I own my own LLC BUSINESS in Visalia. I enjoyed meeting Mr. Blanco earlier this week. "Jonovi" sales rep worked with me as best he could given the rather one-way posture of the dealership in the course of our negotiations. The price for the 2015 KIA was reasonable enough. However, the finance manager involved (probably "Rod") communicated thru his sales subordinate that a 19% interest rate was "doing me a favor", given my personal credit history. Frankly, I do not honestly think that such high interest is doing anybody a "FAVOR" with Paul Blanco's so-called "FRESH START PROGRAM!" Should we "Roaches-on-Paper" (smile) pay higher interest to purchase a fairly new vehicle? Mais-ouis! (but yes!) The question remains, however, WHEN IS ENOUGH, ENOUGH???
Let's get a perspective here: We live in an otherwise low interest economy where you can finance a new home on a 30-year loan for 3% or less on the balance. Your average new car loan with good credit is not much higher. What greedy, lender "xxxxx." in Paul Blanco's finance organization (sorry, Mr. Blanco) decided that usery at 19% (Installment Credit Card rates) is "good" for anyone who is "credit-challenged" to purchase a car?? Such exploitation should be called; "Paul Blanco's Fresh Start to Going Broke Yet Again Program!!!"
Of course, the dealership is quick to blame their "affiliate lenders" the bank! for their immovable lending policies at exorbitant rates. I call this move; "The Ole Side-Step Shuffle". The fact remains, such "Doing ya a favor" dealerships not only profit from the sale of the vehicle, but they are also in the business of profiting mightily on the interest rate with the banks as well.
So let's get REAL here friends. For MOI, I figure my unfortunate credit rating is worth paying no more than 12% on that new Kia from Blanco, or anywhere else. Jeez folks, I agreed to their price; their down-payment, the general terms of the loan, everything... Except being ** by 19% interest on a six-year loan! Don't get me wrong... I am a capitalist too! I really enjoyed meeting the staff at the Fresno store. They seem like truly nice people. But for me, myself, and I, guru Blanco and his grasshoppers are going to have to work harder to earn my business... what about you???