OAK MOTORS / INDIANA FINANCE Over paying interest... ANDERSON Indiana

Well, there is a mistake in which someone actually ripped you off without you being aware of what happened, like getting your account hacked.  And then, there is what you did, which was completely avoidable.

Technically, interest does accrue daily, regardless of the type of loan you receive.  The primary reason they don't tell you that, aside from the fact they don't have to tell you that, is that interest isn't calculated on a per-day basis.  I mean you could do it, but it's sort of a waste and would actually mislead a consumer into getting a really bad loan.

If you end up with a car loan, with an interest rate in the double digit percentage rate, then you don't need the daily calculation to tell you it's a bad loan.  If you're someone with good credit, a 2%-4% loan is reasonable.  There isn't enough infomation here to determine what the interest rate on your loan is, but there is your guideline. 

You can then figure out whether you have a high interest rate loan.  It's also important to remember that your interest rate is also based upon your credit score.  If you ended up with a high interest rate loan, then you have bad credit.  That's not an accidental mistake either.

Now to the rest of it:

I also feel this car has been wrecked, there is over spray all over the windsheild they didn't clean off.  I'll be calling some local body shops to see if it has been in there shop!!  What you should do is check on CARFAX to see what the car's history is using the VIN on the car.  I mean if the car had damage, then what makes you think the car's body work would have been done at a local shop?  What if it were done by the prior owner before it was traded into the dealer?  That would at least reduce your time to research by a lot.

I do not want this car anymore. just want it to go away and never look back.  This attitude is why you have a high interest rate loan.  This isn't just a "haven't you ever made a mistake?" situation.  If you're going to buy a car, new or used, then you have to know everything about what you're buying, the associated loan, and the commitment for both.  If you didn't do that, then that isn't a mistake either.  That's called dumb.

I paid over 18,000 dollars for the car and within 9 months of having it, its only worth 9,250.00 dollars.  If you bought the car used, then it wasn't worth $18,000 when you bought the car either.  Of your entire report, this would be the part where you were actually ripped off by the dealer.  Now, had you known what the KBB value of the car was before you walked into the dealership, then you would never have made the decision to buy that car. 

If you bought the car new, then the car would have depreciated by 25% the minute you drove the car off the lot.  Either way, cars depreciate the minute you drive them off the lot.  However, in your case, to see that car's value at 9 months only tells me you had no idea what you were doing when you walked into the dealer.  You bought the car on impulse and now you have regret.  That can be a mistake, but when combined with everything else...?  No.

Moral of the story:  Do your research before you walk into a car lot, not after.  Know what you're getting yourself into when you sign your name.  If you feel any pressure at all, or unsure about anything, then walk away.

I honestly dont care what you think..  Hey i made a bad choose at the time i didnt have good credit. They didn't have to screw the hard working person to get rich of US... 

This is a ripoffreport, not jerry springer show...

Your saying that yo have never made mistakes in your life..

 It's kind of dumb to be coming here to complain about the APR after YOU agreed to pay that rate! What a SMART CONSUMER does is READ the contract BEFORE agreeing to the terms of said contract. The APR is determined by YOUR credit worthiness.

I suspect the banks with their lower APR won't touch you because YOU gave YOURSELF a reputation of NOT paying YOUR bills on time! The so-called daily rate comes into play when you fail to pay on time. That is the formula used to determine how much more interest YOU generated by YOU being late. Finally...the BBB has ZERO ENFORCEMENT POWERS.

The BBB and all their BS can't force any business to do anything. The BBB-BS is NOT part of ANY government agency or law enforcement. The ONLY purpose of the BBB-BS is to deceive the public into thinking they have some enforcement powers, when they most certainly do not!

The BBB-BS will SELL their phoney accreditations and their phoney ratings to ANY business which wants to buy it, whether it be an honest business or a prime example of the Sleazy American Car Business.

DISCLOSURE: Because you may not like what I have said here, don't bother with the "you must work for them" garbage. Come up with some sort of intelligent point-by-point rebuttal instead if you have that capability. Secondly, this is a PUBLIC SITE. If you don't like what someone says about your complaint, then don't post here!