A sucker walks into a brand new automotive dealership each minute. Dealership showroom flooring are virtually supply rooms for freshly-born suckers. There are shiny new vehicles on the ground, and rapacious younger gross sales professionals simply ready to lure you into one thing you possibly can’t afford, don’t want, or in any other case shouldn’t personal. I’ve seen them work their Jedi thoughts methods, pushing prospects upmarket, past budgets, and into longer and worse finance offers. It’s a borderline evil follow, and solely probably the most sociopathic actors in society discover employment as automotive salespeople. But this one takes the fucking cake.
If you’re cruising Reddit, I like to recommend trying out r/justrolledintotheshop. It’s the place the place mechanics publicly put up the worst examples of vehicles they should work on. On Monday reddit person Nicetrydicklips authored a put up titled “Customer left the finance paperwork for a new Kia in the glovebox.” The put up was merely a picture of the Truth-In-Lending disclosure for a model new 2024 Kia EV9, and the numbers typed on it are actually bonkers.
The buyer seems to have agreed to finance the brand new electrical Kia SUV for 84 months at an rate of interest of 10.65 p.c. Under the “Amount Financed” section, the seller has written $107,065.42. It isn’t clear how they arrived at that value, as a totally loaded EV9 GT Line with the entire out there possibility bins ticked maxes out at $81,450. Whether the seller is charging a $25,000 markup, or the shopper had a trade-in they have been rolling adverse fairness from into the deal, that’s a complete lot of cheddar for the automotive.
Given the shopper’s certified rate of interest, the truth that they put zero {dollars} down on this automotive, and the exorbitant quantity financed, they’ll have paid a complete of $45,252.62 simply in curiosity. That’s greater than the MSRP of a base mannequin Kia EV6! When all is claimed and performed, seven years of $1,813.31 month-to-month funds will add as much as a $152,318.04 Kia EV9.
That’s tough, buddy.
Source: jalopnik.com