When you have been turned down by several car dealers and ripped off by a buy-here, pay here dealer, you don't have many alternatives. That's why I made a deal for a newer car with Prestige Financial, even though logic told me 20 % and a service agreement of $3000 tacked on to the loan didn't seem that appealing. The used car payments now total almost $20,000. The payment seemed fairly reasonable, which I thought I could live with. But, I lost the good job I had after several months & could not make the payments. They were okay with it the first month, but when I got two months behind they started to make threatening comments. My assets are nil and income is now only $1500/month, yet they want to garnish a % of my wages (more than the payment), even though I have offered to surrender the car to them. They've already made several thousand dollars in interest on the loan.
I found out from someone with many years in the car business that these banks that do substandard loans always get full retail for the car and tack on as much as they can to get their money rapidly out of the loan. They have already made more off me and my loan than they would from some rich guy. There ought to be a law against charging excessive interest to someone who is trying to recover from financial difficulty, yet they just pile on as much as legally possible. I have checked with several dealers who tell me I owe several thousand more than the car is worth, so I am stuck either way.
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