Jim
Orlando,#2Consumer Comment
Fri, March 25, 2011
You have bad credit due to a repo which was caused by you not making the payments on time. You didn't make those payments on time because you didn't have the money. Now fast forward to today. You write as if they are getting a gift of the $11,400 by them paying off the other car. A gift? Guess who pays for that gift? That amount is added to the loan for the Honda and in effect you are paying for 2 cars but using one. $499 for 72 months comes to just under 36k. That Honda doesn't even come close to that price with 9.9% financing! So, if you've already had bad credit why are you increasing your exposure by tremendously increasing your debt load? When you trade in a car which hasn't been paid off, the unpaid balance doesn't magically disappear! The dealer cannot obtain title to it unless the lein is removved by paying it off and then sticking you with the payoff amount. They did you a favor by giving you the opportunity to rethink this bad deal which would have raised your indebtedness.