My very niavie twenty year old son thought he could buy a vehicle on his own.
Well, jd byrider was more than happy to accomadate.
After several hours, he came home with a vehicle that has 80,000 plus miles on it, the current blue book value is less than $5,000.00.
He will be expected to pay jd byrider for 4 years, his payment will be $362.00 a month, his insurance premium for 6 months of full coverage will be an additional $190.00 each month and the fabulous intrest rate on this purchase over the course of the loan will be 20.999 %. At the end of four years the car will have been purchased for $18,000.00.
Better yet, they got his girlfriend to be a cosigner on the loan. According to the powers that be at this location my son would not quite qualify and they need an additonal 64.00. She happily provided her information as well to ink the deal.
If this is not preditory lending then I don't know what is?
Our Attorney General"s office informed me that since they are both over the age of 18 and they both signed the "buy order" and gave them a down payment there wasn't anything that could legally be done to reverse the purchase. She stated that my son had really been taken but, buyer beware.
Nice.
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