Interest rate too high

What is the name of your state?Tennessee
The interest rate on my 1998 car is 24%. I was told by the used car salesman that after paying on time for the first 3 to 6 months it would be reduced. (my credit wasn't great) 4 years later and my interest rate is still 24%. I still owe much more than the car was worth in the beginning. Is there any way I can get it reduced? Finance Co. says NO! I don't have financial problems to keep me from paying 444.00 a month for a used car but it seems soooo unfair! I have proven myself for more than 3 to 6 months.

[I AM ALWAYS LIABLE]

Originally Posted by meemo

What is the name of your state?Tennessee
The interest rate on my 1998 car is 24%. I was told that after paying this for the first 3 to 6 months it would be reduced. 4 years later and my interest rate is still 24%. Is there any way I can get it reduced? Finance Co. says NO!

My response:

Is THAT what they said to you 3 1/2 years ago when you first asked them?

IAAL

Yes, that is what the salesman said. Probably to get me to buy the car.

[I AM ALWAYS LIABLE]

Originally Posted by meemo

Yes, that is what the salesman said. Probably to get me to buy the car.

My response:

No, no, no! You're not reading carefully. You said you've had the loan for 4 years, and that you were told that after about 6 months, your rate would drop. So, if you subtract 6 months from 4 years, you get 3 1/2 years. So, I'm asking if you got that answer 3 1/2 years ago.

IAAL

[I AM ALWAYS LIABLE]

My response:

Oh, hell. It doesn't matter whether you were "told" this or not. What matters is the written contract. So, if you fell for that "line", then it's your fault for not reading the contract.

IAAL

Yes, I got that answer 3 1/2 years ago. Finance company said they made no such promise. It was only the salesman's word, not theirs.

[I AM ALWAYS LIABLE]

Originally Posted by meemo

Yes, I got that answer 3 1/2 years ago. Finance company said they made no such promise. It was only the salesman's word, not theirs.

My response:

There you go. You got your answer.

But why, all of a sudden, 3 1/2 years later are you questioning this?

IAAL

Because I still owe so much on the car I can't even trade it in. I am tired of paying $444 a month for a car that's not so new any more. I am ready for a change and that is impossible because I still owe too much. I know**************. that's what I get for listening to a used car salesman! So does this mean I have no options? Just shut up and pay for the car a second time?

Originally Posted by meemo

Because I still owe so much on the car I can't even trade it in. I am tired of paying $444 a month for a car that's not so new any more. I am ready for a change and that is impossible because I still owe too much. I know**************. that's what I get for listening to a used car salesman!

No, that's what you get for buying an overpriced 2 year old car and having lousy credit. You could have bought a junker for the equivalent of three payments.

Instead you've paid $21,000 to date and have NOTHING to show for it except more DEBT.

You're right as rain, but is there any legal options? Any type of legal action I can take to get out of the contract on a secured loan? And I don't want to loose the car. (I ask a lot, no?)

[I AM ALWAYS LIABLE]

Originally Posted by meemo

You're right as rain, but is there any legal options? Any type of legal action I can take to get out of the contract on a secured loan? And I don't want to loose the car. (I ask a lot, no?)

My response:

Getting out of the contract? Being able to keep the car anyway?

Oh, no. You're not asking a lot. You're just asking stupid questions!

IAAL

You are a real sweetheart, Bozo! I don't know the law, that's why I'm on this website. I thought I might get help, not jokers who want to make fun of my admitted ignorance! If I were a law expert, I wouldn't be asking for help.

[I AM ALWAYS LIABLE]

Originally Posted by meemo

You are a real sweetheart, Bozo! I don't know the law, that's why I'm on this website. I thought I might get help, not jokers who want to make fun of my admitted ignorance! If I were a law expert, I wouldn't be asking for help.

My response:

It doesn't take a "law expert" to have common sense, now does it?

How can you even ask if you can "rescind" a contract, and still be able to keep the car? Does that make any sense to you at all?

Please - - I'm not the one who didn't care about my credit rating like you so many years ago, which is why you're paying 24% interest. So, who's the Bozo, Bozo?

IAAL

Didn't care??? Is there anything a woman can do about a sick child who's medical bills soar up into the 100's of thousands of dollars and looses her job, her husband, and then her child to death. Life sometimes takes uncontrollable turns and you have no control over credit bureaus! Thanks for your concern as to how my credit got into such a mess.

[I AM ALWAYS LIABLE]

Originally Posted by meemo

Didn't care??? Is there anything a woman can do about a sick child who's medical bills soar up into the 100's of thousands of dollars and looses her job, her husband, and then her child to death. Life sometimes takes uncontrollable turns and you have no control over credit bureaus! Thanks for your concern as to how my credit got into such a mess.

My response:

You're welcome. Didn't you know? Everybody who comes here has a sob story. Cry me a river.

The fact is, you failed to read the contract. You believed a salesperson. You signed the contract. Those make you an idiot. Oh, and I'll bet you dollars to donuts that you STILL haven't read your contract - - because your answers are in the contract!

You didn't answer my question: "How can you even ask if you can "rescind" a contract, and still be able to keep the car? Does that make any sense to you at all?"

You had a choice to buy, or not buy, the car on those terms and conditions. Now, you have to live with the contract.

IAAL