killatee18

Hey, I have a E350 and the lease is ending 2/21/09. I am thinking about buying it out as the price has gone down a lot from the original contract price. Only problem is that the interest rate they are offering is 8.14%. I have perfect credit and a steady job and there is no way I'm paying 8.14%. May I ask what rate you got? Will they negotiate on the rate?? Also, I went to my local bank and rates there were outrageous too...this would be considered a used car loan right? Not sure if its the economy or just a really bad deal. Looking for a 60 month loan. Thanks!

220S

Have you checked with a credit union? I use one for my daily banking and their rates seem pretty good. Car loans are a bit tougher now since the price is plummeting on used cars. And jobs aren't so secure anymore. No bank really wants a used car they might have to sell. Just like the housing market. Loaning money is much riskier now.

Since most people buy things on credit, they can't buy things like they used to. It's a tougher time to buy things unless one has lots of ready cash. And so that's the place the world is in now.