Houston-based car dealer Jo the Car Plug (@jothecarplug) recently posted a video of a supposedly happy customer who negotiated a great payment plan on a BMW from Jo’s lot. But the details of the agreement have viewers wondering whether the customer had a fast one pulled on him.
Trying to get a good payment plan for a car can be a trying experience. Buyers can get overwhelmed by their options, and many get taken for a ride during the negotiation process. But there are always online car experts who share tips and try to help—or not.
Jo’s video starts with the dealer addressing the new BMW owner and asking for details about his payment plan.
“Yessir, Mr. David just sold his soul for this BMW 530,” he says.
Jo asks, “Mr. David, how much did you put down?”
The customer says, “$1000 down. Mr. Joseph hooked me up.”
Jo then asks, “How much is it a month?”
“$590,” says the customer, before adding that the monthly payments are for 325 months.
The text overlay describes the new BMW owner’s payment plan in further detail.
“Customer sold his soul for a BMW 530i with 289k miles. $1000 down. $590 month. 325 months,” it reads.
How much is a new BMW?
The post received 1 million views after two days on TikTok, and most viewers quickly realized that it must be a joke.
One person who did the math realized that the customer would end up owing $192,750 based on the deal he had made. This would be a bad payment plan since a brand new 530i BMW has a starting price of $58,200.
“Bro bought a house,” the commenter remarked.
Another remarked on the timeframe of the deal, saying, “That’s 27 years … that car won’t even make it that long my guy!”
“It’s obviously a joke. No bmw has that high mileage,” said another.
@jothecarplug Mr. David came all the way from San Antonio and sold his soul for the BMW 530I #newcar #soul ♬ I Got 5 On It – Tethered Mix from US – Michael Abels & Luniz
Other ‘deals’ from Jo the Car Plug
This isn’t the first or last joke post that Jo the Car Plug has uploaded. His other two pinned videos follow a similar format with the dealer asking different customers the details of their supposedly great deals.
Like the BMW customer, both buyers describe absurd car payment terms. One of them details a payment plan that would have her paying $389 for 267 months with a $1000 downpayment for a Ford Escape from 2021.
This puts her total at over $100,000. However, a quick search on used car dealership CarMax’s website reveals a maximum list price of around $27,000 for a used 2021 Ford Escape. And, according to Capitol One, “one of the longest car loan terms available is generally a 96-month car loan.” Jo the Car Plug’s video was likely poking fun at the long-term loans.
NerdWallet advises up to a 60-month loan term for new cars and up to a 36-month loan term for used vehicles. Any more than that, it notes, is not a great idea.
The Daily Dot reached out to Jo the Car Plug via Instagram direct message for further details.
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