State Farm FAIL

[quasiskunk]

I got a cold call from State Farm (my auto insurer) yesterday, explaining that if I was still financing my car, they may be able to give me a better rate. OK..I'll bite. They said that they are now financing used cars at 2.19% and up. So yeah, I'll let them run the numbers.

I told them outright that I was getting 2.99% and my payments were 289/mo,

Comments

[sabotlours]

You're not their target customer. You can actually do math.

Any time I see an offer followed by "...and up." I usually just move right along.

[redvixen]

So let's see

36 months x $289 = $10404 total paid out
27 months x $388.30 = $10484.10
24 months x $434.65 = $10431.60

Paying more per month for a shorter time does not equal any savings for you.

Of course the 4.09% was a good tip-off anyway. But a lot of people will fall for this.

The key words I always watch/listen for are "and up", "starting at", and "up to". Those are the deals where it does sound too good to be true.

Then again, when I get calls telling me I've won something or will win something if I press 1, I hang up. Scams, nothing but scams.