Illustration for article titled I just read one of the stupidest/worst car situations since my loan days

Another example of financial illiteracy. Probably worse. So this person had a Nissan. They didn’t say what model they had. But it was a Nissan that they were paying $300/month for. For a reason that could only be explained as they “got got” i.e. the dealer played them aka they are dumb as hell, they got talked into LEASING(!) a 2019 Lexus IS for, wait for it…$800/month. Its sick and should be criminal on the part of the dealer if it weren’t for how stupid this person is. What makes it worse is that they were upside down on the Nissan and rolled the negative equity into the lease.


They are distraught to the point where they said they feel sick and have been crying as the realization of the shit they just jumped into hit them when they drove off the lot. I mean, there’s just no words. Look at their tomfoolery explanation as to why they didn’t walk when the dealer hit them with $800 payment: “I was upside down with my last car. I am FREAKING TF OUT. LIKE. The reason why I got it was that my parents said they’ll pay half. but knowing them, sometimes they can be unreliable. I want to be able to afford it on my own. My lifestyle will have to change drastically, I cannot let this happen. I am getting ready to go over there to see if I can get rid of it. I hate looking at it!”

Illustration for article titled I just read one of the stupidest/worst car situations since my loan days

They then posted a screenshot of the email they sent to the dealer asking to be let out of the lease contract:

Illustration for article titled I just read one of the stupidest/worst car situations since my loan days

After some hours of updates, they made it to the dealer but stated they weren’t going to take the car back, but try to get them in another car or see if there are other options. Which I don’t know how that’s going to work considering the only other car that’s cheaper or around the same price as the IS that Lexus makes is the UX. Other than that they would have to go used.

Oh other tidbits that makes this situation laughably worse?

  • They are a college senior.
  • Said their credit score is in the low 600’s
  • Owed 8k on the Nissan and the dealer gave them 6.
  • They only put $1,000 down
  • This person is shady and dumb as hell. Stated that they originally got into their Nissan by bringing in fake pay stubs at a dealer known for selling repos (and with them being local I know exactly what dealer they are referring to)
  • Had a 23.9% apr on the Nissan with payments of $302.45/month.
  • Payments were so high they still owed $8500 after buying it for $9,249 last year.
  • Credit score was only 500 at this time
  • Initially got approved for the Nissan at 15%, but got a call from the dealer saying to bring it back, where they found another lender that would only do it at 24%
  • The apr on the Lexus is 16%

They were also on the phone with Lexus financial seeing what their options are. They are in SoCal like I am so there is a cooling off period of 3 days which it seems they were trying to use to see if they could get out of the contract. But they are stuck since this only applies to vehicle sales, not leases. Apparently they went stated income because they said they provided bank statements showing deposits as well. This doesn’t make sense as, unless this is a really shitty dealer which its looking like it is, dealers typically will only do stated income if the credit score is there to back it up. Unless she had some serious income coming in (or forged docs to make it look like she does).


I’m really curious though as to what dealer this is but the person is being vague on the details. The more I look at this the more it doesn’t make sense. The person also mentioned that this is indeed a Lexus dealer (which makes sense as its a brand new IS) and that they got denied at other dealerships, from used ones to even a Nissan dealer, which is notorious for putting low score people into Versas,Sentras and Altimas. How they approved this person is shady. A college student with a low 600 credit score, meager work history (I’m guessing) and low income shouldn’t have been approved for a nearly $40k car with a $800 lease payment.

Ultimately they ended up updating and stated that the dealer only agreed to take $40 off the monthly payments, and they threw in complementary repairs to ease the pain. Dumb. Just remember people, always read before signing.

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