"LJ909" (lj909) 10/28/2019 at 19:05 • Filed to: dumb, Finance, Idiots, Sketchy Dealers, Toyota, Toyota Camry

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Friend of mine sent me this pic they secretly took at a local Toyota dealer as they were trying to get a new Camry. First off, you can already tell bullshit is coming by looking at the rings on the guys fingers. I could only image how he looks: big ass belly, graying hair that looks to have been dyed, in his mid 60's, has been in the business for over 30 years somehow even though hes made a career of screwing people financially as a manager etc.

But look at those monthly payments they tried to stick them with. $4750 down @ 11.9% for almost $915 a month for 48? This is a Camry. I would’ ve spat on the four square. They told me when they went to leave, the manager wanted to knock $50 bucks off each to get them to stay but presented it as “trying to help sweeten the deal ”. Suffice to say, they didn’ t get a Camry.

TheTurbochargedSquirrel > LJ909 10/28/2019 at 19:17

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That’s nuts. When I bought the Corolla they gave me 2.9% fresh out of college.  They didn’t even try to stick me with anything above 3.

Highlander-Datsuns are Forever > LJ909 10/28/2019 at 19:18

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T hat 12% interest rate is atrocious . .

The Snowman > LJ909 10/28/2019 at 19:21

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I helped my dad buy a truck on some really unfavorable terms because the financing discount was so much more than what it would cost him to finance for a few months and then pay the truck off. It was a couple Grand savings if I remember correctly. (This is a horrible run on sentence but it's easier to acknowledge that than fix it)

vondon302 > LJ909 10/28/2019 at 19:35

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Do people agree to this shit? Wtf

Bylan - Hoarder of LS400's > LJ909 10/28/2019 at 19:44

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Holy moly 12% finance rate?! The only time ive seen a worse rate was a coworker whos like 20 and literally hasnt established any credit history. Rate came up at 24% interest on a 2020 corolla hatch. He didnt buy it lol. Second worse was 7.99% with a 590 credit score.

LJ909 > TheTurbochargedSquirrel 10/28/2019 at 19:46

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That’ s pretty good, especially being young . But a lot of times numbers like these a re skewered for one reason: the customer is Black. When you’re Black there is the assumption that nothing is there monetarily so they don’ t bother with you, or if something is there, there is the assumption that it wont be long term and you get the same result.

LJ909 > The Snowman 10/28/2019 at 19:47

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Damn, thats really between a rock and a nicer but still hard place.

LJ909 > vondon302 10/28/2019 at 19:49

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Unfortunately yes. The allure of a new car is enough to get people into some deep shit. I think I mentioned this before, but back at the beginning of summer when I went and test drove a Genesis G70, the sales guy told me about this woman who was one of the first people in the entire region to get a G70. She was willing to accept payments of $818/month on it just so she could be one of the first ones that had the car.

LJ909 > Bylan - Hoarder of LS400's 10/28/2019 at 19:56

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24%? Thats credit card territory and criminal. 

The Snowman > LJ909 10/28/2019 at 19:56

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H was in a good place being able to pay cash for a new truck he's just easily frustrated and needed me to facilitate the sale for him so he didn't get so made he leaves the dealership with no truck. He had such a hard time understanding that the cash discount is dead.

SilentButNotReallyDeadly...killed by G/O Media > LJ909 10/28/2019 at 20:07

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12% is my current credit card rate. There is no way I’d be signing up for a damn Camry on that. Besides, current Toyota Oz finance offer is 4.9% for 48 months maximum with nothing down on $30,000 ...

lone_liberal > LJ909 10/28/2019 at 20:13

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Hey look! It's 1978 again! Though back then mortgage rates could be double digits.

shop-teacher > LJ909 10/28/2019 at 20:15

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Gadamn!

Jarrett - [BRZ Boi] > LJ909 10/28/2019 at 20:49

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Maybe I’m spoiled, but anything 3 +% to me is absolutely asinine, and I got my BRZ for far under even that!

LimitedTimeOnly @ opposite-lock.com > Jarrett - [BRZ Boi] 10/28/2019 at 21:05

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Best that I'm getting right now for 60 months with impeccable credit is 3.09%. Seems really high. Might pay it off very early. 

K-Roll-PorscheTamer > Jarrett - [BRZ Boi] 10/28/2019 at 21:20

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Nah, I’m right with ya. 3% is good.

K-Roll-PorscheTamer > LJ909 10/28/2019 at 21:21

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Is that the automotive equivalent of student debt? Because if so, RIP.

Jarrett - [BRZ Boi] > LimitedTimeOnly @ opposite-lock.com 10/28/2019 at 21:50

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I may have gotten my BRZ brand new for 0.5%, 0 down, for 60 months, around invoice, in November before the new MY hit the lots.

I was stunned. “Yes sir, I will take your financing offer!”

I didn’t think they made deals like that for sports cars *shrug* 

LimitedTimeOnly @ opposite-lock.com > Jarrett - [BRZ Boi] 10/29/2019 at 07:22

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I now think wistful ly of the purchase of  my wife’s car in 2014 at 0.9%.

AdverseMartyr > The Snowman 10/29/2019 at 20:58

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I remember my parents doing this a 15 years ago. Ford was offering $something like $1000 (maybe even 2000) off the price if $5000 or more was financed on the F150 they were purchasing. They found out there was no penalty (and no extra interest charged) for paying off the full balance of the loan when the first payment was due.

The salesman had trouble understanding they were only financing $5000 and were paying the rest in cash. Then they paid the balance as soon as they were allowed to do so.

Clown Shoe Pilot > LJ909 10/31/2019 at 01:44

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I got 6% on a totally unsecured loan  to build my workshop. 12% for a loan secured with easy recovered collateral is rigoddamndiculous.