Are people with Bad Credit getting ripped off?
Written by GHTR on May 21, 2019
There comes a point in which people want to start building their credit and when they start to rebuild they start to get excited about maybe getting a new car. They go to a car dealership and find out that they have spent a whole year building their credit up only to come up short and be told that you have non-existing credit according to their banks they use.
We wanted to put this through the test, so we picked out to well known car companies in the Grand Haven and Coopersville areas and found some interesting facts. I am one of those people who are trying to build their credit up and here is m story.
Last winter I damaged my car and needed to get something new, so I started calling around and came across Preferred Motors of Grand Haven. I had called them and gave them my information over the phone and the salesperson I was talking to called me back with a car they had on the lot that they wanted me to look at. Instead of going by my self what I did was I took a good friend of mine because I really didn’t know if I would be driving a car back home or not. We arrived and the Sales Person had the car running and wanted to go for a test drive even before we even knew the price and with excitement the sales person said that I could get into that car for a very low price, he showed us the SUV and it was a 2002, and it looked good in the dark but the engine had a pinging noise to it, the inside of the car was very clean.
Instead of going for a test drive we had questions that needed to be answered first. We first asked how long the loan was and the sales person told me it would be 5 years, then we asked what is the interest and the sales person said, just want a moment, came back after going and speaking to the manager said it was around 21% and that was due to my credit, then we asked what the was the total payoff at the end, and again the sales person went back to talk to the manager and came back with a price of $17,400.00 which at the moment not only pissed me off but really pissed off my friend who knows his stuff, and he started doing some calculations and it just didn’t make any sense to us.
My friend Joe then said, what if we were to write you a check how much would you need? And again, the salesperson went back yet again to ask the manager and came back with $6,500.00! Wait let’s take a step back did he just say $6,500.00? Joe looked at me and just said, that isn’t going to happen, and we pretty much walked out. Now I am going to tell you, if it hadn’t been for Joe, I would have most likely jumped on that deal out of desperation, and I am pretty sure that the dealership knew that and wouldn’t have cared one bit but what bothers me the most, is that they made me look little and would have ripped me off without even thinking about it. So what my credit was the best, I had a job and could afford a car payment so my question is, if I do have a job and can show that I can make a steady car payment what difference is it to them anyway, and I can answer this, and that is to prey on the weak and desperate.
These car dealerships really don’t look at your credit at all, they put you into a class and if you do your research you will find that they will mostly tell you that your credit isn’t even existent which means you are going to be paying as high as 30% interest, do beware.
Personally, I think if you want to buy a car and you do have bad credit to stay clear and try your hardest to rebuild it the best that you can. I found that most banks will work with you and help you as much as possible, but lets face it, if you are not on the road to credit recovery then the banks won’t help, but as the saying always goes you can’t help those who won’t help themselves.