- October 4, 2023
- Posted by: legaleseblogger
- Category: Related News
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Heading: AI Legalese Decoder: How it Can Help in a Car Purchase Gone Wrong
Introduction:
I recently visited an unusual car dealership in search of an affordable 2009 Toyota Prius. Priced at a mere $5,780, the car seemed like a great deal. However, my interaction with the salesman, who was absent and communicated solely through text messages, left me perplexed. Despite my excitement for the car, I found myself facing a higher interest rate due to my supposedly “thin credit file.” In this extended content, we will delve deeper into the situation, exploring how AI Legalese Decoder can assist in such circumstances.
Problematic Deal:
During my conversation with the salesman, I discovered that he quoted the price of the car at $5,865 and offered a staggering interest rate of 16.29%. This hefty interest rate translated into monthly payments of $153.36. As an individual with a credit score of 780 from Equifax and 694 from TransUnion, I was left puzzled as to why such a high interest rate was being imposed.
AI Legalese Decoder: An Aid in Evaluating the Deal:
In situations like these, one might feel helpless when negotiating solely through text messages. However, AI Legalese Decoder can be an invaluable tool for analyzing the terms and conditions of the deal. By using this innovative technology, you can feed the entire conversation into the AI Legalese Decoder, which will then decode and decipher the legal jargon present in the discussion.
Understanding the “Thin Credit File” Explanation:
With the help of AI Legalese Decoder, you can gain a clearer understanding of what the salesperson meant by a “thin credit file.” It can provide you with detailed insights into the impact of a thin credit profile on interest rates and potentially offer advice on how to improve your creditworthiness.
Negotiation Assistance:
One of the major setbacks of communicating solely through text messages is the lack of room for negotiation. However, AI Legalese Decoder can help you identify potential negotiation points within the conversation. By highlighting the key areas of concern, AI Legalese Decoder empowers you to effectively negotiate terms and conditions, even in a digital conversation.
Detailed Information and Solutions:
To fully utilize the capabilities of AI Legalese Decoder, it is vital to provide it with all the necessary details regarding the car purchase. By analyzing your conversation, it can offer personalized advice based on your financial situation, credit score, and the deal at hand. This can range from suggesting alternative financing options to providing strategies for reducing the overall interest rate.
Conclusion:
When caught in a perplexing car purchase situation like this, the AI Legalese Decoder offers a ray of hope. By utilizing its advanced capabilities, you can demystify complex communication and gain valuable insights into the terms and conditions. Armed with this knowledge, you can effectively negotiate and make informed decisions. Remember to provide the AI Legalese Decoder with all relevant information, allowing it to provide tailored solutions to your specific circumstances.
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AI Legalese Decoder: Revolutionizing Legal Document Deciphering
Introduction:
In an era where legal jargon dominates the language of the law, understanding and interpreting legal documents can be a daunting task. One wrong interpretation or misstep can have significant implications for businesses and individuals alike. However, the burgeoning field of Artificial Intelligence (AI) has paved the way for innovative solutions, with the AI Legalese Decoder being at the forefront. This technology aims to revolutionize the legal industry by providing accurate and efficient decoding of complex legal texts, thus reducing the risk of misinterpretation and enabling greater accessibility to the law.
The Challenge of Legalese:
Legal documents, contracts, and agreements are known for their use of convoluted terminology and intricate sentence structures, collectively termed “legalese.” This specialized language has evolved over centuries to ensure precision and minimize ambiguity. However, it also poses a significant barrier to understanding for non-legal professionals or individuals without specific legal training. The sheer volume of legal documents, coupled with their complexity, has often made the process of deciphering legal language time-consuming and prone to errors.
The Role of AI Legalese Decoder:
The AI Legalese Decoder harnesses the power of artificial intelligence and natural language processing to overcome these challenges. By utilizing advanced algorithms and machine learning techniques, this software is capable of comprehending and extracting the meaning from legal texts. It automatically breaks down complex sentences into simpler terms and provides explanations in plain English, offering clarity and facilitating efficient comprehension.
Enhanced Accuracy and Efficiency:
One of the primary benefits of using the AI Legalese Decoder is its ability to consistently provide accurate interpretations of legal documents. Unlike humans, who may be susceptible to fatigue and subjective biases, the AI system remains impartial and ensures objective analysis. This technology also enhances efficiency, significantly reducing the time and resources required to review and understand legal language. As a result, legal processes can be streamlined, leading to increased productivity for law firms, corporations, and individuals navigating the complex realm of the law.
Accessibility and Democratization of Legal Knowledge:
With the AI Legalese Decoder, individuals without legal training can gain access to the nuances and legal implications within documents. This democratization of legal knowledge levels the playing field, empowering individuals to make informed decisions and negotiate contracts with confidence. Additionally, legal professionals can utilize this technology to expedite their work, allowing them to focus on higher-level tasks that require human expertise and strategic thinking.
Applications and Future Possibilities:
The applications of the AI Legalese Decoder are vast. From contract review and due diligence to compliance monitoring and legal research, this technology promises to revolutionize the legal industry. Furthermore, as the AI system continues to learn from its own performance and user input, its capabilities will only improve, ensuring better accuracy and further expanding the range of legal documents it can decode.
In conclusion, the AI Legalese Decoder represents a groundbreaking solution to the challenges posed by complex legal language. By enabling accurate interpretation and comprehension of legal documents, it mitigates the risks associated with misunderstanding legal jargon while simultaneously enhancing efficiency and accessibility. With the continuous advancements in the field of artificial intelligence, the future holds immense potential for AI-driven technologies to transform and reshape the legal landscape, benefiting both legal professionals and individuals navigating complex legal matters.
****** just grabbed a
Save up $6k and pay for it in cash. Don’t pay double digit interest.
​
> I really want this car
This is when people make poor financial decisions.
Organise your finance through the bank, not the car dealership
ItÔÇÖs a 14 year old car you are trying to finance, youÔÇÖre not going to get the same rate as a new car. I doubt a bank will even do an auto loan on it.
This is a bad deal if for no other reason than a 15 year old car is unlikely to go almost 3 years without having some sort of major problem and your money will be tied up in making 16% interest payments.
Keep saving and buy a car next year, and make sure your savings is in a HYSA where itÔÇÖs earning at least 4.5%.
Your $500 emergency fund is barely going to cover things like tires or brakes, so IÔÇÖd argue that you also need a larger emergency fund before buying a car.
If you donÔÇÖt meet the monthly income requirement from the bank, then that is why you are being quoted such a ridiculously high interest rate. They know you have no other option if you want the car.
Are you able to wait? Honestly if you took 6mo to save $2500, then you only need like 8mo-ish to save the rest of the money for the price of $5865. That really isnÔÇÖt that long compared to the much longer time frame you would be paying off the high interest rate loan. And you would end up paying a LOT more than $5865 for the car.
This might be tough to hear since it seems like your pretty young but working 18 hours a week and expecting to be able to afford a vehicle is delusional. Start working 40 and you can almost triple what you are saving.
A 2009 Prius is going to need a new hybrid battery soon, if it doesn’t have one already. That will be a $2000-ish repair, if you buy a cheapo remanufactured one and install it yourself.
This isn’t a “maybe,” like engine or transmission wear. This is a 100% chance.
Don’t take the dealership’s word that it’s got a new one, either – they will lie to make the sale, and you will have no recourse if it’s not on paper.
And even if it does have a new hybrid battery, there are a ton of common failures on 2nd-gen Priuses that will nickel-and-dime you to death if you can’t fix them yourself:
– Dash capacitors go out. This kills the dash display, among other things, but the car is actually still driveable in that condition and you can fix it yourself by replacing a capacitor on a little circuit board. It’s buried deep in the bowels of the dash.
– The brake accumulator goes out. This is essentially a beefed-up version of an ABS pump that provides brake assist in place of the vacuum booster on normal ICE cars, since the engine isn’t running all the time. Its failure mode often involves leaking, which means catastrophic brake failure; it can’t be ignored.
– The inverter water pump fails. That’s its own system, unconnected to the engine cooling system, and it isn’t too bad a repair – you may have to take a headlight out to access it easily.
– The inverter itself starts to fail, draining your 12V battery. Yup, a Prius still has a 12V battery it uses to boot up; if that’s dead you’re not going anywhere.
These are just the repairs I can remember doing on my wife’s 2nd-gen during the brief year and a half she owned it. That’s not counting maintenance. And this was a car that *did* have a new hybrid battery.
You can’t afford this car, and the dealership knows it. The enormous interest rates reflect the strong likelihood that you’ll stop paying once the car stops running.
> Mind you I spoke to this guy through text so there was no room for negotiation.
You couldn’t be more wrong. I just bought a car Saturday. Spent all morning negotiating via text and only drove to the dealer once we had a deal agreed.
You got taken because he knew you really wanted the car. Try getting pre-approved for a used car loan through a local bank/credit union and see what they give you.
For those out there wondering what is the “new normal” on interest rates these days:
Credit score | New | Used
—|—|—-
Very Good (780+) | 5.07% | 7.09%
Good (660-780) | 6.44% | 9.06%
Fair (600-660) | 8.99% | 13.49%
Poor (500-600) | 11.72% | 18.49%
Yikes (500-) | 14.18% | 21.38%
The best deal youÔÇÖll ever make is the one youÔÇÖre willing to walk away from
You can still negotiate through text message
you don’t have an emergency fund do you?
do you really need a car right now? can you bike, walk, moped, scooter, ebike instead?
it’s fine if you need the car. 153 sucks but the loan is small it wont blow you put, however if it took you 6 months to get 2.5k you likely need an emergency fund and desperately
the problem is not the loan. the problem is lack of a efund and the ability to rebuild one
You need to build up your credit if you donÔÇÖt have much history. There are tons of great starter credit cards as well as alternatives like cred.ai to help build up some history. I wanted to purchase a car last year and got rejected for financing unless I took a double digit % like youÔÇÖre being offered. I took a year to get my finances in order and now I have a gorgeous 2019 Audi RS5 in the garage, with a 4% interest rate instead of 13%.
If it took you 6 months to save $2500, ~$417 a month, a payment of $153 a month not counting insurance could put you under if you fall on hard times. Sounds to me like you should tighten your budget up as much as possible till you can buy it outright and build some credit history in the meantime.
they’re ripping you off because you want it. I just financed a $25K car at 5.99 percent Friday. My score is 850 (down to 840 because they pulled my credit).
>Please any advice I really want this car.
Go get financing from a bank. It will likely be expensive since its an older car and the loan amount is small but it may be lower than 16%.
Otherwise, just pay cash
DonÔÇÖt buy a hybrid that old. IÔÇÖm a big fan of ToyotaÔÇÖs but the battery systems on a hybrid make them more challenging to work on and if the hybrid battery goes they can be expensive to replace. The installed price of a new hybrid battery is 1k. That is almost 20% of the vehicles sale price. Interest rate aside itÔÇÖs just not the right used vehicle to buy from a maintenance standpoint.
Ps there isnÔÇÖt that much leverage in car buying these days you can threaten to walk away but they will sell it to someone else relatively quickly. If a dealer is highly motivated to sell a vehicle in this market it should be a huge red flag.
780 on one credit score and 694 on another? Taken at the same time? Something is definitely whacked. I think itÔÇÖs very important for you to request a (free) credit report from each of the 3 credit bureaus and compare each one. Once you have things sorted out, try going to a credit union for a car loan. DonÔÇÖt let the dealer make you think your only option is to get a loan through them.
Ramit Sethi has an interesting approach to car buying that I think I will try next time I am buying a car. Try looking it up. It’s in his book, but he probably talks about it on his podcast somewhere too.
Essentially, he just hits up a bunch of dealers online at once tells them exactly what he wants, lets them know he’s talking to other dealers too, etc. And basically negotiates with them without ever leaving his house.
At minimum I would suggest you look elsewhere, and then perhaps let this person know that “X person offered me a better deal…” and see what happens.
You don’t have to finance from the dealership
Just recently bought a 2021 VW Golf with a 7.99% interest through my credit Union and my credit was lower than yours (730ish).
Call up your local bank or credit union and apply for a car loan at a reasonable amount. Then pay off the car loan from your bank or ask the dealership to beat the interest rate. You always have options of shopping around for a loan, never take the one the dealership offers you unless it’s already cheaper than bank rates.
My best advice is to call it off for today and make them wait. Right now you have the mentality of “I really want this car!” But you want to be operating under the conditions of them thinking “I really want this sale!”
Go to a credit union or bank and get a vehicle loam through them. Interest rate will be way lower
Go to a bank, get a loan or line of credit which will have SIGNIFICANTLY LOWER interest rates, pay cash for the car.
Never buy that old of a hybrid. Trash.
Interest rates are garbage right now – pay attention to the US economy.
Fix your credit report differences.
> I put $2,500 down. He said the price would be $5,865 and quoted me 16.29% interest rate, and said the payments would be $153.36.
You are 100% being lied to because the math doesn’t add up.
Lets assume you put $0 down. $5865 @ 16.29 for 60months is $143.53…ok maybe 48 months but that is $167.09
But you are putting $2500 down, so the payments for 60 months are $65.
So, you are being preyed on and being lied to. Use google sheets and learn the PMT function, for any fixed rate loan that is how payments are calculated.
“Thin credit file” is a bullshit answer as well.
My husband and I have excellent credit.
We bought his car in 2019. We pre-approved through our credit union at 4%. The dealer ran our numbers and offered us 9%. We looked at each other and laughed.
Dealer financing is no longer a deal. If you need to finance, look into used car or personal loans at a local credit union.
My last car was a Dodge I got for 0% interest for 72 months in late 2021.
Just bought a Tesla and the best I could get was 10.79%.
Credit score mid 700ÔÇÖs. Make it stop.
You have a 780 credit score but not enough money to buy a 6k car cash and you canÔÇÖt save up any money relatively quickly.
What does that suggest to you re credit scores?
Have you checked with a credit union for the loan?
Don’t buy at that interest rate. In negotiations, you always need leverage.
In this case you need leverage by having an alternative financing setup ready.
You’re also negotiating the car sale price. Not their financing.
You should be ready to walk away. If they know you really must have that car, they have little incentive to do anything in your favor.
Go to your bank and get a personal loan.
Off topic
How many miles on the car. When do you think you will need a new battery. How long does the battery last on a prius ?
Good luck..
For cars newer than 09 but older than 2013, my CC says 20% down at 7.9. 2013 and newer is 5.9, no down payment required. Find the cheapest 2013 Prius might be the same cost in the end. Down payment money can replace battery.
You have a 780 credit score on Equifax and 694 on Transunion
Something is being unaccounted for in one of the reports cause thatÔÇÖs no small difference.
So why such a big difference in scores?
And what report did they use to pull to get the loan?
A dealer did this to me when I had excellent credit. I laughed in his face and he magically found an interest rate that matched my credit unions. I was a 20s woman, but I was with my dad so I guess they just try to take advantage of whoever then can. The dealer gets a kick back from financing.
Used car dealer here – most likely heÔÇÖs using a 3rd rate bank and heÔÇÖs a new customer so the bank starts these dealers off a high interest rate until they build a good rapport with the bank. I think itÔÇÖs like 50 something customers they need to finance a year before they start getting premium rates for customers.
Better off going to your bank or credit union to get a loan.
Got to a bank/credit union or go to [https://lightstream.com](https://lightstream.com)
16.29% is not the way. No car is worth that.
That is your interest rate if you finance through the dealership. Get a bank note.
People everywhere but here will fight you saying this car doesnÔÇÖt exist.
There is always room for negotiation. Text doesn’t matter. If you want the car, figure out how much that interest will cost you in the long run, and counter offer. Also, see your bank and see what kinda rate they’ll give.
Walking in with nothing and taking the first thing they say straight up is guaranteeing you are not getting the best value you can.
There are some credit cards, who will give you 0% interest rate for a year. Let’s say you put down 2500$ and let’s say the car is 6k total. So you’ll be financing 3500$ for one year which will make a payment of around 300$ interest free. This is pretty much how I paid my car
Check your local credit unions to see what their interest rates are. Also, check Pen Fed online, they’re generally the lowest around at about 1.5 points above prime, or so.
Interest rate is high because it’s a cheap car with little to no collateral value for the loan. Doesn’t matter what your credit score is in this scenario.
Typically cars over 10 years old cost more to finance. They are trying to protect themselves from l situations where if it breaks you quit paying by getting more of their money upfront. Also go to a credit union and get pre approved for a car loan, at no more than 36 months. They will tell you the amount and age limits that the car can have.
In my experience, it’s better to have your own financing lined up then see what the dealer can offer.
As a former car salesman who sold used cars, most banks will not finance that old of a vehicle (unless it is a classic or collector car). Generally speaking, the car is too old and likely has too high of mileages. ItÔÇÖs not worth a banks time to finance the car. They likely found some mom and pop bank/credit union to pick you up hints the high interest. It surely was not a big bank or credit union.
F that. This is why they are scams. Dont let them rob you. I’m sure anywhere like CU or your own bank has cheaper rate than that. Good grief
1) People over analyze and think credit scores are the be all end all. It’s just a 3 digit number summarizing your credit file. In the end, any lender is going to look at your file as a whole and determine credit worthiness. You could have an 800+ score but some red flag that makes them deny you.
2) The fact that your two scores are so far about (780 vs 694) indicates you do have a thin credit file and there are some major disparities. Most financing companies look at one or maybe two of the reports, so they might have looked at your TU one and not EQ or EX. Again, the score is just a summary and what is in your file is exponentially more important.
3) Dealer finance options can sometimes be scams. While manufacturer financing through them can sometimes be the best option, third party (which is almost certainly the case here) is often more expensive than you getting your own loan, but dealers push it to make commissions.
4) Do not pay 16+% interest on a car loan. If you can’t afford to pay the $6000 in cash and that’s your only option, save up or buy a cheaper car.
5) You can negotiate. In person, on the phone, via text, email, carrier pigeon, doesn’t matter.
6) Providing the monthly payment but not the term of the loan (e.g. 24 months, etc.) doesn’t help much. And in either case, it’s the interest that kills you. Dealerships focus on monthly payments when negotiating to play games. Example: Oh, you can’t afford $200/month? Ok, we’ll double the term and you can only pay $150/month. *What they fail to mention is that you’ll pay twice as much in interest.*
A vehicle that old wonÔÇÖt get financed my many banks, credit acceptance, Westlake, Santander are probably the only ones. ItÔÇÖs very common for rates that high on older vehicles. Most banks wonÔÇÖt touch them.
Go to your credit union and get a personal loan for 8-10% and bring them a check