Eastern Motors Sells Lemons!!! Don't Even Think of Buying a Car From Them!

Dawn,

You stated that lenders select the rate.

Yes, they do, but dealers are entitled to jack that up and reap the rewards. It's called "the back end." Mortgage brokers do it. Car dealers do it.

The bank pays the difference to the dealer.

That's why dealers are suddenly able to offer you a better deal as you're walking out the door. They are taking some off the back end.

Don't lie about something you are not informed about and then call it your area of expertise.

My son worked for Easterns and I was told by him, not to purchase a vehicle from this company because most of the cars wre purchased from auctions. If you must purchase a vehicle from this company, ask them for a carfax report. Chances are, the vehicle you are looking at has seen more air time then a kid at a BMX show.

The Dealer does not set the interest rate. Interest rates are set by the bank and are a direct reflection of "credit worthiness" (this is my area of expertise). If you have an extremely high interest rate, try getting a copy of your credit report to see what is showing on your report. Maybe there's some old bill you completely forgot about that is adversely affecting your credit. In addition, you can always get your own financing (which is sounds like you did). For others... if you have a good relationship with your bank or credit union, go there before going to the Dealer and get pre-approved. Also, be realistic, if you do not qualify through a "traditional lender" and choose to use a "second chance lender" instead, expect to pay a fairly high interest rate. If you pay on-time for 12 months, you can usually re-finance and get your rate/payment lowered. In addition, paying your car payments on-time will also help your credit scores for future purchases.

As far as Extended Warranties there are a few Companies that provide these, but again, THEY HAVE NOTHING TO DO WITH THE DEALER. Even New Car Dealers sell extended warranties on NEW CARS. Of course, these companies limit their exposure to "major repairs" and do not cover "routine maintenance items" (either do Manufacturer Warranties".