When I was 18 I bought a Chevy Cavalier to start building my credit. It was reliable and at the time I was driving 150 miles a day to school and work. Two years later I had already put 60,000 miles on it, which was the mileage for the warranty expiring. My fiance and I decided that we should get a Jeep Cherokee since, eventually, we would start a family. After finding a car that seemed reasonable, $18,000 which included the amount i was upside down on the cavalier, we decided to start negotiating the price. The finance manager said they don't give the low interest rates to people under 21, but that he would work with us. Four hours later, they had only come up with an interest rate of 22%. Not knowing how bad that actually was and since they had informed me they sold my car already, i signed. Total cost of the car ended up being $36,000, twice the sticker.

One year later my fiance and i broke up, I took the jeep to a friend that started working at another dealer and bought the Mustang i really wanted with a .9% interest rate. That Jeep was on my credit until 7 years later. I told them I'd rather have bad credit then pay them.