Credt Acceptance auto loan finance rate of 22%with the book vaue from kellys blue book is 1800 and we are to pay 11,000 when done with payments Southfield Michigan

OP, from what you said "under pressure"..do you mean YOU were under pressure to buy a car quickly, so it was your issue to make a decision soon?

Or that they unduly pressure you to buy immediately?

If the 2nd why  not slow the process down, and ASK mroe questions? go home, and come back after sleeping on it, or calling a friend to come help you discuss it?

Since you bought many cars and got  many loans over your lifetime maybe they assumed you understood English just fine, and didn't need to have your hand held, and read you each paragraph.

Ultimately you made a decision, KNEW the rate was very high, and agreed to the deal...then changed your mind?

GAP insurance is offered to cover the difference in cost to protect you if totaled, this can cost $300-600+ 

I see so many complain they got taken advantage of after saying "what a hurry" they were in... asking a lot of questions and doing research or looking at car values is free online.

The person who tried to help you did not "no" your situation and I had a hard time understanding what 'excise tax' means

"but when we recieved are excise tax"   ???

You still have the ability to fix this issue long before you spend $11,000.

You don't say what the actual loan amount is for your vehicle. I suspect it is much, much less than the $11,000 that you would pay if you paid the current loan on time every time until its termination date. It could be even half or less.

The easiest way to reduce the amount of interest you pay on a loan is to pay the principal balance more quickly. In the alternative, you can make a large lump sum payment to reduce the outstanding balance on which the interest is calculated. This solution assumes you have a simple interest loan and not a loan like the old "Rule of 78's" where all the interest is collected regardless of the term.

Go to bankrate(dot)com and put in your loan terms as you originally signed in the contract. Then calculate and print up your amortization schedule. This is the best way to see how your payments are applied. This assumes each payment is made on or before the due date. If you pay late, then there are fees and additional interest.  Check out various options in the auto loan calculator and you will be surprised at how much you can save by paying a little bit extra or by making a large lump sum payment. It is worth checking out.

On the other hand, if you pay early and with larger payments then you reduce the amount of total interest you pay. The earlier you pay off this loan, the less interest you pay. It is very possible to reduce the amount you spend on this loan tremendously.

To prevent this from happening in the future, learn about credit rebuilding and financing. Next time you need a vehicle financed, go to your credit union (or find one) and get your approval there first. Don't let the auto dealership finance it. Don't even let them pull your credit. Then you have control over how much you pay and the interest rate you are charged.

Use this as a lesson to not fall into the dealer's trap again.

 First of all we were under pressure and at the time noticed the interest rate was high but we needed a car and wasnt until I recieved the excise that it all became real!!! Besides Who are you to judge me as you did not no the Whole story behind it we did not think Marxs Auto would also rip us off and when it comes down to it , its just people taken advantage of people in a time of crisis, not once were we asked do you understand this?? We had no car and sad to say of the people that are also in our position to get ripped off.  I cant even trade it in as no dealer will pay that much for that car??? We had many other car loans in past with local banks and were paid off in full but this company should not be allowed to charge that as the year of the car 2003 really?? there are newer cars that are financed that dont charge that so yes we were wrong at the time but Marxs auto of New Bedford is also a major thief as well . Denise

Do you kind of think the common sense thing to have done would have been to figure all this out BEFORE you made the purchase and have decided at that time BEFORE you obligated yourself to the terms if those terms were to your liking?  Nobody forced you into this deal.