Dealer lowered Interest rate on used car so i can purchase extended warranty??

It's actually a good deal.

Just pay $400 every month to pay it down quicker.

 IF you need repairs during the warranty period. 

Something is wrong with your 24% deal.  If you borrow 14900 - 5000 = 9900 for 60 months at 24%, the monthly payment is 285, not 348.

https://www.bankofamerica.com/auto-loans/auto-loan...

What do I think?

the math doesn't work - adding $3000 and reducing the interest rate from 24% to 14% = increases the monthly payment $10 a month.  This $10 a month over 60 months will equal $600 extra that you paid.

You bought a car for $14900 with sales tax, registration and other fees the cost is approximately $17279.75 but you put $5000 down, so your loan amount is only $12279 and you are going to pay over $25000 for the car. 

What are the requirements of the extended warranty?

- is it bumper to bumper or power train only?

- what are the restrictions on what mechanic you can take it to?

- what is the deductible to use the warranty?

To fcas80 - the car is $14900, then you add 10.25% sales tax (LA County) and $750 for registration, licensing, and other fees and you are just about at his $347 a month. 

Why did the interest rate change from 24% to 14%, I don't know.   I would surmise that with the bigger loan amount, you were able to get better interest.  But you can ask the dealer for sure.

Anyway you look at it, your deal is a financial mess.  Who would pay $25000 for a car that is probably worth $12000?  RIDICULOUS.

It is, he gets a commission for selling the warranty and baited you into it.

If nothing else, I hope you've learned the value of maintaining a good credit score. I have good credit, the interest rate on my auto loan is < 3%. High interest is the price you pay for being irresponsible with money.

Congratulations, you just agreed to spend $26,000 on a $15,000 car.  

Jesus. You are a total moron.