Interest Rates for Auto's

[Trailabite]

Has anyone tried to purchase a new or used vehicle in the past 2 weeks? I seen a letter (dated 11/6/08) that was sent to Ford regarding peoples credit scores and it basically stated that a credit score of less than 720 is low and the interest rate on a used vehicle was 11.9 percent. New vehicles are in the upper 9's. So much for taking advantage of the lower prices of vehicles. Although, if your credit score is above the 720 mark you can get a decent deal.

[BigJerm]

I would be afraid to trade for one now... 2 or 3 dealers in GA that have gone under didn't pay off peoples trade in vehicles... So now they got the new vehicle payment and the old vehicle loan company looking for their money! 

[Trailabite]

That would just flat out suck! I hope that doesn't happen to me. I'm checking today to see if the payoff was done.

[Sasquatch]

Seems like legaly they could dispute the old payment by showing the contract the dealership gave them.  Therefore it's part of the folded dealerships debt.


If not....  :bs)