Hope some creditors/collectors see this rant

[debtmonster]

Granted, the car I got from them was nothing like the initial $20k Chevy noted above. I bought a 2005 Dodge Neon with 47k miles on it, in fair shape at best. They did give me a 45-day, 3000 mile exchange warranty. Paid $10,000 for the car (significantly above it's BB value), and with a 22% rate. Nothing down; my payments around $400/m/60.

Man, they robbed you blind on that deal. That car is only worth about $4200 as a trade. You paid more than TWICE what the car is worth. You need to find deals like that again, but only pay what the car is worth and not ripoff retail.

That's what the Neon SE is worth.
The SXT is worth $4100. The SRT-4 is worth $10,000. That's a H-U-G-E drop from when the car was new, not too long ago.

This should be illegal for what these car dealers do. All they do is add insult to injury.

[outsidetool]

Man, they robbed you blind on that deal. That car is only worth about $4200 as a trade. You paid more than TWICE what the car is worth. You need to find deals like that again, but only pay what the car is worth and not ripoff retail.

That's what the Neon SE is worth.
The SXT is worth $4100. The SRT-4 is worth $10,000. That's a H-U-G-E drop from when the car was new, not too long ago.

This should be illegal for what these car dealers do. All they do is add insult to injury.

What can I say, needed a car, knew the deal wasn't great--but from a perspective viewpoint they were willing to "finance" me with nothing down, for a car that at least seems decent, and my payment is half of what my previous payment was. Also, when I bought the car I did a Kelly BB search for retail value; for my area the car came in at $8700 for 'excellent' condition. While I would not consider mine to have been in excellent condition, I saw similiar Neon's for 6800-8400 in local classified ads. In the big scheme of things, I don't think the deal was TOO bad.

[debtmonster]

What can I say, needed a car, knew the deal wasn't great--but from a perspective viewpoint they were willing to "finance" me with nothing down, for a car that at least seems decent, and my payment is half of what my previous payment was. Also, when I bought the car I did a Kelly BB search for retail value; for my area the car came in at $8700 for 'excellent' condition. While I would not consider mine to have been in excellent condition, I saw similiar Neon's for 6800-8400 in local classified ads. In the big scheme of things, I don't think the deal was TOO bad.

I never look at retail prices because dealers don't pay retail for their cars. They buy them at repo auctions or they rape the person bad whomever traded it in. I've bought well over 20 cars in my lifetime. I've learned their game. I'm paying $300/mo. with $0 down and 5.9%. I'm going to be afraid to lose this car because I'm pretty much in the same boat as you.

I owe $12,000+ on this car and mine is worth $4,000-$5,000. I can pretend that I just bought the car now like you did and I owe $12,000 and the car is worth what yours is. I also have about 48 months of payments left.

But from what I've seen on Auto Trader, if you can get $3500 cash money, there's a lot of nice cars with under 50,000 miles on them that are all not ragged out. My problem is that once my cars are given back in the bankruptcy, it will take me too long to save $3500 cash to buy one of these cars. There's no public transportation where I live and the grocery store is nearly 20 miles away. A bicycle would be out of the question. The Super Walmart is $25 miles. I just wish I could give the car back, but they would let me keep it for 4-5 months to give me time to hoard cash for a replacement. The 60-day stay is too short of a time with no payments.

All I need is a few months of extra time with a car and then I can save the money. Maybe I should consider renting a car. I would love to pay $200/mo. to rent a car, but they don't exist. $800/mo. is out of the question.

[outsidetool]

I never look at retail prices because dealers don't pay retail for their cars. They buy them at repo auctions or they rape the person bad whomever traded it in. I've bought well over 20 cars in my lifetime. I've learned their game. I'm paying $300/mo. with $0 down and 5.9%. I'm going to be afraid to lose this car because I'm pretty much in the same boat as you.

I owe $12,000+ on this car and mine is worth $4,000-$5,000. I can pretend that I just bought the car now like you did and I owe $12,000 and the car is worth what yours is. I also have about 48 months of payments left.

But from what I've seen on Auto Trader, if you can get $3500 cash money, there's a lot of nice cars with under 50,000 miles on them that are all not ragged out. My problem is that once my cars are given back in the bankruptcy, it will take me too long to save $3500 cash to buy one of these cars. There's no public transportation where I live and the grocery store is nearly 20 miles away. A bicycle would be out of the question. The Super Walmart is $25 miles. I just wish I could give the car back, but they would let me keep it for 4-5 months to give me time to hoard cash for a replacement. The 60-day stay is too short of a time with no payments.

All I need is a few months of extra time with a car and then I can save the money. Maybe I should consider renting a car. I would love to pay $200/mo. to rent a car, but they don't exist. $800/mo. is out of the question.

Well, debtmonster, that's about the situation I was in; didn't have cash to buy anything at all decent, and I too live in a semi-rural area where bus/taxi have no service. I feel almost in heaven only paying $400/m for a car, even if it is at a higher % rate. Hope you get your situation worked out.

[debtmonster]

Well, debtmonster, that's about the situation I was in; didn't have cash to buy anything at all decent, and I too live in a semi-rural area where bus/taxi have no service. I feel almost in heaven only paying $400/m for a car, even if it is at a higher % rate. Hope you get your situation worked out.

My first car ever financed when I had brand new credit was $214/mo. at 17% interest. I put $1000 down. It was a brand new Hyundai. The car was about $9,000.

I know you're in heaven, but something doesn't seem right. You should be paying 1/2 for that same car unless you're at over 30% interest.

[Trixie007]

Oh! That's true! $10,000 for 5 years at 22% interest - payment would be $276.19/mo!! AT 42% the payment would be $400.89/mo for 5 years. Something stinks. Is that even legal?

[debtmonster]

Oh! That's true! $10,000 for 5 years at 22% interest - payment would be $276.19/mo!! AT 42% the payment would be $400.89/mo for 5 years. Something stinks. Is that even legal?

After I screwed up my credit around 1996 or 1997 since I had a repo in 1992, I remember financing a used 1994 Mazda Protege with $500 down and my payments were $334/mo. The Mazda had only 36,000 miles on it.

Chrysler products DROP LIKE A STONE in value. That dealer needs to be reported for scamming. That is highway robbery. $400 IS NOT A DEAL! That's EXPENSIVE for a cheap car! You need $200-250/mo. payments on the same kind of car.