July 15, 2024 at 6:40 pm

Car Buyer Claims You Should Never Put A Payment Down On A Car. – ‘You didn’t even pay attention to the interest.’

by Matthew Gilligan

Source: TikTok/@dimedocs

Well, that’s a new one that I haven’t heard before…

A TikTokker named Diam shared a video on TikTok and warned viewers about something that most people think is a normal practice: putting a down payment down on a car.

Diam told viewers, “If you ever paid a down payment for your car, you got scammed like hell.”

Source: TikTok/@dimedocs

Diam explained that her boyfriend’s dad worked at a car dealership and told her that car salesmen take down payments from customers as their own commission.

She said, “You think that you just put $10,000 on your car loan when your interest was adjusted to $10,000.”

Diam gave an example and said that if a person put $5,000 down on a $20,000 car, some salesmen will pocket the $5,000 and lower a customer’s interest rate to make it appear that a customer’s monthly payment went down because of the down payment.

Source: TikTok/@dimedocs

Diam said, “You didn’t even pay attention to the interest; you just paid attention to your monthly payments going down.”

She continued, “Because this went right over your head, he pockets your whole $5,000 as commission.”

Hmmmm…

Source: TikTok/@dimedocs

Check out what she had to say.

@dimedocs

Replying to @Nicole | Black Hair Stories ™️

♬ original sound – Dimedoesit

Here’s how people reacted to her video.

This viewer shared their thoughts.

Source: TikTok/@dimedocs

Another TikTok user spoke up.

Source: TikTok/@dimedocs

And one viewer thought didn’t hold back.

Source: TikTok/@dimedocs

Hmmm…that’s an interesting take…

It is a brave new world out there.

If you liked that story, check out this one about a delivery driver who gave two weeks notice… so his employer disabled his truck when he was 300 miles from home!