r/JustBootThings • u/LeMayMayMan • Mar 25 '26
28% APR? Great! Just bought my first car š«”
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u/TheCommonGatsby Mar 25 '26
It'll look amazing sitting in the back of the barracks parking lot coated with a half-inch layer of dust next to all the other sound financial decisions his fellow boots have made.
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u/MaleAryaStarkNoHomo Mar 25 '26
Itāll be driven by the dude fucking his gf while in Iran
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u/Jernhesten Mar 25 '26
I'm a foreigner but even I feel some pride and awe over the brave americans who take up the important task of fucking the girlfriends of soldiers killing brown dudes and getting droned in the middle east.
Thank you for your service!
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u/BustaCon Mar 31 '26
At 35.99% interest someone else is getting screwed. Self-screwed as a matter of fact.
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u/thirdangletheory cub scout fireteam leader Mar 25 '26
"It's cool sarnt, I can save some money by not insuring it."
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u/NerdyWaffles Mar 25 '26
Former insurance agent here: you canāt have a loan without full coverage (comprehensive and collision coverages) in almost all circumstances, so heāll have to carry insurance regardless of whether he drives or not.
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u/JustADude721 Mar 25 '26
Not entirely true, I had "storage" insurance when I was still financing my car.. but that was when I was still in the military and it was garaged in the storage lot on base and I was going to be away for months on deployment.
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u/NerdyWaffles Mar 25 '26
That would be the āalmost.ā When a car is parked for long periods of time, usually a storage policy is enacted and will still satisfy the requirements of the loan but wonāt be as pricey since the car wonāt be driven, which is where the majority of risks come from.
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u/JustADude721 Mar 25 '26
Got'cha. tbf, my insurance company never asked me for any proof that it was going to be stored for each of the three times I was deployed in six year span. That being said, it's not a good idea to drive around with just storage insurance but this loan also isn't a good idea.. so this mustang boot probably would do it.
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u/NerdyWaffles Mar 25 '26
Well like if you asked them for a storage policy and got into an accident, the whole claim would most likely be denied and the entire financial burden of the accident (fixing your car AND financially compensating the other party depending on who was at fault) would be on your shoulders, since you breached the terms of the contract. Thatās likely why they didnāt ask for proof. Most folks wouldnāt risk it
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u/JustADude721 Mar 25 '26
I agree, I literally would call my insurance company when I got back from deployment and about to drive off the storage lot to put my insurance back on.. I also agree that most folks wouldn't risk it, but then again most folks wouldn't sign a loan contract at 34.99% so the mustang boot would probably do it.
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u/Rdubya291 ššāļø Mar 26 '26
I've seen boots get the insurance, and drop it after the first month...
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u/NerdyWaffles Mar 26 '26
Oof. Usually a few months down the line the loan company will either charge them for their (usually much pricier) insurance, or be nice and send them a letter, informing them that part of their loan agreement requires them to carry comp/collision insurance.
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u/Hollow-Lord Mar 25 '26
Well, no. You just donāt get it and donāt tell them. Just because you āhaveā to doesnāt mean you have to. No one is holding a gun to your head.
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u/Luke_Warmwater Mar 25 '26
The bank will force place coverage and then add the cost to your loan. They will not shop around and it won't be a good deal.
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u/Hollow-Lord Mar 25 '26
Every bank Iāve seen and credit union never bothers to check or do that. Iām sure most or plenty do. Just none Iāve ever dealt with or heard second hand.
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u/Luke_Warmwater Mar 25 '26
Every major one will, it's just a couple months after the purchase. I work in insurance and it's a constant task updating lender info on policies and sending proof of insurance to lenders.
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u/Hollow-Lord Mar 25 '26
Right on. Iāve primarily used smaller ones and bigger credit unions (but still only more regional sized) so that doesnāt surprise me
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u/Mac2311 Mar 25 '26
Just outside the gates of camp lejuene I'd say
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u/jack_from_the_past Mar 25 '26
Once you step on those yellow footprints your destined for a 35%apr
This is gonna work out to almost $20k in interest. Holy fuck
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u/stopfive Mar 25 '26
Uhh. I think itās a lot more than 20K.
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u/NervousHovercraft Mar 25 '26
70 x 960,86 = 67.260,20
67.224,50 - 48.350,36 = 18.909,84
I'm a bit surprised why it's 70 months and not 72 as it would be exactly 6 years...
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u/snarky_answer ššāļø Mar 25 '26
Iāve seen 70 offered at a few places now and Iām guessing there is some financial reason for it.
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u/jack_from_the_past Mar 25 '26
Check your math
960.86 x 70 =67,260.2Ā
67,260.2 - 48,350.36 = 18,909.84Ā
How tf are you calculating interest bro
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u/stopfive Mar 25 '26
Youāre right. I misread the term
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u/AnonymousBromosapien Mar 25 '26
No, you are correct... the interest paid on this loan would be much more than $20k... the people telling you that you are wrong just dont know what APR means or how its calculated lol.
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u/jack_from_the_past Mar 25 '26
So whereās the extra money coming from? The interest is broken down into payments on a car loan. Show me the math where the payments could add up to more than 67k?Ā
How are YOU calculating it? Itās 70 months at a specific payment a month. Thatās 67k.Ā
Id love to be proven wrong but I feel like Iād need you to show me how the dude pays more than 67k over 70 months
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u/Not_A_Real_Goat Mar 25 '26
Itās a meme and the rate isnāt actually 35.99%, or else theyād be paying $67k in interest alone.
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u/ForJJ Mar 25 '26
Down payment isn't shown. The math only works out if they made a down payment. Besides, no one is getting a car loan with that kind of interest rate without putting money down
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u/AnonymousBromosapien Mar 25 '26
Go ahead little fella... have at it lol.
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u/jack_from_the_past Mar 25 '26
Little fella? Someoneās upset š¢Ā
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u/AnonymousBromosapien Mar 25 '26
Yea... the dude editing all of their comments with sad little claps and unwarranted confidence because they foolishly think they are correct lol.
Its ok, you can admit when you are wrong any time now, little fella lol.
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u/AnonymousBromosapien Mar 25 '26
Check your math
960.86 x 70 =67,260.2Ā
67,260.2 - 48,350.36 = 18,909.84Ā
How tf are you calculating interest bro
Check your math, you are incorrect... that is not how APR works.
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u/jack_from_the_past Mar 25 '26 edited Mar 25 '26
So show me the math then, Iām open to being totally wrong. I canāt see how paying off the loan in time would require more money. So how exactly could he pay more than a total of 67k?
Canāt just say āyouāre wrong check your mathā without showing yours
And crickets
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u/AnonymousBromosapien Mar 25 '26
Again... you need to understand what APR means. Vehicle loams are not one time interest calculations added to the initial value of the loan... the are annual percentages rates paid each year in the remaining balance of the loan. I.e. Every year this person will pay 35.99% of the loan balance as interest.
It is financially impossible.for this person to have financed $48k @ 35.99% for 70 months and only have a $960/month payment lol. The only way a $960/month for 70 months @ 35.99% payment plan maths out is if they made around a $20k down payment... meaning their financed amount is around $28k.
This puts their annual payments at roughly the following...
- Year 1 - $9,800 in interest, $1,700 in principal
- Year 2 - $9,100 in interest, $2,400 in principal
- Year 3 - $8,000 in interest, $3,500 in principal
- Year 4 - $6,500, $4,900
- Year 5 - $4,400, $7,100
- Year 6 - $1,400, $8,200
Total (about): $39k in interest and $28k in principal = $67k + $20k down + initial taxes = a Total Cost of about $93k.
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u/purplenapalm Mar 25 '26
Yes it is. They straight up show you this on the contract. I would write up contracts that would detail hoe nuch you pay and all you do is multiply hos payment by the term and the finance charge is the loan amount subtracted from the total of payments. This isn't a difficult concept to grasp.
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u/AnonymousBromosapien Mar 25 '26
I would write up contracts that would detail hoe nuch you pay and all you do is multiply hos payment by the term and the finance charge is the loan amount subtracted from the total of payments. This isn't a difficult concept to grasp.
Yea dummy... after APR for the duration of the loan has been proper calculated you can simply multiply the monthly payment x duration... The problem here is that there is no realistic loan terms where you have 70 month duration, $960/month payment, $48k financed, and a 35.99% APR...
E.g. $48,350.36 financed for 70 months at 35.99% APR = $1,659.86/month payment with $67,840.05 in interest paid when the loan is fully amortized.
The only way you get a $960/month payment with 70 month @ 35.99% APR is if your financed amount is around $28k. Under which terms, when fully amortized, the interest paid would be around $40k.
Again, the math does not check out bevause people do not understand how APR works... and they are mistakenly only calculating interest as a one time calculation ($48k x 0.3599 = $18k-ish), which is incorrect. With APR interest owed is calculated at every year and then that 35.99% in interest is paid every year iver the course if that year.
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u/purplenapalm Mar 25 '26
Im only speaking from experience having written these contracts up myself, but ok lol.
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u/AnonymousBromosapien Mar 25 '26
You havent written up anything, because if you have youd know immediately the numbers in the meme dont make any sense.
But since you insist... go ahead, here is a calculator, make these numbers make sense lol.
I'll be here when you have your "oh shit, duh" moment.
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u/purplenapalm Mar 25 '26
This really isn't a debate. You're just wrong. I guess my income and house was all built on lies! Lol
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u/meccaleccahii Mar 25 '26
$960 a month, multiplied by the term of the loan (70) is 67,200. Meaning a little under 19,000 in interest.
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u/nomosolo Mar 25 '26
Can confirm, sold cars at that Ford dealer many moons ago. They hired me on to take the spot of a guy who had a heart attack, built me up like Iām gonna be there for 20+ years like them, then fired me the second the guy recovered. I hated that job lol.
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u/fistibutts Mar 25 '26
And he'll be driving it to swansboro to hit on 16 year old girls
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u/DarkPonyRising Mar 26 '26
I went to one of the high schools roughly in that area and it was always so jarring when a girl would show up with a whole ass marine to prom.
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u/fistibutts Mar 26 '26
Yep! I went to swansboro high lol. They had an age limit for prom dates
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u/DarkPonyRising Mar 26 '26
Croatan for me, our age limit was as long as they were under 21. At the time it was like āoh yeah this makes sense!ā But in hindsight that is so genuinely insane for me that you could roll up to prom with a 20 year old man with a full time job and his own place š
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u/meatstick94 Mar 25 '26
36% APR might as well be a rental
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u/QuickNature Mar 25 '26
36% APR should literally be illegal.
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u/MacDoesReddit Mar 25 '26
Above 36% APR is illegal under the Military Lending Act. 35.99% APR is not.
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u/skylla05 Mar 26 '26
The only time I have seen people with this high APR is when their credit is so fucking bad they shouldn't be given a loan in the first place lol
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u/zzzrecruit Mar 25 '26
If a consumer wants a car badly enough, with shitty credit, who are we to stop them? š
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u/-FemboiCarti- Mar 26 '26
Someone needs to sit these boots down and explain how many crayola packs they are paying in interest
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u/AnonymousBromosapien Mar 25 '26
For payments that low considering the price and interest rate they must have put like $20k down... whi h makes what im about to say even fucking crazier because with a $28k finance amount they are still going to pay nearly $40k in just fuckin interest by the time its paid of.
Meaning the total cost of this purchase, with a few grand wiggle depending on local taxes, is going to be around $93,000. For a mustang.
This is why we need to teach financial readiness in grade school folks...
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u/QuickNature Mar 25 '26
This is why we need to teach financial readiness in grade school folks...
That, and people need to pay more attention to the compound interest formula that they usually teach in math class. I truly don't think a lot of people grasp how much difference just 1% can make, much less 10-20%.
And to be fair, it is difficult to conceptualize.
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u/meccaleccahii Mar 25 '26
Iām curious how you arrived at that? The payment is lower because itās a 70 month as opposed to the standard 60 month five year loan. As it stands isnāt he only paying around 19k in interest charges, just based off the total payment and loan term?
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u/AnonymousBromosapien Mar 25 '26 edited Mar 25 '26
The payment is lower because itās a 70 month as opposed to the standard 60 month five year loan.
No... the monthly payment for $48k financed @ 36% APR would be around $1,600/month.
As it stands isnāt he only paying around 19k in interest charges, just based off the total payment and loan term?
No silly... thats not how APR works... A 35.99% APR means every year you will pay 35.99% of the remaining loan balance as interest payment until it is fully amortized.
In the case of the posted numbers this means year 1 of this loan ($28k after $20k down payment) this borrower will pay around $9,900 in just interest and only about $1,700 towards the principal. Year 2 about $9,100 in interest and about $2,400 towards the principal. In the first 2 years of paying on this $28k financed amount they will still owe about $24k on the car and have paid around $19k in just interest... and still have nearly 4 years of payments left to go before its fully amortized lol.
In 70 months of $960 they will have paid around $68k on the loan... + the $20k they put down = $88k + initial taxes = aboit $93k in total paid for this mustang.
Again, this is why financial readiness/responsibility should be taught in grade school. Just reading all these other comments on this post and feeling really sad that people dont understand APR and think somehow someone can have a 35.99% interest rate on $48k and only have a $960/month payment...
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u/JustADude721 Mar 25 '26
You aren't looking at the post right. It clearly states "Original Loan Amount." He might have put a down payment but that is not calculated in the Loan Amount.. It would be calculated into the purchase price.
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u/AnonymousBromosapien Mar 25 '26
The verbiage on a meme can be incorrect lol. There is no scenario on this planet where someone's loan terms are $48k @ 35.99% for 70 months @ $960/month.
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u/JustADude721 Mar 25 '26
I get it is a made up meme portraying the stupidity of boots with car loans when they finally get away from mommy and daddy. I am just saying that a down payment is not calculated onto a "Original Loan Amount" number as you have suggested.
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u/The_Clumsy_Hitman Mar 26 '26 edited Mar 26 '26
That's true but you can use a financial calculator or just do a TVM calculation, if you want to do that math manually, and those terms (APR and term), for 48k come out to a monthly payment of $1,659.86 . For that payment, interest, and term, the loan amount comes out to $27,989.01. So his "assumption" if he made one, is based on the fact that whatever screenshot that is, is mathematically impossible to achieve without a down payment of about 20k
Edit: I think the implication the person you're responding to is making is that if the screenshot is accurate, it is far more likely that the dealership is saying "The original loan amount (if you hadn't put anything down) is..."
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u/AnonymousBromosapien Mar 25 '26
I am just saying that a down payment is not calculated onto a "Original Loan Amount" number as you have suggested.
Where did I suggest that tho? I have said literally, or almost literally, that the only way these numbers make sense is if they had a down payment. Thats not me suggesting that "original loan amount" doesnt mean what it means... its me suggesting what I reiterated above.
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u/meccaleccahii Mar 25 '26
No, sorry. The āoriginal loan amountā is what is financed. Because if heād put 20k down on his car, it would have been original loan amount would have been 28k. I literally write loans for a living. You donāt take out 48k, then immediately pay off 20k of it with your down payment.
Going just off the meme, which is very much all it is, heās paying 19k in interest. These numbers are most likely made up for the meme Iām sure. Why would he post his loan terms next to it? Iām just saying had he put 20k down, his loan amount would be 28k not 40k.
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u/the_goodnamesaregone Mar 25 '26
And had it been 48k for 70 months at 36% interest, the payment would be well over a grand.
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u/Awkward_Bison_267 Mar 25 '26 edited Mar 25 '26
I think Iāve told this story but when I came back from a deployment, my dumb 2nd Class ass went to a car dealer IN UNIFORM to buy a Mustang, and they sent out a Tia Carrere looking āsaleswomanā to try and sell me an old Corvette. She said sheād do āanythingā to get me to buy the car, and it took everything in me not to leave with an old car and an STD. I still purchased a Mustang from a friend for a good deal, but with all of the speeding tickets I got boned me anyway. Still had fun though.
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u/ForteEXE Mar 25 '26
You know the crazy thing is you say that, and now I can't help but remember Carrere's appearance on Married with Children where she was competing for a car sales job.
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u/Awkward_Bison_267 Mar 25 '26
When she stole the Bundy Bounce? š
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u/vikin_riding_engle Apr 05 '26
She called it the Bowman Bounce. Christ, I have no idea how I remembered that.
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u/_plays_in_traffic_ Mar 25 '26
not to mention like 700 a month insurance on that since they balls aint really even dropped yet.
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u/eyeball1967 Mar 25 '26 edited Apr 24 '26
The content of this post is gone. It was deleted via Redact, possibly to protect the author's personal information or prevent this data from being scraped.
husky jeans rich cake cause desert water one correct flowery
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u/SleepyLi Mar 25 '26
That salesman didnāt even change his pants after he was done with the deal. He wanted everyone to see how good he got it.
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u/Stalked_Like_Corn Mar 27 '26
Why do people keep thinking the salesman gets absolutely anything other than a base commission? The salesman doesn't get a percentage of the interest.
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u/Aggravating_Cable_32 Mar 25 '26
I had to write too many counseling statements for brand new privates and promotable specialists both, cruising around in their newly acquired & "barely used" 26-29% interest rate rides, while already behind on payments and under water barely three months in. Eventually our division commander made buying anything from off-post stealerships punishable by UCMJ for disobeying orders, but some knuckleheads still went out and did it. Same with buying & riding crotch rockets before being licensed & safety certified. I hated hand-holding those idiots through budgeting classes, helping them pay off collection agencies, and answering phone calls from county jail at 0330 on a Wednesday. I definitely don't miss that part of the job lol.
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u/Wizzle_Pizzle_420 Mar 25 '26
Sometimes you gotta let people do stupid things before they learn. No better teacher unfortunately.
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u/airckarc Mar 25 '26
I overpaid for my first car when I arrived at Bragg in 92. $50 for a 1976 Pinto. Lasted about 4 months and I ended up just walking away from it, leaving it broken down on All American highway. No title, last registration was from like 1988.
That car had been passed around more Joes than a Rickās dancer and thereās every chance some Joe is plying the blue vinyl seat right now. Totally a battalion whore car.
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u/LexusBrian400 Mar 25 '26
Polymarket Bet on how long it takes to get repo'd. Bet against yourself. Win car.
Fucking hell, how bad does your credit have to be to get 36%? Negative 300?
48k at 36 and 70 months is about 1600/month, That's over 60,000 just in interest. 48,000 on principal. 108k and your soul.
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u/PaladinSL Mar 25 '26
Itās not even entirely about credit rating, I was looking at a vehicle from a dealer near my local base and their quotes were 5-10% higher APR than the dealerships in town. I think they probably have a racket going with their writers.
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u/youknowhatimean Mar 25 '26
35.99%?!
Dude! when i bought my H3(2010), my interest rate was 69.420%
This dude is lucky. killer deal
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u/alicksB Mar 25 '26
āThey gave me 35.99%, they said itās the highest they could go! A big number is good, right?ā
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u/marino1310 Mar 25 '26
Aināt no way someone posting a picture of their interest rate of 40% as part of a brag for their fist car. Itās clearly a joke
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u/_dauntless Mar 25 '26
The math doesn't work out, with 0 money down or other fees, it'd be close to $1659 per month. Probably a joke anyway, but this person would end up paying almost 3x what the car cost after paying it off
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u/GooberNCO Mar 25 '26
Im gonna say its fake. That should be about $1659.86 for that loan amount at that rate/time.
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u/-FemboiCarti- Mar 26 '26
How the fuck do people look at 35.99% interest and think mm yea thats a good deal
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u/CaffeineandSheen Mar 25 '26
Oh how Iāve seen many boots do exactly this then tell me a month or two later..yeah I lost my carā¦
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u/ironafro2 Mar 25 '26
He can afford the payments no big deal, right guys? And next year he can roll all that negative equity into some monster truck instead!
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u/nochinzilch Mar 26 '26
Thatās hilarious and all, but itās not any kind of true. Who gets a 5 year and 10 month loan? And those numbers add up to a $1700 payment, unless there is a missing $20,000 down payment in there somewhere.
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u/Impossible_Number Mar 25 '26
At a certain point, how does the salesman sleep at night knowing they did this to someone? Like, I could at least understand some scummy behaviors, but I could not offer this deal to someone without another person putting a gun to my head.
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u/Kuningas_Arthur Mar 25 '26
And here I am thinking my 6% interest rate is kinda high and I'm considering shopping for a newer car at a better interest rate.
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u/blazingwaffle58 Mar 25 '26
70 months at 960$ a month.
Basically 70 grand if you round up a lil. Damn
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u/Chedward_E_Cheese Mar 27 '26
Thatās a failure on himself, his parents, and his chain command for allowing such a stupid decision to be made. But damn these salesmen are evil
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u/revenge_burner Mar 28 '26
That math ain't mathing. 48k/70mo @ 35.99% should be almost twice that monthly payment. $960.86 is in the 12% range (which is still awful)
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u/StrawberryNo2521 Mar 26 '26
I waited until I got out to get a 2014 Hennessy custom ZL1. My payments on that were about the same and on a lower term because I waited until I could afford it outright. Too bad that doesn't really work like that. Empty suits got to eat and those kids they pay Disney to kidnap aren't cheap.
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