My mom purchased a car on her own and i think she really got the dirty end of the stick. She has had the car for over a year now and is now coming into troubles paying the payments. I investigated into the terms of the loan thinking that i might just purchase the car for her. When i heard the terms it was unbelievable!! She has only been 1x30 late since the start and bought the car for 24k. And she still owes 23,000 on the car. Interest rate is 21% With such a ridiculous interest rate she was only able to pay down the principal about 1k. I blue booked the value and its between 16k-17k. . I'm in the mortgage industry and i would call that predatory lending.
Seems like the financially logical thing to do is let the lender have the car back. Its just not worth continuing the payments on that hunk of junk.
Seems like the financially logical thing to do is let the lender have the car back. Its just not worth continuing the payments on that hunk of junk.