lulz @ tote the note.

[talisman]

Went in to one of these places to try and work a deal on an 02 Mustang they had for sale. Asked him about financing for 6 months. "Well, I don't charge interest, what I do is charge $100 a week that the car isn't paid off..." So a 6k car after 6 months would be 8400, or 40% interest. He doesn't charge interest though! Whats sad is I'm sure people do it all the time. Morons.

[Lason]

Imagine after 3 years! sweet jiblets that crazy.

[Nash B.]

0% interest? Fuck yes, I'm in!

[krazy kris]

just think of all those people that put down those big ass down payments and then cant pay the payments in a few weeks and its back on the lot. All that money goes to profit(if they haven't fucked it up)

[Leah]

Jesus-that's insane!

[davbrucas]

So they want a certain amount per month plus the $100 per week? That's insane.

[slow99]

Went in to one of these places to try and work a deal on an 02 Mustang they had for sale. Asked him about financing for 6 months. "Well, I don't charge interest, what I do is charge $100 a week that the car isn't paid off..." So a 6k car after 6 months would be 8400, or 40% interest. He doesn't charge interest though! Whats sad is I'm sure people do it all the time. Morons.

And closer to 80% when annualized. The interest those pay day loan places charge would make your head spin when you annualize it.

[Leah]

And closer to 80% when annualized. The interest those pay day loan places charge would make your head spin when you annualize it.

Aren't those places close to 400% or something ridiculous?

[slow99]

Aren't those places close to 400% or something ridiculous?

More than that in some cases.

[Lason]

Its no wonder if you mention cash they jack the price up through the roof. I was in the market for a suburban and was waiting on some phone calls from people on craigslist. While waiting the wife and I headed down to Division street just to look. I wouldnt dare buy one of those POS's but everytime I mentioned paying cash the price either went through the roof or they just lost interest in the sale all together.

[Forever_frost]

I've seen 900% interest.

[Brandon-k]

Jesus-that's insane!

I think his name was Carlos.

[Leah]

I think his name was Carlos.

Lolz

[OldGuysRule]

It's all about the fees.

I have a friend in the car title loan bidness. He only charges 9% interest... but changes $120 a week to be in the ol' auto club and got rent of the GPS you have to have installed in your car.

[talisman]

So they want a certain amount per month plus the $100 per week? That's insane.

Yeah. I told him I'd pay it off in 6 months at 500 a month. The 100 per week was added on top of that, so 900 a month, technically. It gets added to the end of the loan, so the payments pretty much never stop. You end up paying for 2 years on a 6 month loan.(not literally, but you get the point((covering my bases with 01WC and Jody in here, lol))).