I Owe $32,000 On My $18,000 Car!
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- Äas pĆidĂĄn 11. 09. 2024
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Who needs enemies when you have friends like that?
Please đđđ
How low a car salesman can go? Seriously taking advantage of co workers⊠shameful
Yep. Very terrible unless the sale person really does not like this poor girl.
The price tag of the car is $18K.
The interest of the loan is $32K.
Why doesn't the government put them to jail, this is no longer a business but rather a big scam industry.
Look before you buy. Stop crying to the government. Be an adult.
The person wanted the car and accepted those terms.
Caveat emptor.
Stop relying on daddy government to do your thinking for you.
She overpaid and VWâs go down in value rapidly. Should have bought a Honda or Toyota
A Tiguan, nonetheless. Another wanna SUV terrible drivers purchase because it has All Wheel Drive to overcompensate.
Toyota so overrated itâs funny
@@WolfRaged Toyota is definitely not overrated..that would be Hyundai and Kia
My Honda Pilot in on year lost 14k in Value in one year!! Hondas in my opinion are as bad as anything else.
If Iâm going into debt for (and I love cars) Iâm getting something way better than a Volkswagen. JesusâŠ..
We need financial literacy education in high schools
How are people supposed to make their money if thereâs no suckers?
There isn't, and its that way intentionally.
Would you take your cattle to a slaughterhouse before their time?
Bankers have lobbied to prevent that.
We used to have a home economics class in high schools that included budgeting. That got deleted in the 1960s.
Some states are beginning to include some sort of financial literacy course in their high school curricula so there's hope.
đđđđ u work at a dealer and still got got a 2018 for 50k is wild
She didnât pay $49k for the car. Thatâs just what she will end up paying if she makes all 72 payments. This is a classic example of people not even looking at the price and desperate for a new car. They just wanna know the payment and justify how they can âaffordâ it without looking at the fine print. Sheâs stuck with this car unless she sells it and takes out a personal loan to cover the difference of what she owes.
Heck, even the monthly PAYMENT was awful.
Heck, even the monthly PAYMENT was awful.
@@lovethemflowers That's just the monthly payment, she also has a high payment for insurance on top of that đ€ŠđŸââïž
@@handleyobusiness Donât forget tab fees, each and every year.
If the contract has prepayment penalties you can basically be forced to pay the full interest no matter what.
For example, some clauses make it that any extra payments simply go towards the next monthly payment not the principal.
Quit being a victim. You knew what you were getting into. She works where all these nice cars are at and couldn't help herself
She got all the warranties đ omg her dealership fleeced her
big time đ
They call her a mark in the sales world. Easy to finesse
No...not a car saleman.
They're known for being so trusting...
With friends like this, who needs enemies? This young woman is shark bait to all the predatory shark lenders out there⊠âoh yay, free moneyâ
Yip
Yep, they would see her coming from a mile away.
Many dealers were charging above sticker back then. My guess is they didn't have much inventory at the time.
â@@semosancus5506 agreed, the timeframe she mentioned we were still in mid 2022, i wonder what the 48k sticker would've really been had it sat just a few months longer
Painful, valuable lesson learned by this young woman. She is moving in the right direction.
I almost signed on a 20% because I didnât know what I was doing and my friend showed up last minute and asked to look at the contract and said No were leaving. Now after watching all these videos I canât believe how lucky I was that he showed up before I signed them. Thank you to him Iâm not in this type of situation. I hope she can find a solution to this â€
Poor woman, bless her heart. Praying she has wisdom to overcome this , lesson learned I guess.
Bottom line: This is just a lesson we all have to be smart enough to learn from. Consider Dave made many in his younger days.
Iâm very optimistic about this caller. She has a bright future learning this early on
Indeed. The first step towards enlightenment is admitting you have a problem.
Thereâs gonna be more calls like this as prices come down and people are underwater from super overpriced 2020-2022 cars
That's when smart money buys!
They were stupid to buy.
$49,500 for a four year old VW SUV??? She could have bought a four year old Lexus or Audi SUV for about the same price, maybe less.
The few times I walked into a new car dealership, I felt like I was in a snake pit. I have had some great experiences with used car dealers, especially in small towns.
Yeah, but at least you know the cars are new.
@@wewhoareabouttodiesaluteyo9303 it doesnât mean your getting a good deal tho.
@@rodleypumpkins4174
At least he can pay cash down and leave
@@wale4862 you're allowed to pay cash for new cars.
@@superblump87
Much better if you have it
Makes $50k/yr.... Makes a $55k transaction on a vehicle. Story checks out
Never use your own car for doordash or any of these apps.
THIS! Iâm learning this mistake now
So whos car are you going to use?
@@aconformist1not a good deal to do at all
Wow, she was taken advantage of big time. Poor girl.I hope she learns from this experience and gets more careful with whom she trusts.
The first step in getting out of a financial mess is accepting you are responsible for making it. You can't blame others to wealth.
She was not taken advantage off. She wanted the car at all cost and they gave it to her. She also took about a $2500 personal loan that she has to pay back $4000. She is a I WANT IT NOW person.
Leveraging somebody else's obvious ignorance and trust in you as a friend would seem to meet the classic definition of taking advantage of someone. She was wrong, but the dealership was wrong too if they charged her way too much for the vehicle.
Buy a car with CASH
This place is definitely predatoryâŠ..
Me. No car. No payments.
Life is good.
I have a 2004 Honda Accord. When that goes, I'm not sure what I'll do. But I've never had a problem with this car yet.
@Diane Celento
The clue is to look at the value of a car you'd like to purchase when this one gives up the ghost. Estimate how long this one will live and divide the price by the expected remaining months. Then set aside that amount every month in a seperate savings account. When the time is up, you buy the other car. That's the principle of depreciation.
@@dianecelento4974 Easy. Get another Honda.
@@sblijheid Great advice. Thank you
@@k20z3keith7 Yes I probably will if I buy another car at all.
32K eight months ago? This is worth about half that. This almost seems criminal..
For real. I purchased a Tiguan in 2018 NEW for ~29k.
Not criminal...just foolish.
People are lined up to lawfully trap people in these situations.
These are mistakes that should make her smarter in the future (or not...).
Not surprised. I have a friend who went to the dealership and the first thing she said is that she has $10K to put down. The dealership ended up raising the price $10K, collected the $10k down payment, and she didnât notice until I pointed out that they up charged on some line items.
Stealership đ€ŠđŸââïž
There's plenty of videos on negotiation and you never tell you're paying Cash until you're in the finance office...and have the final out the door costs
What a thief
â@@truckercowboyed2638 something i learned too later in life. All those money questions are NOT for the guy showing you the car
â@@truckercowboyed2638 That's exactly what I do.
Upside down in a German vehicle... Now that's a predicament I wouldn't wish on my worst enemy.
She may have made a silly decision (like we all have) but at least she is accepting responsibility for it and has the attitude to solve the issue instead of running away from it. Girl will be fine đȘ
The friend was after the commission, that's why.
She got totally messed over by her employer. She should talk to the GM about this.
It's a VW Tiguan
Yeah unfortunately GM wouldnât help her but I feel VW might show sympathy for her and give her the money back.
@@costco_pizza I donât think that how it works. She needs to talk to the bank that is financing her. The dealership has nothing to do with it. She signed those papers and I bet she blonde it was 15% interest.
ââ@@costco_pizzanot GM, they said "the GM" as in, the general manager.
â@@morganottlii2390"... the GM" as in General Manager.
I had to replay Georgeâs reaction when she said who sold it.
"Do you feel like the dealership has pretty good integrity" I'm not sure any new car dealership has a shred of integrity. I avoid them like the plague.
It is her own fault for not researching the price.
I actually agree with you here. It's not that hard to buy a car. Research the price and don't buy it unless you get the price want. Period. There will always be another car.
I agree. With the internet there is no excuse not to research. Hopefully she learned now.
@@dianecelento4974 Hey she works for the dealership needs to make a real friend with the right people and correct the problem or if that other so called friend that sold her the car was male just roast him.
@@MrBobm001 let all your friends and acquaintances know what he/she did. Or they/them !
Exactly. She could've googled models, prices, maintenance, financing, going rates, etc. She should've gotten quotes from multiple dealers. If that mumbo jumbo was still too hard to understand, just walk up to a guy at a gas station and ask for advice. Even offer him money to get the best deal. Dudes tend to be into cars and passionately yap about them and know a lot about them.
I've been doing some car research lately and am not much wiser. I think I'll hop to a friendly mechanic and pay them to give me the right information because the googled stuff doesn't get through my skull.
She dont know her numbers at all 688 times 72 is 49k she didnt pay 49k for the car
She got the warranty too
Sadly, business is business. They will tell her like a dealer told me, there are no take backs. I called the next day after regretting a bad purchase. Sheâs stuck with it and will take the loss to sell it.
Car dealerships & integrity are like oil & water.
I think a lot of people are going to be upside down on both houses and cars.
*is*
@@Komputar Is? Lol đ đ€Ł uh no.
@@bc_usa a lot of people already *is* upside down
its very hard to be under water on a house
Wow this dealership ruined her, but she signed the paperwork. Terrible judgment call on her part.
This is a layered issue. I feel bad for this girl, but itâs good sheâs learning. No more financed cars and she will have more boundaries around friendships and work.
They not buying that car back ain't no way
18 year old girls in the p industry donât even get exploited this muchâŠ
Lol
Stopđ
That's sad how people take advantage of others. I hope she gets out of that car situation. Good luck to you đ
I canât imagine her getting out of it. I just hope she learned a lesson.
Itâs nothing personal itâs business.
@charmroland out of that car situation annnnnd out of that JOB situation.
Thatâs not your friendâŠ.
Kristina- I love your perspective and how you always approach every conversation with emotional intelligence.
Dealerships are so scummy!! đ I feel so bad for this girl!
I wonder how they sleep at nightâŠâŠ..ripping people off left and right!
People are so stupid for taking those loans.
@@jimroscoviusI am very dumb for taking mine Iâm screwed man đ€Šââïž
She paid 50k for a 30k car. Ouch.
And that is one of the worst cars to get fleeced on. In no time it will start coming apart. Resale will keep going down down down. When those roll in to our dealership we immediately kick them out. Well they never get okayed in our shop anyway.
Used car prices were super inflated awhile back, so that could be part of it, but still sounds insane. Something is off...lord help her.
A FRIEND sold her the car??? Some friend.
We need financial literacy taught in school
why don't parents teach their kids this? piling it on the education system isn't the solution.
If the parents knew, they would. We need to teach everyone in school.
To this day, I don't believe I have ever actually used algebra in my life. But I sure would have used any training in finance my high school my high could have given me.
@@moblack5883 , I've been teaching my kids because I know they still don't teach it in high school or college.
@@georgewagner7787 So you're saying the parents don't know but expect the Teachers to know? Thats the issue with education people just want to pile on pile and not even aware what the curriculum is. Its like people want Teachers to raise their kids and they don't teach anything at home.
A new Tiguan is 40k. Wow. And they are garbage.
They saw her coming.
She can't put the miles on her car with delivery jobs.
Dont refer that person as "Friend". Or we need to redefine the friendship
OMG with friends like that, who needs a proctologist?!?!?!
Should have paid no more then 25k for it.
People need to go online and check the invoice amount before buying any car.
This is a really awful person to take care of her like that. Karma is coming for them.
Sales person needed to put food on the table. Just messed up
Terrible people who act like your
friend. The lowest of the low!
She took the question of âwhy did you get such a terrible interest rate?â As why did they only offer that rate. No the question is why did you sign up to it on such a bad rate
Agreed!! The buyer should be smarter than that.
I think at this point the caller realized she made a mistake and got fleeced, there's no point in asking why did you do it. She realizes shes going to have to pay a stupid tax on this one.
That is messed up beyond messed up. Poor girl got taken advantage of big time. Unfair interest rate, term, car. Didn't explain anything to her. Do your research folks. It can come back to bite you!
Bless her heart
Doesn't know how credit works , signed for everything
Oh the innocence đą
She was taken advantage of and clearly didnât know what she was signing up for. 15% interest??
Probably true although what are the chances her past financial decisions were just as bad, meaning no one would give her a lower rate.
High risk borrower equals high rate.
@@user-wt3wl3pm6qshe didnât have anything except a very small student loan on her credit. She didnât try to shop around for other financing.
Poor lady I hate these people who take advantage of people who really donât understand finances. This was a friend????.
That was the friends and family discount. Good Lord
Highway robbery by the finance deptâŠshould be illegal (edit: her own employer did this to her lol)
Sheâs literally going to work for free⊠all her money is going to the car she bought from them.
She needs to speak with management and have them rectify this or she outs the name of the stealership.
Crony capitalist scams like this is why the stealership model needs to end.
Why does it mattersâŠ.. all these questions are to embarrass her. Just help her
She has to help herself. The questions had to be asked to let her explain & understand the situation that she got herself into. Now, it's the situation that she needs to get out of!
If ANYTHING, they should have given her a better deal since she works there! Insanity.
This was a call for Dave
She going to have to make an OF page
Paid 30k for my Lexus gonna drive it til the wheels fall off
Lexus are really reliable when properly maintained, so the wheels might fall off in 20, 25 years or so. Lol
I bought a 2005 Lexus RX330 it now has 201K and it still runs great đ đ
They robbed you legally wow đź
That dealership is a rip off!!! I wouldnât even want to work there anymore
She did this to herself.
@@blackworldtraveler3711 I totally agree and sheâs responsible for her actions. However, I think the employer is unethical and shares some accountability. This woman is 22yrs old and she most likely made the decision trusting the place she works at đ€·đŸââïž
@@rdb0819
All she had to do was read and understand what she was going to sign. All the numbers were there.
Car salesmen has always been the lowest of lows.
I think part of the reason I keep my car so long is because I'm not looking forward to dealing with them. Can't stand those people.
SIX YEARS 15% and her friend gave it to her?!! wow that's so messed up poor girl. that's not a friend that's a snake taking advantage of her
Call the bank tell them to come get it and walk away.
With a nice reposession on your record and them selling the car for 10k at auction and sending the bill plus auction fees for the entire amount that you still owe.
@@aconformist1 goes away after 5-7 years. If you donât need to borrow money, FICO score means NOTHING
Ladies, unfortunately, this is what dealerships do. When they see someone that shows excitement when looking to buy a car, salesmen's and manager's will take advantage of anyone showing this excitement. Poor lady.
They're in business to make money. The buyer needs to be smart.
@@jimroscovius The buyer needs to be smart or at least smart enough to recognize that they are not smart enough in this area and to bring along someone who is before signing any contracts. People are too quick to blame the stealership.
@@aconformist1 Agree. A bank once tried to tell us we could afford a certain home loan. We knew we couldn't comfortably do it, so we didn't. We just waited until we got a loan for a house that we could afford.
She a grown women she signed it
Find a man and bring him with you ladies. Sorry but has to be said.
Being grown, does not mean you are resilient to unethics.
ARE YOU THE FAKE FRIEND SHE IS TALKING ABOUT ??? đ€đ€đ€đ€
The amount of people that are in the same boat from the markups that have been going on is wild.
That is just crazy! That car was way overpriced!
This is why education is important đą
What does education have to do with purchasing a car?
@@Primitive_Code if you are financially educated you know that signing up for a 15% rate of interest on a depreciating asset is stupidity. I hope it makes sense. I wish they teach more about financial education in schools.
You mean common sense.
@@nvasudeva school only goes so far. Itâs about personal experience.
Education can be informal as well as formal. So yeah, education is important.
Just refinance at a lower rate. You'll save thousands over the life of the loan.
This doesn't add up. $688Ă72 months = $49,536. So before she said, it was $55k after the add-ons it made since that she would pay, $49k+ if she paid on schedule. We also don't know what she put down, so we don't know how much she financed. They didn't ask the right questions, so we don't know what the price tag was or if she brought negative equity. Well, then again, working at the dealership, she may know the difference between the principal balance and the total she's scheduled to pay. She just forgot that most of the money is made in the finance office and OH YEAH, SHE CAN'T AFFORD THAT CAR.
They also never asked her what her housing costs were. That's kind of important.
@@DeepDeepSpace what? Her housing has literally nothing to do with her car
@@droid2D2C3P0 her housing has everything to do with it. It determines how much of her income she can put towards the car loan.
@@droid2D2C3P0
Her housing cost has everything to do with her car loan. If she lives for free, then she can pay more than the required $688 a month. She makes $50K/$55K a year, she can pay $2k to $3K each month into the car payment if she lives at home for free. All she buys is food.
But if she is renting, then she can't put extra money towards the car payment. So, yea, housing has a lot to do with her car loan.
@@terriesmith2616 that's not at all how it works.. you can either afford the car or you can't. Other expenses are irrelevant. You don't justify spending 40% of your income on your car just because you have no rent.. đ
At least she has the right mindset at an early age. And better she messed up at this age then older age down the road.
Thatâs crazy. Wow feel sorry for her.
Sounds like a house payment
She needs to take responsibility for her decisions and quit blaming the dealership.
yep
STEALERSHIP!
Wow I feel bad for this young girl. The dealership will take advantage of you the minute they saw that you don't know anything about cars. They always hate me because I Wil stick with the offer I put down until they give it to me or I will walk out.
I don't .
Been seeing this since the 80s and numb from it all.
Why should anyone feel bad? She works at a freaking car dealership and doesn't know what a bad deal is lol or looked at the interest rate before signing and chose a trash VW. Ignorance is not bliss.
@@k20z3keith7 you do realize not everyone is bright like you that can recognize a scammer a mile away or bad deal đ€đ€. She's very naive thinking that she's working for the dealership they would not ripped her off. They ending ripping her off at the end of the day. If everyone was like you and me scammers will stop scaming people on the internet.
How is she going to do these delivery jobs with no car????
They meant if she kept it
This girl walked right into a trap. She thought she could afford a car that matched her salary.
Thatâs great $ if she didnât have car and other debt. $688 payment is nuts when you have $2k in the bank.
Sell the car back, why have a new car if you need to do Door Dash.
I am speechless.
This is a rough one. Youâd think her âfriendâ would have helped her out
Right! So sad.
Question not asked: What is the loan balance and/or payoff on that loan. Sounds like she simply multiplied the monthly payment by the remaining term of the loan. She is financially illiterate and a perfect prey for car dealerships and Ramsey Inc..
Poor kid. Sure sounds like she was a bit naive and was taken advantage of, big time. Hope she finds a different place to work.
Learning some hard lessons here.
Maybe they didn't want her to leave? Trapped her with a debt.
That friend is swimming on commition money from that car purchase. Be careful on trusting people especially who are near to you
Sheâs gotta stop calling that person her friend and saying âthatâs what I was thinking.â Itâs not subjective anymore.
They are NOT your friend.
Paying that much for a such basic car like the Tiguan is crazy. I was assuming she got a BMW or Mercedes from the price, but I did not expect that answer. I wish her the best through this journey though, we all make financial mistakes in our life!
My 1st financed car was a Toyota Camry for $5500
Toyota Camry đ
@@luketarplin Great car.
@@SVSky uh huh
They set her up she needs to report them to police asap
I just leased a brand new car for zero down and less than $300 a month. Because I want to try an EV and donât want to own it for 15 years. So far, so good. This girl should have asked someone trusted for help. What a mess.
"There's a sucker born every minute"
Gotta have that VW Tigaun....I coulda told her it those are junk.
On the flip side, it's probably got a sunroof and nice rims!
She's on $50k a year, and the solution to getting an overpriced car is to work 60 hours a week and spend nothing. Bloody hell's bells. Just burn it all down and go live in the woods.