I am writing this on behalf of my boyfriend who knows nothing about the financial aspects of buying and financing a car. I took a look at his car loan papers and discovered that he is paying 27.81% interest on a loan for a car. The usury limit in Florida is 18%.
Affiliated Financial Corporation should be ashamed of themselves for taking advantage of an individual who was in a desperate situation and needed a car immediately and didn't know to even check what the interest rate was. All he told them was he could afford $300 per month and they made sure that he paid that on a 1995 Honda Civic he bought two or three years ago. It is absolutely sinful to see a hard-working person pay this much interest on a car. It's sinful to see ANYONE pay this much interest on a car. I might just pay off the loan and have him pay me back so that they don't get another penny of his money.
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