Posted on 01/07/2014 5:13:55 PM PST by dynachrome
A B.C. couple are speaking out about how they feel they were misled into a 25 per cent vehicle loan from TD, which has left them paying more than double the price of their car.
“We’re paying $21,000 for the loan — then $23,000 in interest,” said Angie Hauser of Kelowna. “They’re making money off of people who have no money.”
“We’ve been robbed by a bank with the help of a car dealer. I mean, that’s the only way I see it,” said her husband Enzo Gamarra.
"Why would I want to pay $44,000 for a car that's now only worth $15,000?"
Hauser and Gamarra declared bankruptcy in 2010 over credit card debt. The following year, they saw a sign at a Kelowna dealership offering financing for people with bad credit.
(Excerpt) Read more at ca.finance.yahoo.com ...
Suckers idiots bone heads
DUDE. That's what we were wondering too.
Read. The. Contract.
If it is not written in the contract the promises mean nothing.
No one made them purchase a $22,000 car. They could have bought a beater and made due.
They can pay it off early you know. sheesh
They obviously can’t afford a $21,000.00 car. That’s a nice used car - I just got a 2011 Maxima for less than that. You can get a pretty decent used car for half of that. Living beyond their means and getting mad at the bank for cashing in on their stupidity.
People won’t think past the save your cash and then pay for it straight up will they? Nope, gotta have it now! It’s the eeeeeeeevil banks fault for completely twisting their arms, threatening their lives and the lives of their children if they didn’t sign for that loan. Yep, that’s the ticket!
It’s easy to blame the victims. Not everybody is good with money. The poor, especially. Usery used to be a serious crime in this country.
I’d go further than that. There are PLENTY of less wealthy people where I live, a lot of them Hispanic, who buy older but reliable beaters and keep them working. They crack open a book or use the limitless resources of the Internet to get help. Fundamentally, the people described in this article are LAZY, which is probably how they got into trouble in the first place.
I earn a good living and I could easily buy a new car (naturally, my wife has one) but I drive a 30 year old car DAILY, in the winter too. It’s a “classic”, and I know how to repair it. Sometimes I go to junkyards to pull some spares to refurbish for myself or to sell on eBay or on the boards. Many of the people there are admittedly a bit scary at first, but then you realize that these are the hard-working people trying to get along or to put food on the table for their family instead of driving a trouble-free new car.
When I head down to the local Pick-a-Part, I have to believe 50% of the clientele are Hispanics. They seem particularly into keeping 90s era Chrysler minivans on the road.
Buy used.
It would be interesting if a car company specifically built a new car that was simply enough for the average person to work on (like old cars used to be)
There is also a history to usury laws, whose circumstances do not really apply anymore.
In 1800, in a small farm community, if your plow broke at planting time you did not have much time to waste to avoid missing the season and going hungry. And you did not have many choices either. A local lender could charge you an amount that would be impossible to repay and you would lose your farm. And he may have been the only game in town.
The morons in this article had many options. Public transportation. A lease. An inexpensive used vehicle. If they default, they can seek bankruptcy protection and shield their assets. And they'll never go hungry.
Even at 0% you are paying more for a car than it will be worth when you leave the lot.
That is why I drive cheap <1000 dollar cars or trucks. Ill drive um till something expensive breaks. Normally get half my money back from the recycler.I’ve put 40,000 miles on my 600 dollar Saturn with no problems other than a battery and alternator and 20,000 on my express van that just turned 312,000 miles. I let someone else drive the value out of the car and pay for the value lost.
“It would be interesting if a car company specifically built a new car that was simply enough for the average person to work on (like old cars used to be)”
They can’t build it simple. All the black box and govt and emission mandates are not possible with simple.
If they were misled about the interest, then the bank has lied.
Too many Business Socialists will defend a corrupt business over people...and that is scary.
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