Online Car Loan

Question by dozing panther:
Help, Please!. Am I being rip off by the automobile dealer?
I just purchased a used automobile today. It was $ 20699 including tax, registration, plate, and other kind stuff. We’ve made down payment for $ 5000, so the amount covered by auto loan is about $ 15200. When I talked to the finance person, she told me the total interest I will pay is about $ 9000 for 6 years; the payment is going to $ 350 per month for 72 months. She then told me buying a warranty plan can lower the interest rate. The original interest is $ 9000, the cost of the warranty is about $ 5000, once I purchase the plan, she can make the interest to $ 4000. Even though these still add up to $ 9000, at least not all my money goes to the interest, I have a warranty. Because of what she said, I concur to purchase the warranty. So I have to only pay for $ 4000 interest, but the amount of money we borrowed from bank is $ 20200 instead of $ 15200. Not until I got home, I realized something’s not right. Based on the deal with the sales man, it should only remain $ 15200 unpaid. I used on the web loan calculator, only the annual interest rate is 20% would accumulate interest to $ 9000 for 6 years. My credit score is in the mid-600, the sales man told me, he said it is not good, but not bad. I think my credit score would bring me a lower annual interest rate than 20%. Am I correct? If the $ 9000 interest is bullshit, can I cancel the warranty contract? I mean $ 995 for etching is really a rip off; it only costs $ 15 outside, not to mention Honda care and other kind of stuff.
I am going to see the finance person today. How can I fight with her to cancel the warranty? Especially the etch part, it is already made and included in the cash price, how can I tell the dealer I do not want it. Indeed, the finance person never mentioned it to me before or after signing the purchse contract. After reading some of the world wide web source, I assumed it is part of the warranty stuff.
I just went to the dealer this afternoon and talked to the finance person. She told me that I signed the contract with the bank and concurred to borrow that amount of money from the bank; unless I pay off the principle amount, I can’t cancel of any of the warranty. Did she leid to me? I think she is trying to put me off to the date that I can’t cancel any of the warranty. She also told me that without the contract, the annual interest is going to be 16%. If my credit score is in the mid-600, is that annual rate ridiculous high?

More >