My friend and i purchased a singlewide from Oakwood in 1998, at that time they told us due to my friends credit the interest rate would be 17%. Well we have made ontime payments for 7years and have thus far paid $35,952 on a $33,000 trailer. According to our statement we have only paid $8,000 in principal and the other $27,952 has gone to interest.
I am totally blown away. The home was only supposed to be financed for 15 years. So can anyone please explain how if in seven years it has gone down almost none that this home will be paid for in the next 8 years. Also how is it that they can get double the cost of the home on 17%interest. I'm not the smartest person in the world but i think i am getting screwed without a kiss. Any suggestins would be greatly appreciated.
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