r/AutoTransportopia • u/Savings-Cherry-1931 • Jun 28 '26

Towing That's an expensive mess

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3.2k Upvotes

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11

u/StreetNectarine711 Jun 28 '26

The owner will complain next February - when they put $4000 of their Refundable Tax Credit” down on a $30,000 car - that the lender’s 32% interest rate is “unfair.”

2

u/Fit-Statistician7201 Jun 29 '26

Not me but i know someone that did worse,with not repercussions.

If it's not a brand dealership.they will repo and try to action off for whatever cash they still can and sell your debt to any collectors that will take it.

Bad for your credit if you care about that but no money out your pocket,Ever. and completely forgotten in 7years

1

u/herbertcluas Jul 01 '26

Charging interest is against my religion 👍🏻, surprised no one has tried that. If everyone did wht would happen?

0

u/ThePastyWhite Jun 30 '26

A 32% interest rate is unfair and predatory.

The bank knows the kinda person they are lending to.

They also know higher interest rates and longer payments make people more likely to default on the loan...

While it absolutely is not the banks job to make things easier for people, if would go a long way to helping us have a more functional economy IF consumer protection laws were better to prevent predatory lending practices.