In Duluth, GA. They will have you driving in style in no time!
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 ...
Thank you. Also, the 1800 farmer had no bankruptcy statutes to shield himself - he had debtor’s prison.
We drive our cars a long time. One of the reasons we buy nice ones. Yes they are expensive maintenance but we do keep them up. We don’t really put a lot of miles on our cars so it’s not too bad. The Jag is a 2006 S Type and it has 64k on it. Have had the Mercedes since June and have put 3k on it. If I wasn’t out of town alot we could get by with one car.
Wonder what caliber the gun was that was held to their head to sign...
I am retired mechanic. I can fix it if it breaks. Something about a car that made it 200,000 miles makes me feel good that all the bugs have been worked out of it.
Credit cards are a tool, like hammers and guns. Not inherently evil. I use mine ALL the time. I just pay off the balance at the end of the month. See, not evil.
Good point.
My main reason for having one is it is my health plan for our pets and for
purchasing online.
When I was younger though.....that was something else.
I’ve been keeping cars on the road for 40 years for myself and friends; in some ways, the newer cars are actually EASIER to repair then they once were. You can buy a powerful diagnostic tool for $25.00 - a Bluetooth OBDII reader - and get a free app for an Android phone or tablet to work with it, spelling out the problem in English. This kind of diagnostic power would cost a dealer several thousand dollars 25 years ago, not including the training required to operate and interpret it. And, if you think modern fuel injection is complex, take a look at an early-mid 1980’s carburetor. They didn’t work properly when they were designed and built, and they never will! Of course, there are things you can’t do, but there’s a lot of things that you CAN do.
use to be and then came credit cards.
Good for you. I agree with you - we have gone to the scrappers PLENTY of times to replace parts. Heck, when the kids were young I went without a vehicle for over a year rather than borrow....and we lived in the country. All errands, shopping, etc. was done after the vehicle got home from work (and it wasn’t a great one).
In Duluth, GA. They will have you driving in style in no time!
Since they didn't read the part of the contract about the interest rate, I doubt they read the part that says they can't pay it off early either.
Bingo, that is exactly how to use a credit card!
Plus, I average $30 or so each month in Kroger checks to spend in the store and I get coupons for free this or that, $1 off this $2 off that, and many more for less than a dollar off, etc.
Understood. The point of that financial arrangement was that it didn’t really matter what rate the CD was paying. The loan from the bank was 1.75 points above the CD rate — regardless of what the rates were. So if a bank was only paying 1.5% on a five-year CD, they were only charging 3.25% on the loan.
I purchased my first car with a loan that was like 14% but I doubled up and paid it off in less than two years. Right after, the darned thing cracked a manifold and I walked for a month..
1. Buyer beware.
2. There are few bigger red flags than a business advertising to attract people with bad credit.
Have they been forced to buy that car from that dealership with a loan from that bank? Is it a government mandate? No used cars in their area?
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