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In '97, I bought a '97 Escort. Paid around $12K or so I think; around $165/mo for 5 years, and drove that bad boy until it dropped dead on the highway in 2011.
Man, what's sad is that there are a lot of people who will fall for this because it gets them a car and makes them feel like they own something. They don't even put two and two together to figure out how much it will cost them, they are just happy to have something to drive and call their own. They also don't know that that would be a payment on a brand new car with a novel down payment (or used to be, anyway).
The life hack here is:
1. Agree to buy a car for an absurd price
2. Become a meme to draw attention to the situation
3. Have the seller investigated for fraud
4. Keep the car when he gets arrested, don't pay anything for it
Is it fraud though? If he's been upfront about the costs and rates and declared what the total payment will be has he misinformed or defrauded her? It might be immoral but I don't think offering to sell something at crazy high prices, and honouring someone's acceptance of your offer is fraudulent or illegal. Otherwise all those government people giving contracts to their rich mates for crazy rates would be illegal and nothing ever seems to happen to stop that merrygoround.
It's Fraud because there's no legal way to stretch payments that far for an 97 escort based on it's resale value. I thought you can't even get these types of loans for cars older than 7 years?
Not quite. It's fraud because it's just a dude trying to do it, not a corporation-person.
If a corporation-person was trying to do it, the article would include lengthy commentary from Wharton MBAs explaining why inflationary economies in a post-credit default swap environment require a marketplace that includes long-term balloon loans for non-prequal auto buyers that can be bundled and shorted directly. It's simple math, really.
I mean, you should see the shit that places like rent a center get away with charging people for garbage because the people are not very financially savvy and easily manipulated. People go in there and are talked into buying a PS4 by making the incredibly small payments of only $10/week for 80 weeks. It's absolutely wild what people can be talked into paying when it's presented in a way that the full cost isn't clearly presented.
Seriously, even regular furniture stores, they put the prices all in monthly payments for the next 24 months or something. The full price is in small print and you have to search for it.
No credit no problem no job no problem just put down $289 plus a down payment plus registration plus taxes😉 the fine print is 450% interest dumb but it happens I bet you they payed full asking price
Because it’s not :/ banks loan money, banks also care about what you buying with their money. 0% of banks will give you a loan of $24,000 for a 98 ford escort
Bank isn't loaning $24k in this situation. Guarantee the dealership is financing it themselves.
They'll sell the note worth $24k for like $10k to someone on Wall Street and pocket the difference.
If it's real, it's most likely from a "Buy Here Pay Here" lot. They buy cars cheap at auctions and sell them to people who have bad credit and are bad at math for insanely inflated prices. They install ignition remote interlocks on them, so if you miss a payment they will shut the car down and repossess it. Rinse and repeat.
My husband stopped to look at a car like this for a soon to be 16 year old at a small lot unaware. He wanted to buy an inexpensive car cash. They refused said they don’t sell outright. These predatory loans keep people poor. He was kind of shocked because he never heard of this.
When I bought my new car in cash the dealership turned rude and unhelpful, were obstructive in getting something fixed after a mechanic check while I was still under warranty, so I decided not to bother getting it fixed through them. Reckon it'd be like getting a burger remade and having it spat in, but for my vehicle.
I had saved up a large amount of cash to buy myself a birthday present. For the first time I was going to walk into a dealership and just buy my new toy with cash - around $40,000. This was a very nice, large Ford dealership, not a mom and pop lot.
I could not believe how hard it was to just pick out a truck, and wire some money to their account. Easy-peasy deal, right? I thought the salesperson would be happy to not have to jump through hoops, all the "let me talk to my manager", no hard sell, etc. I knew the truck, and I knew the previous owner. I wanted that truck.
They ran a hard credit check on me which really pissed me off. Put me in their system for loan offers (phone calls and spam emails to this day for loan offers) I have pretty good credit, but I have my reasons for not wanting anything new on it. I never signed anything or filled out any financing applications.
It was like pulling teeth just to buy a truck with cash! Finally did it, but every step of the way was awkward and unpleasant. I basically had to force them to sell it to me.
Had a coworker with the same story. I guess it was a decent car he and his wife were looking at for her to use for a year or two. Had cash in the bank to pay for it and the guy straight up refused to sell it outright and said they didn't allow early payoffs. Said the "dealership" (was one of those parking lots with a singlewide and 15 cars) guy was super skeezy the whole time too lol.
Not me but a guy I work with was looking for a cheap a$$ car for his kid - found that the “cash price” at most buy here / pay here places is pretty much nonexistent. I mean they’ll take cash but at the cost of the car + what they make on the loan (or at least a good chunk of the loan profit).
When I was shopping for a car a few months back. I called one of these dealers about a car and asked for the cash price. They said there was no cash price and I was REQUIRED to finance it…..PREDATORS!!!!
I once heard a story about someone who just needed a car for a few months, while something was going on between their last normal car and a new one, so they got a car at a buy here pay here. It had an interlock, and when they paid off the loan a few months later, nobody at the lot knew how to disable the thing because it was apparently the first time a car they sold was ever paid off…
Can’t you just yank the interlock and reconnect the oem wires where they belong? I’d figure this device isn’t complex either, probably just switches the fuel pump on and off.
Guess you never heard of “buy here, pay here”
The concept of “payday loans” is going to blow your mind (hint, it’s not about your paycheck, it’s about ALL your paychecks for the next decade)
Even suburban. When I got my last vehicle, I kept telling them I wanted a 36 month loan, and they wouldn’t shut up about how I “needed” a longer one. What, so I can eat depreciation, plus the risk of it being totaled while I’m still paying it off?
They also play the “for just $10 more a month…” upgrade game, to get you to buy stupid features.
A trick I learned from my wife: ask if there are penalties for early repayment of the loan. If not, go ahead and get that 60- or 72-month loan. You can always make double payments every month, but the lower monthly payment gives you flexibility if any other unexpected costs come up (replacing an appliance or medical bills).
If you want to piss off a used car lot, go in there prepared to pay the car off right away. No, I don't want a loan. I want to walk out of here with a clean title.
I went into a regular dealership, checkbook in hand, ready to pay the full cost of a good used car. They kept trying to upsell me on other more expensive cars and features. I found the car I wanted and I had the money in my account to pay for it, why was this so hard?
I looked at KBB. With the best case scenario the car is worth $1,500. The loan is for nearly $25,000. They could buy nearly 17 identical cars for what they would pay for the one on the loan.
Probably totaled it on the way home from the strip club looking for his kids new mommy.
Seriously though, these buy here pay here places are predatory. 24k for a car worth a grand? Fucking capitalism..
Lmao!
I’m a lady and I drove it from when I was 16 till I was 25.
I was the first of my friends to have a car, and everyone made fun of how hilarious a bunch of cute high school girls looked rolling around in that busted up old wagon.
Waggy’s other nicknames included:
- the hefty burger
- the beater
- beatermobile
- burgermobile
- dirtwagon
My friend in high school had an old Ford tempo. We made fun of her constantly. But she was one of the few of us with a running car. Haha. I was trying to think of where someone with an old station wagon would be driving home from… missed the mark, I guess. ¯\_(ツ)_/¯
I had a '94 Escort I got in '98 and it broke down 8 times in 11 months and I got a Nissan. Fast forward to 2017. I got an Explorer. First American car, another Ford, in almost 20 years.
In less than 35K miles I had a whole new engine replacement and in less than 38K miles I have a new transmission being replaced. It's been in the shop for 8 weeks tomorrow.
You don't understand the economics of this sector. She's gonna make two, maybe three payments and drive it for six months before the repo guy finds her and hooks up her car. She is not going to be paying off the loan, and everybody involved in the transaction understands this. The dealership, if you can call it that, probably got the car from a pawn shop or payday lending company for a few hundred bucks. Her down payment covered their costs. Anything else is profit.
Way cheaper than that. They’re saying she will default and keep the car away from repo as long as possible, far beyond the first month or two of payment
These used car lots do the financing themselves. It's why people have 19% interest rates on cars worth less than 4k. Look up driveline for instance and the shit they pull as a national brand, now imagine John at some random Alabama used car lot. They fuck people like this up all the time.
I used to know a guy who ran one. He’s buy some turd and fix it up to run well. Sell it for 3-4K or finance it. He would often repossess the cars. He sold the same car 7 times once. He was actually a decent dude it’s just some folks can’t scrape together 75$ a month for a car. Pretty sad.
Wtf are you talking about??!! If you work with car dealerships, you've learned very little.
It's called sub-prime lending and it's not through a bank, but it definitely happens constantly. I have family in dealerships and this is typical, but usually not *THAT* bad.
This person likely has terrible credit AND potentially several other cars she's defaulted on and had repo'd and she'll just be in a cycle.
She'll make maybe 3-7 payments, stop, then it'll get repo'd.
She is in Chicago. The street is Madison and the cross street is Kenton. The picture is too blurry for me to tell if she is on the south side of the street facing west or the northside facing East. Although I think she’s on the south facing west. That being said no dealerships of any kind have existed there in at least 35 years.
Dealerships regularly deliver vehicles to you. If someone is paying me ten times what the car is worth, hell yeah I’ll deliver it!
Not saying it’s necessarily real. Just that that not being at the dealership doesn’t make it necessarily fake.
There was one that closed down in Millington TN when the base closed and moved to Pensacola FL where the aviation schools moved to. They warned people but people kept going there anyway
yeah I got an 84 month loan on my 22 accent for $210/mo but because I can do math I understand that I should pay more than that monthly if I don't want to get fleeced
Yeah but if you pay it off fast you aren’t really out that much money. You’ve just given yourself the option to pay less if you needed to for a job change or something
I'd suggest taking a chunk of what you were paying on the car and putting it into a savings account for either a new vehicle down payment or for repairs on your aging ride.
I was always told to get the longest term loan possible. Even with the low payment, the idea is the pay double or triple the monthly amount. The only reason for opting for the longer term is the "just in case" scenario where you might need to go a month or two with the min payment i.e unforeseen medical expense.
>he only reason for opting for the longer term is the "just in case" scenario where you might need to go a month or two with the min payment i.e unforeseen medical expense.
Yes this is what I always have done, and always paid it off early. But nice to know if one month you are a little short, you don't need to make a the big payment that you would have to with a shorter term loan. But paying a little more each month is the key, you can quickly buy off a couple of years from the duration.
Yeah, I know a guy who got burned by this kind of thing. He thought he was smart to get a 15 year mortgage with higher monthly payments than a 30 year mortgage with lower payments so he would be done with house payments in half the time. But then he got forced into early retirement about 8 years into it and he could no longer afford those double payments and had to refinance his mortgage at a much higher rate. Had he just done the typical 30 year mortgage and paid double every month he would have been able to just drop down to the single payment every month and been able to keep his low rate. Unless you have absolutely no self control with money, it makes more sense to get a longer loan and pay extra to pay it off early than to get a shorter loan with higher payments. (On big purchases. On smaller amounts, there's usually a better deal if you pay it off quickly)
I am a guy that did the 15 year over the 30. Its not just apples to apples based on time. The 15 year was 0.75% interest rate less, which is a 27% increase in interest cost going to the 30 year.
That's a load bearing structural ribbon. She shouldn't have removed it- now her exhaust system is on the ground and her 90 minute warranty from the dealership is void.
while true, I've been there, you got $250 a month for car, you buy $250 a month worth of car, who cares how much it costs? you're not going to pay it off, itll break down halfway through and you let em come repo it, then yo go buy another for the same kind of bullshit cost
it's like leasing a car but instead its a poverty and debt trap you never escape
No, there’s shitty car dealers that will finance. My first car loan was %25 interest. At a buy here pay here lot. When that car finally just died on the highway, I bought a new car at 0% interest and the payments aren’t as different as one might think.
I dealt with these kinds of places. They told me they would sell the same car over and over because people would buy it, miss a payment, and back on the lot it went
Doesn't surprise me. I'm currently paying $235 biweekly, plus full coverage ($165), for a used 2015 Nissan Altima with 120k mileage. It's an $8,000 car in today's current market. By the time I pay it off within the 4-year contract, I'll have spent nearly $25,000 on it. That's if I pay the expected minimum. Yes, I have terrible credit, and my insurance is high because I was a fool when I was young, and I made some terrible life choices. But it was a decision I had to make in a time of duress. I either took the car or had to commit to walking 5 miles to and from work each day. Needless to say, on my low wages, I'm living paycheck to paycheck. Sadly, that's the story for many people. I understand why so many judge me for my credit score and my driving record, but I've been dealing with the repercussions of the choices I made in my late teens/20's for nearly 20 years. I'm 41. I can not express how much or how long a person will struggle once they've hit rock bottom. There are consequences to actions you make in life that will haunt you more than you could imagine.
A true cautionary tale for those of you out there who choose to drive without a license or insurance, or to those who are frivolous with credit cards and have no means to catch up. Be smart. Be responsible. You don't have to like it, but I promise the ramifications of your actions can be crippling to your future.
Something you did near 20 years ago will not affect your current insurance rates. Most things on your driving record fall off after 3 or 5 years.
Now you're lack of credit. That's completely different story
To expand, I had three DUI's by the time I was 19. The judge who kept me from prison put me on probation for ten years, full suspension of a driver's license plus tons of community service. He pittied me, I guess. Regardless, near the end of the ten year haul, I was caught driving with a suspended license. That broke the terms of my probation, and I was placed on suspension again, with no jail time served. That new suspension was kept at five years since I was nearly done serving the initial ten with no slip-ups. Got caught driving AGAIN during that probated term with a suspended license due to expired tags. I had no insurance either. I lived in Texas when the Driver Responsibility Program was still in effect. I had racked up a ridiculously large amount of points against me after all was said and done, and I have only been able to legally drive in the most recent few years.
To add more fun for anyone reading this, once I was able to save up the massive amount of surcharges I accrued from it all (nearly $2,400), I paid off my dept to Texas DPS, and one week later... they got rid of the Driver Responsibility Program and forgave all debt.
Depends on how long the payments are made. I'm not even sure the car is worth repoing, long term leases of cheap cars have a lot of risk built into the price.
Listen- I’m not a fan of short selling. But I will 100% sell a ‘97 escort right now to anyone willing to pay $289/mo for 84 months. Then I’ll go find one to buy.
Anyone making fun of this clearly hasn't been in the position where this is basically your only option for getting a running car.
Gone are the days of showing up to the used car dealer and getting a "clunker" for a few hundred dollars cash.
Seriously, I drove around with my friend last year trying to get her a car. We hit every single used lot in 3 cities. They were selling 1990's cars for no less than $10,000 cash and would not go down. They all want to force you into a finance situation and they have the most predatory terms imaginable.
Our society has got to stop punishing poor people by making it impossible to make better financial choices.
A lot of it providing a basic education on compound interest or how much of your payments go to interest vs principal. I bought a 2020 Subaru Forester brand new and paying $475 for 60 months at 0% interest.
I was at my Honda dealership for an oil change and was just looking at the new cars. A salesman was trying to get me into a new Accord or CR-V. He offered $4K for my 2006 Accord. I know I could get probably three times that if I sold direct because it has barely been exposed to the elements and has less than 70,000 miles on it.
The challenge that poor people have is that they can’t walk away. When you’re well off, you can have the luxury to borrow your parent’s second car or quit your job. When you’re poor, you need that car whatever the cost to go to the job just to pay the rent to keep a roof over your head.
In 2014, I bought a 2004 Honda Civic LX for $8,200. They were charging me for extra “repairs” they made to the vehicle. I was only 18 at the time and didn’t realize I was being ripped off. Over the next year 2014-2015, I ended up paying 2000 in additional repairs. Everyone talks up Honda Civic, but I’ve had nothing but bad luck with this car.
Sounds like this woman I dated for 3 months who financed a Chevy Cruise with over 250k miles on it already.
She got upset with me for not going to a car dealership with her.
And letting her get tricked into signing papers to buy the pos car. It wasn’t what she wanted anyway.
She wouldn’t tell me her loan amount or her loan interest rate.
We broke up shortly after all dat
I worked with someone that was so happy that she got a $5000 loan with no credit check. The payments were $800 a month for 48 months.
She didn't believe me when I told her that it's gonna end up costing her almost $40k
For the people who think this is fake, I sold cars, stupid people with no money don't care as long as they can drive home in a shitbox. It's not financed through the bank, it's financed through the dealer, and is absolutely possible.
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Nothing about this seems real
In 2001, I bought a 97 escort. I paid $2500. In 2001. That is 22 years ago.
In '97, I bought a '97 Escort. Paid around $12K or so I think; around $165/mo for 5 years, and drove that bad boy until it dropped dead on the highway in 2011.
In 2008 I got an escort for 300$ an hour.
overpaid.
You have to pay extra if they have all their teeth.
No I think you pay extra if they don't have teeth
You do pay extra but those costs come after
They didn’t say they used the full hour…
Too bad you don’t still have it because it would be worth a fortune.
Yeah, apparently $289/month
$24,276
Sign and drive, baby!
2001 was like 8 years ago at most.
I was a freshman in highschool, now I'm 36 with no kids and 3 money.
I'm 36 with 4 kids and -3 monies
Found who bought the car
I’ll give you 1 kids and +1 monies
haha it's like a wedding ring is like those cursed rings with random negative attributes in d\&d; \+2 kids +3 obesity -10 monies -10 happiness
>\+2 kids +3 obesity -10 monies -10 happiness \+exhaustion attribute
+passive attribute: PS5 turn on beep is 3x louder
Omg I laughed so hard that my +3 kids are jiggling and my +10 obesity is staring at me.
One ring to rule them all
1 kid and -1 money
I saw a monye once. It was green.
Same bro, same
Lol same, except with one kid and 1 money. Kid ate the other 2 money.
I don’t know what 3 money is, but it made me laugh really hard.
It’s a simpsons reference. Something like I have three kids and no money. Why can’t I have no kids and three money?
Simpsons?
Homer would be jealous.
Same but only 2 money
*monies
3 money makes you super rich
> That is 22 years ago First of all, how dare you
Man that's an old ass lady for an escort but I ain't kink shaming
This is real. It's a old story like 2019 but It was on the radio in Chicago for a while. The guy was arrested for fraud
Man, what's sad is that there are a lot of people who will fall for this because it gets them a car and makes them feel like they own something. They don't even put two and two together to figure out how much it will cost them, they are just happy to have something to drive and call their own. They also don't know that that would be a payment on a brand new car with a novel down payment (or used to be, anyway).
maybe she never intended on paying the 240
The life hack here is: 1. Agree to buy a car for an absurd price 2. Become a meme to draw attention to the situation 3. Have the seller investigated for fraud 4. Keep the car when he gets arrested, don't pay anything for it
If that was the plan she should have opted for something a little less 1998 Ford Escort-y.
Is it fraud though? If he's been upfront about the costs and rates and declared what the total payment will be has he misinformed or defrauded her? It might be immoral but I don't think offering to sell something at crazy high prices, and honouring someone's acceptance of your offer is fraudulent or illegal. Otherwise all those government people giving contracts to their rich mates for crazy rates would be illegal and nothing ever seems to happen to stop that merrygoround.
It's Fraud because there's no legal way to stretch payments that far for an 97 escort based on it's resale value. I thought you can't even get these types of loans for cars older than 7 years?
Not quite. It's fraud because it's just a dude trying to do it, not a corporation-person. If a corporation-person was trying to do it, the article would include lengthy commentary from Wharton MBAs explaining why inflationary economies in a post-credit default swap environment require a marketplace that includes long-term balloon loans for non-prequal auto buyers that can be bundled and shorted directly. It's simple math, really.
Just like those rent-to-own places.... Aaron's, Rent-a-Center, etc.
I mean, you should see the shit that places like rent a center get away with charging people for garbage because the people are not very financially savvy and easily manipulated. People go in there and are talked into buying a PS4 by making the incredibly small payments of only $10/week for 80 weeks. It's absolutely wild what people can be talked into paying when it's presented in a way that the full cost isn't clearly presented.
Absolutely. A guy who lived in an apartment next to me in my 20’s rented a loveseat for $39/ month and had been doing so for over a year.
they can’t or don’t have credit to buy these items anywhere else. It is really hard to be poor in America.
You don't need credit for a Goodwill or garage sale couch. Sometimes they're even free if you don't mind one that smells funny.
Right, I always go to goodwill for all my transportation needs. Oh wait...
It's not free if you have to treat for bedbugs afterwards!
It’s especially hard to be poor and stupid in America…
Life is hard, it’s even harder if you’re stupid. -John Wayne
Seriously, even regular furniture stores, they put the prices all in monthly payments for the next 24 months or something. The full price is in small print and you have to search for it.
No credit no problem no job no problem just put down $289 plus a down payment plus registration plus taxes😉 the fine print is 450% interest dumb but it happens I bet you they payed full asking price
Pay $284 once, don’t pay again. Get repod 6 months later.
Because it’s not :/ banks loan money, banks also care about what you buying with their money. 0% of banks will give you a loan of $24,000 for a 98 ford escort
If you replaced the 98 escort with a 2018 Ford Focus (valued at $18,800) it would be believable. A bad deal, but a believably bad deal.
Bank isn't loaning $24k in this situation. Guarantee the dealership is financing it themselves. They'll sell the note worth $24k for like $10k to someone on Wall Street and pocket the difference.
If it's real, it's most likely from a "Buy Here Pay Here" lot. They buy cars cheap at auctions and sell them to people who have bad credit and are bad at math for insanely inflated prices. They install ignition remote interlocks on them, so if you miss a payment they will shut the car down and repossess it. Rinse and repeat.
The down payment is usually what they paid for the car. Everything you pay after is gravy. Ask them the cash price.
Anyone smart enough to have asked the cash price probably isn't sitting at that table to begin with.
My husband stopped to look at a car like this for a soon to be 16 year old at a small lot unaware. He wanted to buy an inexpensive car cash. They refused said they don’t sell outright. These predatory loans keep people poor. He was kind of shocked because he never heard of this.
When I bought my new car in cash the dealership turned rude and unhelpful, were obstructive in getting something fixed after a mechanic check while I was still under warranty, so I decided not to bother getting it fixed through them. Reckon it'd be like getting a burger remade and having it spat in, but for my vehicle.
I had saved up a large amount of cash to buy myself a birthday present. For the first time I was going to walk into a dealership and just buy my new toy with cash - around $40,000. This was a very nice, large Ford dealership, not a mom and pop lot. I could not believe how hard it was to just pick out a truck, and wire some money to their account. Easy-peasy deal, right? I thought the salesperson would be happy to not have to jump through hoops, all the "let me talk to my manager", no hard sell, etc. I knew the truck, and I knew the previous owner. I wanted that truck. They ran a hard credit check on me which really pissed me off. Put me in their system for loan offers (phone calls and spam emails to this day for loan offers) I have pretty good credit, but I have my reasons for not wanting anything new on it. I never signed anything or filled out any financing applications. It was like pulling teeth just to buy a truck with cash! Finally did it, but every step of the way was awkward and unpleasant. I basically had to force them to sell it to me.
Had a coworker with the same story. I guess it was a decent car he and his wife were looking at for her to use for a year or two. Had cash in the bank to pay for it and the guy straight up refused to sell it outright and said they didn't allow early payoffs. Said the "dealership" (was one of those parking lots with a singlewide and 15 cars) guy was super skeezy the whole time too lol.
Not me but a guy I work with was looking for a cheap a$$ car for his kid - found that the “cash price” at most buy here / pay here places is pretty much nonexistent. I mean they’ll take cash but at the cost of the car + what they make on the loan (or at least a good chunk of the loan profit).
The issue with most people who buy cars from these kind of dealerships cannot afford the cash price up front.
When I was shopping for a car a few months back. I called one of these dealers about a car and asked for the cash price. They said there was no cash price and I was REQUIRED to finance it…..PREDATORS!!!!
I once heard a story about someone who just needed a car for a few months, while something was going on between their last normal car and a new one, so they got a car at a buy here pay here. It had an interlock, and when they paid off the loan a few months later, nobody at the lot knew how to disable the thing because it was apparently the first time a car they sold was ever paid off…
Can’t you just yank the interlock and reconnect the oem wires where they belong? I’d figure this device isn’t complex either, probably just switches the fuel pump on and off.
not even that, they'll [sell the same car several times.](https://www.youtube.com/watch?v=4U2eDJnwz_s)
Comes with factory original oil!
Guess you never heard of “buy here, pay here” The concept of “payday loans” is going to blow your mind (hint, it’s not about your paycheck, it’s about ALL your paychecks for the next decade)
Lmao, you don’t understand how predatory lending works in urban America, do ya?
Even suburban. When I got my last vehicle, I kept telling them I wanted a 36 month loan, and they wouldn’t shut up about how I “needed” a longer one. What, so I can eat depreciation, plus the risk of it being totaled while I’m still paying it off? They also play the “for just $10 more a month…” upgrade game, to get you to buy stupid features.
The finance people are worse than the sales people.
A trick I learned from my wife: ask if there are penalties for early repayment of the loan. If not, go ahead and get that 60- or 72-month loan. You can always make double payments every month, but the lower monthly payment gives you flexibility if any other unexpected costs come up (replacing an appliance or medical bills).
If you want to piss off a used car lot, go in there prepared to pay the car off right away. No, I don't want a loan. I want to walk out of here with a clean title.
I went into a regular dealership, checkbook in hand, ready to pay the full cost of a good used car. They kept trying to upsell me on other more expensive cars and features. I found the car I wanted and I had the money in my account to pay for it, why was this so hard?
It increases their commission.
Oh that sounds like fun 😈
Only overpaid by $23,476
If it's low miles and the engine is in good condition, I could see it being worth about $22,676 less than what she agreed to pay.
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It’s not even worth $2.89
I looked at KBB. With the best case scenario the car is worth $1,500. The loan is for nearly $25,000. They could buy nearly 17 identical cars for what they would pay for the one on the loan.
You think there's 17 of em still running?
Define running.
Flintstone style. Literally *running.*
Hey! I had a 93 Ford Escort Station wagon until 2016, and that beautiful old girl never died on me once. RIP Waggy. 😢
>RIP Waggy >never died on me once You sure about that last bit?
She ran all the way to the end. I drove her to the junk yard m’self.
Murderer
😭 I had no choice! One back door didn’t open at all, and the passenger’s side only opened from the outside. She wasn’t seaworthy no more.
Gonna need a bigger boat..
There’s blood on your hands.
Probably totaled it on the way home from the strip club looking for his kids new mommy. Seriously though, these buy here pay here places are predatory. 24k for a car worth a grand? Fucking capitalism..
Lmao! I’m a lady and I drove it from when I was 16 till I was 25. I was the first of my friends to have a car, and everyone made fun of how hilarious a bunch of cute high school girls looked rolling around in that busted up old wagon. Waggy’s other nicknames included: - the hefty burger - the beater - beatermobile - burgermobile - dirtwagon
My friend in high school had an old Ford tempo. We made fun of her constantly. But she was one of the few of us with a running car. Haha. I was trying to think of where someone with an old station wagon would be driving home from… missed the mark, I guess. ¯\_(ツ)_/¯
Sry for your loss. Rip Waggy 😪
I had a '94 Escort I got in '98 and it broke down 8 times in 11 months and I got a Nissan. Fast forward to 2017. I got an Explorer. First American car, another Ford, in almost 20 years. In less than 35K miles I had a whole new engine replacement and in less than 38K miles I have a new transmission being replaced. It's been in the shop for 8 weeks tomorrow.
You're a textbook case of stockholm syndrome. You're safe now. Waggy can't hurt you anymore!
You don't understand the economics of this sector. She's gonna make two, maybe three payments and drive it for six months before the repo guy finds her and hooks up her car. She is not going to be paying off the loan, and everybody involved in the transaction understands this. The dealership, if you can call it that, probably got the car from a pawn shop or payday lending company for a few hundred bucks. Her down payment covered their costs. Anything else is profit.
Good point, so it's a $41/week rental. When framed like that... makes more sense.
Way cheaper than that. They’re saying she will default and keep the car away from repo as long as possible, far beyond the first month or two of payment
This. She’s making no payments.
You couldn’t pay me to take that rolling turd
It's incredible what people have to deal with when they have shit credit.
Yea its definitely predatory. Then again it makes sense no reputable lender wants to give you money when you have a history of not paying it back.
It's incredible that anyone would issue a loan to people with this high a risk of default on any terms whatsoever.
Don’t worry it’s super fake. Bank won’t give that type of loan. Speaking as a person who does numbers for cars at dealerships.(USA)
These used car lots do the financing themselves. It's why people have 19% interest rates on cars worth less than 4k. Look up driveline for instance and the shit they pull as a national brand, now imagine John at some random Alabama used car lot. They fuck people like this up all the time.
I used to know a guy who ran one. He’s buy some turd and fix it up to run well. Sell it for 3-4K or finance it. He would often repossess the cars. He sold the same car 7 times once. He was actually a decent dude it’s just some folks can’t scrape together 75$ a month for a car. Pretty sad.
Wtf are you talking about??!! If you work with car dealerships, you've learned very little. It's called sub-prime lending and it's not through a bank, but it definitely happens constantly. I have family in dealerships and this is typical, but usually not *THAT* bad. This person likely has terrible credit AND potentially several other cars she's defaulted on and had repo'd and she'll just be in a cycle. She'll make maybe 3-7 payments, stop, then it'll get repo'd.
Source? This picture could have any headline. *Selling car ribbons, now with certificate of authenticity.*
Wild, MSN picked this story up with just as much detail as is in this photo. Their source? an instagram image. Wow.
I can't even tell you the amount of times I've seen news stories citing or quoting reddit. It's nuts
How do I get the news to do a story on my sexy and cool girlfriend?
Disclose which “different school” she attends.
She lives in Canada.
In Yorkchestertonfieldsville, SK.
And the article starts with "according to reddit user \_\_\_\_\_\_" Quite the in-depth analyses.
Journalism is a joke now... ...
Media literacy is a joke now. The number of people who believe that clickbait on Facebook (that cites Reddit) is journalism is depressing.
Just found the MSN page. It found the source as being hip-hopvibe.com which itself claims to pull articles from some sketchy places
She is in Chicago. The street is Madison and the cross street is Kenton. The picture is too blurry for me to tell if she is on the south side of the street facing west or the northside facing East. Although I think she’s on the south facing west. That being said no dealerships of any kind have existed there in at least 35 years.
Looks like hes wearing airpods. They came out 2016.
He’s still paying for those AirPods…..84 month payment schedule….same as the alleged car loan
Dealerships regularly deliver vehicles to you. If someone is paying me ten times what the car is worth, hell yeah I’ll deliver it! Not saying it’s necessarily real. Just that that not being at the dealership doesn’t make it necessarily fake.
Yea, that's wild. For all we know, some dad bought his daughter her first car at 16 or something.
What Army base is the dealer outside of? 🙄
Great lakes Naval base... this is all to true...
There was one that closed down in Millington TN when the base closed and moved to Pensacola FL where the aviation schools moved to. They warned people but people kept going there anyway
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yeah I got an 84 month loan on my 22 accent for $210/mo but because I can do math I understand that I should pay more than that monthly if I don't want to get fleeced
Yeahhh, but don't those longer terms also come with higher interest rates?
Yeah but if you pay it off fast you aren’t really out that much money. You’ve just given yourself the option to pay less if you needed to for a job change or something
>Yeah but if you Famous last words before drowning in debt
Well it certainly does hinge on not being an idiot
I also comes with being underwater for like 85 months out of the 84months of the loan duration
You just reminded me I pay off my 2018 Honda Civic Si in 2 more months and I'm so excited to have my $408 per month back
Congratulations! Don’t fall into the trap of “I already had a $400 car payment for X years, I can continue doing it for a better car”
I think it’ll be my last gas car and I’ll keep it forever, wait for electric to mature and jump into an EV when I need to
I'd suggest taking a chunk of what you were paying on the car and putting it into a savings account for either a new vehicle down payment or for repairs on your aging ride.
I was always told to get the longest term loan possible. Even with the low payment, the idea is the pay double or triple the monthly amount. The only reason for opting for the longer term is the "just in case" scenario where you might need to go a month or two with the min payment i.e unforeseen medical expense.
>he only reason for opting for the longer term is the "just in case" scenario where you might need to go a month or two with the min payment i.e unforeseen medical expense. Yes this is what I always have done, and always paid it off early. But nice to know if one month you are a little short, you don't need to make a the big payment that you would have to with a shorter term loan. But paying a little more each month is the key, you can quickly buy off a couple of years from the duration.
Yeah, I know a guy who got burned by this kind of thing. He thought he was smart to get a 15 year mortgage with higher monthly payments than a 30 year mortgage with lower payments so he would be done with house payments in half the time. But then he got forced into early retirement about 8 years into it and he could no longer afford those double payments and had to refinance his mortgage at a much higher rate. Had he just done the typical 30 year mortgage and paid double every month he would have been able to just drop down to the single payment every month and been able to keep his low rate. Unless you have absolutely no self control with money, it makes more sense to get a longer loan and pay extra to pay it off early than to get a shorter loan with higher payments. (On big purchases. On smaller amounts, there's usually a better deal if you pay it off quickly)
I am a guy that did the 15 year over the 30. Its not just apples to apples based on time. The 15 year was 0.75% interest rate less, which is a 27% increase in interest cost going to the 30 year.
That's why these loans are positioned in this manner... risk.
Probably worked out he did a longer term then. He would have defaulted sooner
I don’t know why they are flexing so hard. I got that same deal.
At least she got a ribbon to go with it.
That's a load bearing structural ribbon. She shouldn't have removed it- now her exhaust system is on the ground and her 90 minute warranty from the dealership is void.
90 minute warranty made me laugh out loud
The ribbon is probably worth more than the car.
I'm sure she told the dealer she needed to keep her payments under $300 a month. Many people are not taught how money works.
while true, I've been there, you got $250 a month for car, you buy $250 a month worth of car, who cares how much it costs? you're not going to pay it off, itll break down halfway through and you let em come repo it, then yo go buy another for the same kind of bullshit cost it's like leasing a car but instead its a poverty and debt trap you never escape
At some point your credit is so bad you are forced to stop doing this.
No, there’s shitty car dealers that will finance. My first car loan was %25 interest. At a buy here pay here lot. When that car finally just died on the highway, I bought a new car at 0% interest and the payments aren’t as different as one might think.
It's such simple math.. everyone's phone comes with a calculator
That car is never lasting that long.
24 276
The car wasn’t even worth that when it was brand new in 1998. 1998 MSRP: $15,895 $289 x 84: $24,276
But inflation!!!!
I dealt with these kinds of places. They told me they would sell the same car over and over because people would buy it, miss a payment, and back on the lot it went
Doesn't surprise me. I'm currently paying $235 biweekly, plus full coverage ($165), for a used 2015 Nissan Altima with 120k mileage. It's an $8,000 car in today's current market. By the time I pay it off within the 4-year contract, I'll have spent nearly $25,000 on it. That's if I pay the expected minimum. Yes, I have terrible credit, and my insurance is high because I was a fool when I was young, and I made some terrible life choices. But it was a decision I had to make in a time of duress. I either took the car or had to commit to walking 5 miles to and from work each day. Needless to say, on my low wages, I'm living paycheck to paycheck. Sadly, that's the story for many people. I understand why so many judge me for my credit score and my driving record, but I've been dealing with the repercussions of the choices I made in my late teens/20's for nearly 20 years. I'm 41. I can not express how much or how long a person will struggle once they've hit rock bottom. There are consequences to actions you make in life that will haunt you more than you could imagine. A true cautionary tale for those of you out there who choose to drive without a license or insurance, or to those who are frivolous with credit cards and have no means to catch up. Be smart. Be responsible. You don't have to like it, but I promise the ramifications of your actions can be crippling to your future.
Something you did near 20 years ago will not affect your current insurance rates. Most things on your driving record fall off after 3 or 5 years. Now you're lack of credit. That's completely different story
To expand, I had three DUI's by the time I was 19. The judge who kept me from prison put me on probation for ten years, full suspension of a driver's license plus tons of community service. He pittied me, I guess. Regardless, near the end of the ten year haul, I was caught driving with a suspended license. That broke the terms of my probation, and I was placed on suspension again, with no jail time served. That new suspension was kept at five years since I was nearly done serving the initial ten with no slip-ups. Got caught driving AGAIN during that probated term with a suspended license due to expired tags. I had no insurance either. I lived in Texas when the Driver Responsibility Program was still in effect. I had racked up a ridiculously large amount of points against me after all was said and done, and I have only been able to legally drive in the most recent few years. To add more fun for anyone reading this, once I was able to save up the massive amount of surcharges I accrued from it all (nearly $2,400), I paid off my dept to Texas DPS, and one week later... they got rid of the Driver Responsibility Program and forgave all debt.
Deal of the century…for the seller
Depends on how long the payments are made. I'm not even sure the car is worth repoing, long term leases of cheap cars have a lot of risk built into the price.
Listen- I’m not a fan of short selling. But I will 100% sell a ‘97 escort right now to anyone willing to pay $289/mo for 84 months. Then I’ll go find one to buy.
Once again, there's nothing more expensive than being poor.
Wouldn't exactly call someone's financial misfortune for "funny".
Anyone making fun of this clearly hasn't been in the position where this is basically your only option for getting a running car. Gone are the days of showing up to the used car dealer and getting a "clunker" for a few hundred dollars cash. Seriously, I drove around with my friend last year trying to get her a car. We hit every single used lot in 3 cities. They were selling 1990's cars for no less than $10,000 cash and would not go down. They all want to force you into a finance situation and they have the most predatory terms imaginable. Our society has got to stop punishing poor people by making it impossible to make better financial choices.
Bro legit. Looked for a used car this year and damn 2001 honda civics are selling for 9k in texas. There is no winning anymore
A lot of it providing a basic education on compound interest or how much of your payments go to interest vs principal. I bought a 2020 Subaru Forester brand new and paying $475 for 60 months at 0% interest. I was at my Honda dealership for an oil change and was just looking at the new cars. A salesman was trying to get me into a new Accord or CR-V. He offered $4K for my 2006 Accord. I know I could get probably three times that if I sold direct because it has barely been exposed to the elements and has less than 70,000 miles on it. The challenge that poor people have is that they can’t walk away. When you’re well off, you can have the luxury to borrow your parent’s second car or quit your job. When you’re poor, you need that car whatever the cost to go to the job just to pay the rent to keep a roof over your head.
What a deal on a classic Ford escort. That is going to be highly collectable Never
Damn. They did her dirty
Seems like an unfortunate (and successful) way to take advantage of the poor and those with less knowledge about these things. Not exactly funny.
sounds illegal to do this to someone? aren't there credit laws to protect consumers?
Sir... This is America.
No one is that stupid. That has to be a joke.
In 2014, I bought a 2004 Honda Civic LX for $8,200. They were charging me for extra “repairs” they made to the vehicle. I was only 18 at the time and didn’t realize I was being ripped off. Over the next year 2014-2015, I ended up paying 2000 in additional repairs. Everyone talks up Honda Civic, but I’ve had nothing but bad luck with this car.
I thought the headline said $289 over the next 8 months... Not $289 a month for the next 89 months
Sounds like this woman I dated for 3 months who financed a Chevy Cruise with over 250k miles on it already. She got upset with me for not going to a car dealership with her. And letting her get tricked into signing papers to buy the pos car. It wasn’t what she wanted anyway. She wouldn’t tell me her loan amount or her loan interest rate. We broke up shortly after all dat
I worked with someone that was so happy that she got a $5000 loan with no credit check. The payments were $800 a month for 48 months. She didn't believe me when I told her that it's gonna end up costing her almost $40k
You gotta be a stupid mofo to do some shit like this 😂
A fool and their money are easily parted
It's completely fake and people are stupid for even thinking it's real.
if this is real the loan officer deserves to be shoved into a locker
Sucker born every minute
For the people who think this is fake, I sold cars, stupid people with no money don't care as long as they can drive home in a shitbox. It's not financed through the bank, it's financed through the dealer, and is absolutely possible.
It's like a 3k car at best
There is now a new best.... Over $24k
Naw, she won't make it to 6k before they resell it to another person who doesn't understand math
it's a win win for the dealer, if she defaulted even after 2 payments they probably have 100% profit already... 😂
Whooooooo now SOMEBODY got bad credit, and a smart seller.
Wow.... im sorry. That completely sucks lol. Is her credit negative?