G
Ginger Lee
Guest
My 18-year-old daughter was in a car accident in Oregon where no one questions the fact that it was the other person's fault. Of course the insurance company wants to give her $1,350 for a car that she just got a $4,000 loan on. Thus, she still owes $2,650 on a car that is totaled. Although the high blue book is well below $2,000 the bank says they originally loaned $4,000 because it had been a repossession and they need to recoup their loss (she bought it through a car dealer knowing it was a repossession.) My daughter felt she had to pay the $4,000 because she couldn't get a loan anywhere else in our town with no credit. Now to get a loan to replace the totaled car, the bank said they will only loan low blue book on the replacement car. I was angry that they would loan over double high blue book on the original car (to recoup their loss) but will only loan low blue book now. Why did they let her get into a loan (that they said requires A+ credit) to take advantage of her? They said she was lucky that they gave her a lower interest rate and had been trying to help her--actually help themselves. Worse yet, the lady who rear ended her works at the same bank that loaned her the money. Aren't there any banking laws prohibiting banks from taking advantage of helpless 18-year-olds who did not even, in this case, do anything wrong?