Buying a Vehicle: Interest Rates

[GP_Matt]

The worst part is that she has a credit card with no missed payments. She is 20 though and I think the salesman just decided to screw her.
My guess is that she went in and asked what she needed to do to be able to buy a car.

[First Lady]

Originally Posted by GP_Matt

The worst part is that she has a credit card with no missed payments. She is 20 though and I think the salesman just decided to screw her.

If he actually had, she might have gotten a better deal.

My guess is that she went in and asked what she needed to do to be able to buy a car.

Isn't there some sort of buyers remorse period ? Maybe that's only for telephone and door-to-door sales.

[Table 5]

Originally Posted by First Lady

Isn't there some sort of buyers remorse period ? Maybe that's only for telephone and door-to-door sales.

It doesn't seem like she even knew it was a bad deal till a year after she bought the car. As dastardly as the dealer was in this case, at some point one has to be accountable for their own financial being.

I still think there should be a personal finance class that everyone in high school should have to take.

[GP_Matt]

I still am not sure that she thinks she got a bad deal. She likes the car she drives and is happy.

I am definitely in favour of financial literacy course being mandatory.
Maybe a law that says before you pay interest of more than 10% on a term longer than a year you have to take a financial literacy course. Although I am not sure how much the course would help if you are willing to pay 30% interest on a 5 year loan. Would understanding the term and consequences really change her mind once the dealer showed her the car she could have.

[Table 5]

What kind of car did she buy btw? I'm all for foolish financial decisions if the car is great.

[GP_Matt]

An older Dodge Charger. Maybe 2007.

[bizaro86]

Originally Posted by Table 5

It doesn't seem like she even knew it was a bad deal till a year after she bought the car. As dastardly as the dealer was in this case, at some point one has to be accountable for their own financial being.

I still think there should be a personal finance class that everyone in high school should have to take.

Isn't that what CALM is supposed to be, more or less?

I remember we had to do a budget and talk about interest rates and what not.