John
McKinney,#2Consumer Comment
Thu, June 28, 2007
You think high interest rates are charged to minorities? Ma'am interest rates are charged to everybody at as high a profit margin as possible. There is no space on any credic application that I have ever seen for sex or race. Of course car dealerships are paid by the bank that handles the financing, it's kind of like a finders fee. If you think your good credic deserves a better interest rate than your toyota dealership supplied for you, why didn't you handle your own financing? For that matter, why in the world did you buy a car from a dealership that you thought was ripping you off? CATS: ALL YOUR BASE ARE BELONG TO US.
Leslie
Irving,#3Author of original report
Sun, June 17, 2007
The complaint is simple.. After loosing the lawsuits, Toyota, GMC, Honda is buying loans with high markups in the interest rates. This causes the consumers to be upside down in the car payments and can not get out. Most of the time the buyers is paying 3 x the amount that is truly needed. The dealerships continue to say it is because of buyers credit. That is BS. Most buyers do not know about the kicksbacks dealerships are receiving on top of the buy rate interest rates. The buyers did not ask for 60 and 72 months, the dealerships/banks pretends this is all buyer can get. Buyers should not purchase a car until they speak to the bank. All the banks have lost lawsuits on these types of practices.
Thomas
Anderson,#4Consumer Comment
Sun, June 17, 2007
Anyway, get any financing you may need approved at your local bank or credit union BEFORE you ever set foot into a car dealership. And oh yes, read up about buying a car in Consumer Reports, and get CR's car buying info for the specific make and model you want for $14. Also surf some car-buyinw websites like the "carbuyingtips" site. Then you won't have to complain so much.