Auto lender rip offs, santander , american credit acceptance and more
If you get a loan from one of these finance companies you are paying a 20 to 30 % discount to the lender plus state maximum interest rate, my state is 21 % APR interest rate, and what I mean by discount if you are paying asking price of 14000 , at 25% discount the car dealer gets 10500 of that and the fiancé company gets the other 3500 dollars, and if you finance for 60 months at 21 % the finance charge over a 60 month note is 9043 thousand dollars, so the aca or Santander is making 12543 thousand dollars your total pay off you will make payments on are 23000 thousand dollars, that's should be illegal and is unethical , I know this because I am a car dealer and have done these loans before and have dropped both these finance companies when I learned what they do, nobodys credit rating deserves that kind of penalty for having bad credit/bankruptcy etc
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