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I bought a 2010 Corolla S last june 2009. I have good credit.

The sticker price was I think around $18,000 - 19,000. They gave me an APR of 9.99%. I made a down payment of $3,000. My minimum payment is around $460 for 66 months, is this correct??

I bought the car at Puente Hills Toyota in South California. I know this is my fault for signing and everything but can anyone tell me how to fix this?

I always pay $500 per month hoping that it will lower my interest rate or something like that. Any suggestions?

Monetary Loss: $18000.

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Comment to Bulova 12; Wow thats a first the dealership gets to set the interest rate?? I've been in lending a long time and have never let the dealership set the rate?

Do you work for TFS?? Because sounds like the *** they try to tell customers.


I will say this that the APR is set at the dealership and not the bank. Also down payment goes to the dealership and not the balance of the car. That payment should have only been like 275 at most for 60months.


Also, making extra payments does not lower your interest rate. That money is typically applied to the principal amount of the loan-that is if the payment is being applied correctly.


The only way that you will be able to lower your interest rate is to refinance your car. Depending on your credit score, 9.99% is a high rate for a car.

I would seriously look into trying to refinance as you will be paying a lot more than your car is worth at the end of 66 months. Try going to a credit union.

Their rates are sometimes lower than a conventional bank. Good luck.

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