Chicago, Illinois
Not resolved
4 comments

My girlfriend amazingly got a very good job recently. She bought a 2008 Mitsubishi for $14,000.

She put $5,000 down, financing just $9,000. With taxes license et all, The pure vehicle costs $150 per month for 5 years. She had no credit history, and was told she would be charged 16%. Her monthly payment was mysteriously set at $276 per month.

She is being charged an obscene 78% financing charge every month for 5 years bringing the financed car to $21,000 dollars.

This is the most horrible predatory business practice I have ever seen. Just despicable!

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Anonymous
#264212

You obviously don't understand financing at all. My guess is that $9,000 was the base price before you calculate sales tax, doc fees, license and after-market products.

But let's assume you're right and she only financed $9k. A $276/mo loan at 60 months is 26.66% interest. While that is high, it isn't completely unheard of for challenged or limited credit buyers. And it is nowhere near the 78% you think you had.

And if you add sales tax, and any other legal charges and fees you get an even lower rate. You might want to educate yourself before you make false claims.

Anonymous
#252688

:? Actually Enterprise gets you set up with outside banks/credit unions for financing.

They do not finance themselves. Sounds like the one you need to take up your issue with is your financer. Also without a credit history that is an okay rate.

Not the best but not 21% like I have seen others pay on an auto loan. If SHE doesn't like the rate remind her to refinance once she has built up a credit history.

Anonymous
#180666

Hi,

This is Marianne from Enterprise Car Sales. We saw your post and wanted to respond and offer to help.

If you e-mail us the best phone number and email address to reach you, we can talk offline.

Please email us at csbusdev@erac.com. Thanks!

Anonymous
#180437

It's not possible. They finance through a lender that is federally regulated.