Need advice if I'm getting ripped or not

[B3yondL]

A 2005 expedition was listed at 10000. I put a 5000 down payment and did financing for a year.

I have bad credit but I'm not sure if he's bullshitting or not but he said he has to put in a GPS for 500 to make sure I don't 'take off' with the truck. I thought it was stupid for him to charge me for that, I mean he has my address and all my work information as well. And even if he gets to install the GPS, why is he charging me for it? On top of that there's 400 of dealer fees.

So it's actually 10000 + 500 + 400 which is 10900. Is he supposed to charge tax on the GPS plus the dealer fees? Because he did and it then became 10900x1.05 = 11445. 5000 down, which left me with 6445. He then also charged me 15% interest, I know the rate is high but whatever, but is he supposed to charge me interest on the GPS and the dealer fees?

If not, it should be (6445 - 900)1.15 + 900. But he charged 15% interest on the 900 as well. Is it supposed to be like that?

[Weapon_R]

Pretty common with small dealers who approve anyone. How he calculates interest is in their best interest but it's the price you pay for having bad credit.

[NRGie]

The used sales dept. at the Toyota dealership I work at does the same thing for bad credit people (putting a GPS on)

[Twin_Cam_Turbo]

Had an even better one, customer car towed in for not starting, it had both the GPS and a ignition disabler, turns out he hasn't made his payment.

[lamp_shade_2000]

That looks normal. As stated GPS is common on high risk loans with cars. The GPS is a product so there would be tax applied as well. Financing at 15% should apply to everything above the 5000 downpayment.

[Maxx Mazda]

I'll be the first to say, if you can't afford more than $5K maybe don't buy an Expedition at 15% interest.

But hey, what do I know?

[revelations]

Originally posted by Maxx Mazda
I'll be the first to say, if you can't afford more than $5K maybe don't buy an Expedition at 15% interest.

But hey, what do I know?

There is so much common sense here , many peoples heads will explode.

[Cos]

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[GQBalla]

wow i did not know they did things like this.

makes sense but still...

[speedog]

Originally posted by Cos
I thought it was some dealer BS charge. There is actually a GPS thing like that? That is insane! Anyone have a link to it?

TELUS was putting GPS tracking units in their vehicles over 9 years ago and I suspect most large companies with fleets have been doing this for a while - used car sales to high risk people, just another business venture those those GPS tracking companies.

[Cos]

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[Maxx Mazda]

Lots of fleet vehicles have them, but if your credit is SO bad that they're willing to install a GPS to make sure you don't skip town on your payment, you've got bigger issues than GST on a finance charge...

[B3yondL]

I don't mind it being installed but does it have to be 500? It seems too expensive to me plus the fact that he's charging me for it.


I just wanna know whether the dealer fees + GPS is subject to interest as well, just seems a bit sketchy.

[Cos]

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[speedog]

Originally posted by Cos
Oh dont get me wrong. We have GPS trackers on our line trucks too. I am more thinking for privately owned vehicles. When I get into my work truck I know it will be tracked but my own personal truck? That is scary.

Just wondering, don't most GM vehicles with OnStar in them have GPS tracking built in? Probably the same for most manufacturer equipped systems similar to OnStar. Tracking is easy enough these days and now with many vehicles having bluetooth in them that starts up as soon as the vehicle is turned on, that is potentially another albeit more ineffective way of tracking a vehicle. Those traffic time estimation signs on Deerfoot - it's the city just politely using the freely offered bluetooth ID's of the multitudes of vehicles passing those signs.

[sr20s14zenki]

The gps trackers, including the service to run them, cost around that. He is probably charging you for the service of the gps for the length of your contract.

Buying a vehicle with bad credit is a bad idea. Better to buy a junker until you can save enough money for a down payment, to build credit with, or buy outright, and put some money on a prepaid credit card.

[FraserB]

You should be charged for the cost of the unit and to run it, it's not the dealer's credit that is in the shitter. As above, if they are making it a condition of sale and charging 15%, you have bigger issues and probably don't need a gas guzzler that is going to cost an arm and a leg to run.

[Rat Fink]

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[corsvette]

Originally posted by Rat Fink
Financing that old of a vehicle when you already have money issues is probably the most sketchy thing about your situation.....especially while agreeing to 15% interest. Expeditions can quickly become money pits depending on how it has been maintained and driven in its past, and even in tip-top shape they are not very fuel efficient. IMO, with the 5,000 dollar downpayment you have I'm sure you could buy a better vehicle outright.

+1.....I could think you could buy a whole Expedition for $5000, look on Kjiji, you could probably find a nice one owner truck with higer highway KMs that will fit that down payment.

I bought a bank Repo GMC Sierra once, drove home great. Next day go to start it and nothing..... after alot of pissing around I found It had a bad credit tracking device installed under the dash. Took a whole 2 min to disable it lol.

[corsvette]

Heres one...an 04 (same as 05) 186K $6000 obo and you own it outright.....

http://calgary.kijiji.ca/c-cars-vehi...AdIdZ474999432