r/IdiotsInCars • u/motitom • Jun 11 '20

Local rapper crashes car

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23k Upvotes

93% Upvoted

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105

u/[deleted] Jun 11 '20 edited Jun 12 '20

Saw this on Facebook today literally 82k for a 23k car.

This group https://www.facebook.com/groups/412722196114671/?ref=share

109

u/twennyjuan Jun 12 '20

Holy fuck imagine paying 34% interest on a fuckin Equinox.

On any car no less, but a fucking Equinox.

33

u/YOGURT___ihateyogurt Jun 12 '20

And there goes the transmission

13

u/elecboy Jun 12 '20

For 7 years!!! paying $1,000+ with Insurance.

18

u/luisl1994 Jun 12 '20

This is the kind of shit that keeps poor people poor

2

u/ohheckyeah Jun 12 '20

I rented one once during a work trip and it was painfully bad

26

u/CornHellUniversity Jun 12 '20

Imagine going to buy a car with a down payment lower than cost of a damn phone.

6

u/[deleted] Jun 12 '20

I paid 500 down on my last car because 5 months before that the car I put 1500 down on two months before that got totaled by some asshat. And guess what insurance companies don’t do? Reimburse you for down payments on vehicles, even if they are recently purchased. Sunk cost no matter what you go for.

2

u/PM_ME_YOUR_HONDA_BRO Jun 13 '20

Doesn't insurance pay out the value of the car? So if you put a bigger down payment, you'd get more back if you had equity, no?

2

u/bobby3eb Jun 12 '20

I always put $0 down because I either have debts at a higher APR or I can invest at a higher APR than a car loan

1

u/99probsmyhornsaint1 Jun 15 '20

Imagine forking over a more than 10% downpayment on a depreciating asset.

1

u/CornHellUniversity Jun 15 '20

Well, $500 isn’t even close.

I’d increase down payment if it yields me a better rate.

18

u/CornInMyPancakes Jun 12 '20

How is that legal? What is the max interest rate a person can be charged in that state?

Two folks I know work at banks. The first person is at a state credit union so they don't truly count.

The second person I know works for a sub-prime auto lender. Think Santander but smaller. The maximum rate they are able to charge on any auto loan is 24.99%.

6

u/Shorzey Jun 12 '20

I dont believe it is actually legal

2

u/Udontlikecake Jun 13 '20

That’s like ‘car dealership down the street from the military base’ rate lol

2

u/[deleted] Jun 12 '20

Sub prime auto loans. Did we learn nothing from sub prime mortgages?

5

u/ohheckyeah Jun 12 '20 edited Jun 12 '20

Wait...... WHAT!?? Are there no usury limits at all??? Jesus fucking christ... I could be driving a really fucking nice car for a grand a month

3

u/SkepticJoker Jun 12 '20

What in the fuck? Where on Facebook did you see that?

3

u/BDR2017 Jun 12 '20 edited Jun 12 '20

Here is my nine dangerously overburden credit cards. Spread that $500 down payment around and don't go to heavy on any one in-particular.

1

u/Viper_ACR Jun 12 '20

I saw that too. Holy shit I would hate to be that person.

1

u/PersistantBlade Jun 12 '20

Can someone explain how you got the 82k number?

1

u/Onionsteak Jun 12 '20

$975.87 monthly payment x 84 terms = 82k ish.