A friend of mine is caught between a rock and a hard spot with regards to financing. She is willing to pay a higher interest rate on a used car in order to build her credit. After trying at a reputable dealership and being denied, we went to Clay Cooly Isuzu in Dallas.
Knowing full well she was going to have to pay dearly on the interest rate we found an inexpensive compact that she could afford. After test driving it and waiting an hour at his table, she was told that they couldn't finance that car because it was a "Bank Car", meaning they could finance it through a bank, but because of her lack of credit they could only finance her an "In house car".
They showed her 8 cars parked at the front of the lot. All had more than 60000 miles on them and one smelled like it came from a flood. Reluctantly she pick the best one she could, a 2003 Ford Focus with 76,000 miles on it. Again we go back to his table and start "working the numbers". He came back with a price that was almost as much as a brand new 06 model, $14,995 with 25% interest for 48 months at a payment of $425 per month. My god, can they really get away with this or are some people just not with it.
After my friend and I walked out with tears on her face, I told her to save some money and we will try again someplace else. I for one am lucky that I'm in a little better situation than she is. She's lucky she had me with her or they would have raked her over the coals and took her for all she had.
While we were there, I saw a lot of single low income mothers that I feel real sorry for. All in all, we will never again step foot on any of Clay Cooley's lots, and I would advise anyone and everyone to avoid this place like the plague.
Dan
Dallas, Texas
U.S.A.
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