Sounds very fishy. Is this a used lot? Like one of those good credit, bad credit, no credit places?
The only times I have been forced to use 29.9% is for absolute worst of the worst credit. Like double bankruptcy, or multiple repos. Or 18 years old with zero credit experience. And I feel like a total fataface for using that rate because it is 1/10 of 1% from being a crime, instead of a loan.
Have her contact me and will sit down with her and see if I can put her into a market rate loan, or even a subvented manufacturers loan. Also if she is a recent University grad (within 2 years) I can definitely make something work.
PM me if you need help. I hate finance managers that prey on people like this. It is not how we roll at our dealership, even if she is credit challenged, I will make sure I run the gauntlet and give her the straight goods. Sounds like someone may be putting her together.
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