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How a bad car loan traps young buyers
An Alabama teen thought he was getting a fresh start with a used Ford Escape, but the real shock came when he tried to trade it in—he still owed $4,200 on a car worth maybe $1,000. The dealer who sold it to him pocketed his deposit, charged way over market value, and stuck him with a sky-high interest loan. Now, he’s stuck making payments on a clunker he can’t unload. Stories like this are a reminder: if you’re buying used, always double-check the numbers and shop around for financing. Has anyone else had a rough car-buying experience? #Cars #CarBuying #FinanceTips
Alabama • 27 days ago
Ry W
That’s why you always buy a vehicle outright or lease it for business write off!
27d
Wando, SC
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Luis Lechuga
Ok first of all I said this before you never go alone when you purchased a big ticket item ! 2nd of all where were the Parents in all of this ? 3rd the contract is Null or Void because in order to enter into a contract a person must be at least 18 years of age here ! the article say's a "Teen". I can go on & on here. but I think that's enough to "Quash" this contract.
27d
Los Angeles, CA
Reply(4)
2
Douglas Bull
he signed for the high interest loan, no sympathy here.
27d
Brooksville, FL
Reply(1)
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Vicky Vegas
Most high schools don't teach personal economics. Many of us learn the hard way. Too many people have $1000+ monthly car payments.
26d
Las Vegas, NV
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2
RacerX
No one is forced to sign anything. 🙄
27d
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2
Rick James
It was probably some kids first vehicle he was probably just excited on getting his first car didn’t know about interest rates, all I can say is you live and learn
27d
Providence, RI
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1
Ralph Templeton
a young or inexperienced buyer may just be looking at the monthly payment they can swing, while the inflated price and usurious interest rates keep them upside down on the vehicle. educate yourself on how dealers work, and pin them down on an out-the-door price FIRST, then work back to interest rate and monthlys.
25d
Ponchatoula, LA
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edward nekvapil
You check the used car value online first. Kids are online constantly. At his age i was very informed but not by family. I was self informed understanding how to be responsible financially making a low salary but learning.
26d
Middletown, NY
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Tech Ops
I hate car dealerships. Scumbaggery
26d
Lexington, SC
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1
non negotiable
Start at a $200 a month auto loan, but for $50 more a month, and take this model with all the upgrades, or $50 more and get a brand new one, that's $325.00 a month, and they just lost the cable.
26d
Bethel, PA
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