Originally Posted by kstater
I'd advise anyone taking any loan to read the contract 1st. Saves a lot of trouble.
Though she was in such a bad spot she willingly took the risk to make ends meet in another area.
I just read a story about a guy in Georgia who borrowed 2 grand on his wife's car (2004 Ford Expedition) and when he was only able to pay 40% of the (first) $507 finance charge they repo'd the car and sold it. It was worth $13,000.
I think the interest on the contract was something like 25%.
What's that work out to...? Something like 300%?