As an auto expert, what is one of the strangest car-buying experiences you've ever heard of?
I’m always curious to learn about other people’s experiences. Do you have an interesting story?
Answer provided by
Answered on Apr 13, 2021
“One of the more interesting stories in my experience deals with refinancing. So many buyers don’t shop around for rates before buying a car, and worse, they don’t read the fine print on the contract. Predatory lenders tend to take full advantage of this.
I once had a client come in who thought she was paying too much monthly for her Hummer H3. After looking over her paperwork, I realized she was paying $7 a month toward the principal. That’s not a typo: $7. This was due to a number of extra fees and an exorbitant interest rate that was the highest allowed by law without going into loansharking.
The lesson here is, always know the interest rate, always negotiate the price, and always read the fine print. By doing so, you can avoid any sticky situations like paying $7 toward the principal of your vehicle. “
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