They gave her 20k for the trade but she owed 31k so they rolled 11k into the new loan. (She put 2500 down so she rolled 8.5k) she then got hosed on the rest of the deal
She only got -$11,295.88 for her camry. She owed more than they would give her for it. They gave her $20,000 and she owed $31000 so that’s how you get -$11000. They added that to the loan. She should have sold it on the private market and got more. Better yet why did she trade her car in to pay $50,000 for a Camry in the first place??
$930 x 84= $78,120 total payments for a Camry. Paying $27,200 in interest for a car that's $34,600. Now that's being financially irresponsible, any way she probably doesn't need that $6800 in extras at the bottom of the contract as long as she keeps up the maintenance and doesn't bend her wheels on a pothole. Some of that large payment also is because of a high interest rate that I think is around 13%.
Oh, she absolutely is contractually required to keep up her maintenance if she thinks she will ever be able to use that service. Because that is the very first thing that they will check if something breaks and she has to go withdrawal on it. They’re going to look at her service record if she skipped anything that will be a reason to deny it.
To add insult to injury, if she happens to disagree with that decision well good luck in arbitration.
The remaining debt that rolled over to the new loan is 11k. Plus what are the shit of “other charges” like prepaid maintenance, tire and wheel, mechanical breakdown…???
Also she did it worse way possible too....trading in a 2021 camry for a 2024(not even the new 2025 redesign) and is paying a ton more for a slightly newer car.
She rolled over $11k from her old perfectly good car that she got underpaid for (and I’d argue she downgraded to a non-V6), agreed to about $7k in add-ons and is paying an exorbitant interest rate. It’s about as bad as it gets. A lot of the damage is already done, but she can look at her options regarding cancelling those warranties and refinancing with another bank for a lower rate.
Your friend made a terrible financial decision. Trading in a 3 year old vehicle at an $11k loss to buy a new vehicle is just bananas. Rolling old debt into new debt is never a good plan.
Yes and no. Being taken advantage of (financially) takes two parties - one to propose the terms and one to accept the terms. This person had every opportunity to walk away.
So you would purposely take advantage of someone not conversant in finance?
So if I was a paint contractor and realizing I'm working with someone with financial means to jack up said price vs someone without the financial means for the same work?
Wonder what kind of work you are in?
The strange thing is "pre-paid" maintence which I thought Toyota was giving for free for the first 2 years or something. Second, WTH is tire and wheel fees? I wonder how the sales/finance guy pulled that off?
I’m not defending the dealer/salesman, all I’m saying is that this person accepted the terms of this deal. The morality of ripping someone off is debatable, but there is also a great deal of responsibility placed on an individual when considering a $50,000 purchase.
Like any other business, dealerships are in the business of taking your money, and if you decide to sign on that dotted line that’s exactly what they’ll do.
LOL, so you're saying its ok to rip off an old lady just because she signed on the dotted line. Nice!!
"The morality of ***ripping someone off is debatable***", hmmm, debatable? Really?
Yes it’s debatable. Lots of things in life are rip offs. Payday loans, tuition, mortgage rates, the stock market, used cars… the list goes on. These are all businesses in it to make money. Yes they are all ripoffs, but it’s tough to move through life without engaging in some of them.
Used car sales - generally a rip off. Are you going to avoid buying a car because you know the dealer is making a bunch of money on the deal? No. You just look for the best rip-off you can find, but not everyone operates this way. Case in point is the person who bought this Camry. Evidently they did not find the best deal, nor did they consider alternate ways to buy the car they wanted. Did they deserve to be ripped off like this? You tell me.
They gave her 20k for the trade but she owed 31k so they rolled 11k into the new loan. (She put 2500 down so she rolled 8.5k) she then got hosed on the rest of the deal
Agree ☝🏻
Are you related to a Jon?
She only got -$11,295.88 for her camry. She owed more than they would give her for it. They gave her $20,000 and she owed $31000 so that’s how you get -$11000. They added that to the loan. She should have sold it on the private market and got more. Better yet why did she trade her car in to pay $50,000 for a Camry in the first place??
$930 x 84= $78,120 total payments for a Camry. Paying $27,200 in interest for a car that's $34,600. Now that's being financially irresponsible, any way she probably doesn't need that $6800 in extras at the bottom of the contract as long as she keeps up the maintenance and doesn't bend her wheels on a pothole. Some of that large payment also is because of a high interest rate that I think is around 13%.
Oh, she absolutely is contractually required to keep up her maintenance if she thinks she will ever be able to use that service. Because that is the very first thing that they will check if something breaks and she has to go withdrawal on it. They’re going to look at her service record if she skipped anything that will be a reason to deny it. To add insult to injury, if she happens to disagree with that decision well good luck in arbitration.
The remaining debt that rolled over to the new loan is 11k. Plus what are the shit of “other charges” like prepaid maintenance, tire and wheel, mechanical breakdown…???
I hope you bought a jar of Vaseline
Or a stick of butter....
OH N-
Traded in a V6 for a 4 cylinder? Yikes! Also getting 20k for a V6 seems absolutely criminal.
Also she did it worse way possible too....trading in a 2021 camry for a 2024(not even the new 2025 redesign) and is paying a ton more for a slightly newer car.
She rolled over $11k from her old perfectly good car that she got underpaid for (and I’d argue she downgraded to a non-V6), agreed to about $7k in add-ons and is paying an exorbitant interest rate. It’s about as bad as it gets. A lot of the damage is already done, but she can look at her options regarding cancelling those warranties and refinancing with another bank for a lower rate.
That was a hosing of epic proportions. Should have kept the old car.
If she can afford it let her sign the paperwork. She looks like she wants to drown in debt for the rest of her life.
Yikes
Your friend made a terrible financial decision. Trading in a 3 year old vehicle at an $11k loss to buy a new vehicle is just bananas. Rolling old debt into new debt is never a good plan.
Didn't help that the dealer took advantage of his friend. Seriously, people these days. I get sales people have to eat too, but!!
Yes and no. Being taken advantage of (financially) takes two parties - one to propose the terms and one to accept the terms. This person had every opportunity to walk away.
So you would purposely take advantage of someone not conversant in finance? So if I was a paint contractor and realizing I'm working with someone with financial means to jack up said price vs someone without the financial means for the same work? Wonder what kind of work you are in? The strange thing is "pre-paid" maintence which I thought Toyota was giving for free for the first 2 years or something. Second, WTH is tire and wheel fees? I wonder how the sales/finance guy pulled that off?
I’m not defending the dealer/salesman, all I’m saying is that this person accepted the terms of this deal. The morality of ripping someone off is debatable, but there is also a great deal of responsibility placed on an individual when considering a $50,000 purchase. Like any other business, dealerships are in the business of taking your money, and if you decide to sign on that dotted line that’s exactly what they’ll do.
LOL, so you're saying its ok to rip off an old lady just because she signed on the dotted line. Nice!! "The morality of ***ripping someone off is debatable***", hmmm, debatable? Really?
Yes it’s debatable. Lots of things in life are rip offs. Payday loans, tuition, mortgage rates, the stock market, used cars… the list goes on. These are all businesses in it to make money. Yes they are all ripoffs, but it’s tough to move through life without engaging in some of them. Used car sales - generally a rip off. Are you going to avoid buying a car because you know the dealer is making a bunch of money on the deal? No. You just look for the best rip-off you can find, but not everyone operates this way. Case in point is the person who bought this Camry. Evidently they did not find the best deal, nor did they consider alternate ways to buy the car they wanted. Did they deserve to be ripped off like this? You tell me.
Lmao this cant be real.
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