Bad auto deal....AGAIN same damn state.

[diggathadj]

State: Utah

I bought a car (Mazda RX-8) from Ken Garff Nissan of Orem 7-24-08. On Saturday (9-20-08) They called me into resign the deal. I originally signed for 7% at $380/month. The new deal that they had me try and sign was for 24% and about $500/month a very far stretch from my original deal. So I refused to sign the deal and asked what they were going to do for me and they said that they would call me back later that day (3 days ago) and I have received no call. I love my car but I am not going to get into a loan that has such an astronomical rate for it. My credit score was around 670, I am sure it is lower now that I have had over a dozen denial letters from banks regarding my loan. Please help me, I do not want to get taken advantage of when they call, thanks.

 

[jalancast]

First - I'm no attorney. I worked in the car business for about 10 years however so I think I can help you.

I'm guessing that this is a new RX-8 - the discrepancy between 7% and 24% suggests that the dealership couldn't get you financed with Mazda Credit so they switched to the rebate and 3rd party finance.

What's outrageous is that a person with a 670 score can't get financing better than 24%.

I would recommend you call you local credit union and try and structure a deal with them. It seems to me you should be able to get a loan in that 7-11% range (depending on term, down payment, etc.). Unless of course I'm missing something...would this be a second vehicle?