Herp Derp. Your right. My bad guys. I get so used to seeing 760-820 credit scores and cash buyers that I forget about entry level buyers with little to no credit score.
It still seems pretty far fetched to me that they dropped any payment by 100 dollars. But I guess if what you are saying happened it is possible.
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Originally Posted by fistpoint
Um, yes. And you are a salesman? Shame on you.
Suppose his APR was 12.5% with $22000 borrowed. Lowering the APR to 2.9% would drop the payments by $100. And yes, several people here bought the car with an APR much higher than 12.5% believe it or not. Insane.
It's possible he initially had a deal with no co-signer...after bringing his parents along(and co-signing), the new rate was 2.9
Check for yourself, and that's only one scenario, I could find dozens by playing with the APR not to mention the loan term. I shouldn't have to tell you this, you already know that trick: "how much do you want to pay a month?" ring a bell?
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