Are they just talking about the predatory “buy here, pay here”-type used-car dealers that have been around for a while, or are new-car dealers getting into the scam now, too?
The whole article was just anecdotes and heresay, so who knows. I know there is a ton of predatory b/s involved with buying cars but these examples seem like outliers. I think the Tik Tok lady was lying about her car payment(s) though just to go viral and it totally worked.
No it sounds like she got a shitty interest rate and it never occurred to her that said interest rate would mean paying just interest for years before touching the principal. Something around a 15% interest rate with no money down would probably give her that result. And yeah that’s very much an offer a credit lender will make when they know they can repo the car for extra profit when the borrower defaults. The car has to be insured. The lender literally cannot lose.
Here’s a Consumer Reports article cited by Vox. It’s got a few examples to help substantiate the claims it’s making.
Are they just talking about the predatory “buy here, pay here”-type used-car dealers that have been around for a while, or are new-car dealers getting into the scam now, too?
The whole article was just anecdotes and heresay, so who knows. I know there is a ton of predatory b/s involved with buying cars but these examples seem like outliers. I think the Tik Tok lady was lying about her car payment(s) though just to go viral and it totally worked.
No it sounds like she got a shitty interest rate and it never occurred to her that said interest rate would mean paying just interest for years before touching the principal. Something around a 15% interest rate with no money down would probably give her that result. And yeah that’s very much an offer a credit lender will make when they know they can repo the car for extra profit when the borrower defaults. The car has to be insured. The lender literally cannot lose.
Here’s a Consumer Reports article cited by Vox. It’s got a few examples to help substantiate the claims it’s making.