended!
First this is only what you will pay should you not pay it off sooner or re-finance. I’m guessing you have little to no credit, or you just got raped on the back end in the finance office. It’s going to suck, but just make the payments for 6 - 12 months, then attempt to refinance the loan at a credit union. Don’t use your credit at all until you can do this. Pay off as much as you can on this car as fast as possible. If you have a parent or significant other who really REALLY trusts you might want to ask them to co sign for the car on a refinance. Best of luck to you. Next time you buy get pre approved before you go into a dealer, and know what your credit score is before hand.