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The Water Cooler
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Car dealer rip off
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<blockquote data-quote="Slack" data-source="post: 1841236" data-attributes="member: 13947"><p>I am posting here to vent a little, but if anyone has some constructive suggestions, I am all ears.</p><p></p><p>My ex-girlfriend's daughter, whom I consider family, came to me to help her over a financial hump. She is 18 and trying to live her own life and is kind of a free spirit and wants to do her own thing. So this means she usually gets to learn lessons the hard way. The last couple of years she was a wild teen and didn't have the opportunity for a structured life lessons such as budgeting and to not trust car dealers. She actually has been straightening up and being responsible.</p><p></p><p>Short story:</p><p></p><p>She went to the used car dealer on her own and walked away with:</p><p> 2007 Kia Spectra, 92K miles, for $13K with a 3.5 year loan @ 20%APR. </p><p></p><p>She also had no clue about her insurance and wasn't expecting the $450/month insurance payment on her $430/month car. So they let her over extend herself, she really isn't going to be able to afford the car, insurance, rent, etc. The best I can tell, this car is work 7K-10K retail, she got screwed by the dealer coming and going.</p><p></p><p>This really makes me mad and I wish there was something I could do to rectify this. For the most part, the law allows you to make a financial fool of yourself. It seems to me that the dealer while being unethical, probably did nothing illegal. </p><p></p><p>Any thoughts, suggestions or sympathy?</p><p></p><p>Thanks for listening.</p></blockquote><p></p>
[QUOTE="Slack, post: 1841236, member: 13947"] I am posting here to vent a little, but if anyone has some constructive suggestions, I am all ears. My ex-girlfriend's daughter, whom I consider family, came to me to help her over a financial hump. She is 18 and trying to live her own life and is kind of a free spirit and wants to do her own thing. So this means she usually gets to learn lessons the hard way. The last couple of years she was a wild teen and didn't have the opportunity for a structured life lessons such as budgeting and to not trust car dealers. She actually has been straightening up and being responsible. Short story: She went to the used car dealer on her own and walked away with: 2007 Kia Spectra, 92K miles, for $13K with a 3.5 year loan @ 20%APR. She also had no clue about her insurance and wasn't expecting the $450/month insurance payment on her $430/month car. So they let her over extend herself, she really isn't going to be able to afford the car, insurance, rent, etc. The best I can tell, this car is work 7K-10K retail, she got screwed by the dealer coming and going. This really makes me mad and I wish there was something I could do to rectify this. For the most part, the law allows you to make a financial fool of yourself. It seems to me that the dealer while being unethical, probably did nothing illegal. Any thoughts, suggestions or sympathy? Thanks for listening. [/QUOTE]
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