Like the title says. So I bought a car earlier last year and my interest rate was 18%. My payments were really high so I went back to the dealership and asked them if I can refinance my car. I “refinanced” my car with the dealership I owed 29k and they paid off the debt to that bank. Then they refinanced the car with a new bank but when they refinanced they refinanced the car for 36k. And basically told me that’s what I had to pay. I signed because I felt I had no other option and my payments were going to be lower because my interest rate went down to 8%. But I’m still paying more than what I owed on the car.
I know now that my first mistake was going to the dealership to refinance.
Any suggestions on what I can do or is it too late?
Also how does the dealership make money like this? Doesn’t that money go to the bank?
Submitted February 01, 2023 at 04:34AM by Ihmlfr https://ift.tt/ClRT1qU
