I got sucked in by a buy here pay here car dealership and need advice

   Hello, i'm PFC Byron Tasset and I need some advice in order to make this loan less worse on my financial health. I am fairly new to the credit world as I am only 19 years old. I started my credits life with a credit card from Navy Federal Credit Union. I was financially responsible with it and have made all of my payments on time, working to build my credit. I unfortunately lack credit history as I have only had the card for 3 months. Then the time came when my old hand me down vehicle had died. The next day I started looking for a new vehicle. I went to multiple well known car lots, not knowing a thing about financing a car. Each lot would call me and say, " We have multiple programs for young people who have no credit". I would then go to the lot, theyd show me a car, I would test drive it, fall in love with it, then fill out there credit application. Five minutes later they would come back saying," Unfortunately we would need a cosigner in order to finance you a car". I dont have any family where I live nor friends nearby so I couldnt provide them with a cosigner. I did not know at the time I was visiting all of these car lots that each time i went to a car lot, they pulled my credit. I later found out that my credit was pulled over 20 times, which devastated my credit. I then tried one more lot, not understang their buy here pay here slogan. I went in and they brought me a 2014 Dodge Dart. I test drove it and I wanted it. The salesman told me they found a financer for me and I could get the Dart. Having a compulsive personality, I was unconcerned about the paper work and I knew that the payments were very high, but I knew I had a job and I could afford it. After a month I received all of the paper work, and I took a look. 21% interest, 380$ a month, 72 month term. The sticker price of the vehicle was 14000$, and if I pay this loan all the way through Santander (The financer) I will end up paying a total of 21000$ for a car worth 14000$. After my first months payment between my rent, phone, insurance, and car payment I was left with no money left, and the car payment is responsible for taking 40% of my monthly income. I can see that I will be miserable if I continue this loan as I will never have any money to save or spend on entertainment. I am young being 19, and I dont want to ruin my credit as credit is one of the most important things in an adults life. Can you offer me the best advice you can give in regards to this situatiuon? If so I will be much appreciative of the help. I have been a customer of USAA for a while, and they never let me down. Thank you for your sevice to the men and women in Uniform.


Hi ArmyDude2016,


Thank you for reaching out here in Community. I have passed this along to our Financial team and they will be reaching out to assist. Best of luck to you!