pacific honda finance APR FEE, SCAM?

A

aiko

New member
hi...i got a car from pacific honda, its USE CRV 1998 78,00 MILES,.my problem is..they give me %23.5 APR,,they finance it. the car was around $7,800,,my down payment is $1500 and my mom is my co-singner, she has 759 credit score.,and i have 459, thats her score last month..but according to the dealer her score is 668+ or something like that..so now they want to put my mom as the primary becuz she has better score.?? and they put me as a CO-SIGN?? NOW we gone through all this paper work and i saw they give as %23 APR ??? i ask them why.! and they told me due to my mom dosnt have a license...is that a fair reason??

please i need some advise

thank you
 
Wait - you already bought the car and now they want to change the terms? If you already bought the car why didn't you know that they were charging you a 23% APR? That's extremely high - but because of your credit score I can understand it. The 23% APR should not be based on the fact that your mother doesn't have a liscense - that's irrelevant when it comes to determining the interest rate. If they want to change the terms my advice to you is to offer to return the vehicle and use the down payment on a used car that costs less than $1500. In the meantime you should get a secured credit card and work on building your credit. When I bought my first car on my own they called me 2 days after I drove off the lot and all of a sudden said that I need a co-signer. I told them that I had already signed the paperwork for my current rate with out a co-signer, thank you. They said that they would have to increase my rate and I told them that they had already entered into a legal contract and if they attempted to raise my rate I would be filing a complaint with the state attorney general's office - they didn't call back. If you have already signed paperwork and now they want to change it then you can offer to return the car and wipe the slate clean or you can tell them how full of bs that they are and keep the car with your current terms.
 
If the loan is approved, just pay extra each month to pay down the interest. Just hope this is the only major problem you have in your life. My credit score is 780 and Bank of America charges my 20% if I use the card. Go figure.
 
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