Hello everyone!
I hope this is the right place to post this question, if not, please let me know!
To keep a long story short, i leased a new car in April 2016 for 3 years. the 3 year deadline was April 2019 and i went in to buy my car. the residual value plus taxes, title, and fees were around $15,000 total. i decided to finance the purchase and went through the dealership.
I do not have the best credit and i knew that going in i would pay a somewhat high interest rate. i was told that my total payment per month would be $348 for 72 months. My Dumb*** was thinking that was okay because i had already been around the same for the past 3 years when i was leasing the car. I made the worst financial decision in my life by agreeing to the contract and signing it. later that day i realized my mistake and i figured out that i am paying a 66% INTEREST RATE ON THE CAR!!! i was feeling stupid, angry, and all kinds of emotions, i honestly felt like a loser and still do. the contract sates that it is a 16.5% interest rate, but that i am paying over $9,000 in interest over 72 months which doesn't add up???
So i'm asking for help. i'm not exactly sure what to do in this situation. Am i stuck with this horrible contract for the duration? Should i refinance with my bank or credit union ASAP?
I know the dealership will not have sympathy, so my shot of getting anything changed on the contract is slim to none.
If anyone could give me advice or help me in anyway i would really appreciate it. If you guys need anymore info just let me know.
Thank you for reading!
Submitted April 25, 2019 at 12:16PM by RedundantVirus http://bit.ly/2W28YyI
