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My brother who recently came here from the Philippines had to buy a car. He doesn't have anything for a downpayment, so he had to go and get a Nissan Sentra at a whopping 12%. Now he hears someone similar to his situation just got a Honda civic at 1.9% but she put down $2000 with a monthly of $350 with insurance. His monthly payments now come close to $500 with the insurance. My question is...is there a way he can get out of his deal and get the civic? I could not help him financially but if anyone has suggestions as to how to go about this or if its dead in the water.....
 

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Alamat said:
My brother who recently came here from the Philippines had to buy a car. He doesn't have anything for a downpayment, so he had to go and get a Nissan Sentra at a whopping 12%. Now he hears someone similar to his situation just got a Honda civic at 1.9% but she put down $2000 with a monthly of $350 with insurance. His monthly payments now come close to $500 with the insurance. My question is...is there a way he can get out of his deal and get the civic? I could not help him financially but if anyone has suggestions as to how to go about this or if its dead in the water.....
I don't really have an answer for you, except to say,

1. I assume the "3-day cooling off period" has gone by since your brother signed the papers on the Nissan (I assume this remedy applies in PA). He could have backed out of the deal during that time.

2. I suspect that the 1.9 percent financing on the Civic may only be available if a minimum amount of downpayment is made. Even if your brother could get out of the Nissan deal scott-free, without any downpayment he may have trouble getting that kind of interest rate.
 

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The low-interest-rate deals are usually for peeps with EXCELLENT credit, aren't they? I'm assuming your bro has NO credit, so he wouldn't be eligible for that deal. Tho since you say someone else in a similar situation got a great rate, perhaps not with Honda. Maybe they had a co-signer? Of course, could also be that the dealer jacked up the rate on him to make some extra $.

You might look into refinancing through a bank or credit union. I believe eloan and peoplefirst will do auto refi's, too. Worth exploring.

There's probably no way to unwind the deal @ this point...he'll get hammered on a trade so there's likely no benefit in doing so.
 

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We purchase my wife civic with the 1.9% not down (with this interest) we made more with a bank CD at 5 years term. Is standard on the civics with good credit.

Also if your brothers try to change return the Nissan or any other car at this time he owns more that the car is worth.

So better keep it. Sorry not other choice
 
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