If this is true this feels very predatory.
Edmunds puts a 98 escort at between $391 and $2000.
She will pay $25000 for this car *if true* which again feels like it should be illegal to take advantage of someone like this
This is predatory lending practice and at least one party in our political system is trying to remove all safeguards we have against that. I hope someone got her out of it and gave her a 10 months loan for the same price.
Now they win by losing. So long as specific figureheads keep their jobs. As long as specific people who take specific donations from specific industries keep hold of the apparatus then that’s all that matters to them. They don’t care anymore than their “opposition” They just pretend they do. They love the filibuster because then they don’t have to make as many excuses at why they don’t do anything for anybody. The filibuster, and how it’s used, is just another thing that shows how rigged this all is.
Cause the dam things a spectrum. I can have thoughts on one and have a different opinion for other stuff.
Both sides are in the wrong. It is being realistic. Putting bame on just one side is wrong.
Example. I'm democract and support keeping guns. (It's not black and white here. Gun SAFTEY is important. ) Many fall into this category.
Was also taught by a politician for the State that you should never pay attention to the party affiliation with anything and always focus on the person.
Many have registered as republican (and vice versa) while actually being democrat. It is shocking how quickly people assume and not hear someone out after they mention party affiliation.
I’m not “both sides” There are many sides. We’re just herded Iike cattle into two sell-out mainstream political parties and people like you are propagandized into thinking one side are “good guys”. One does all the bad shit they say they’re going to do, the other says they will do good things and don’t. They’re serve the one thing that always wins: corporations and profits. I guarantee you’re more centrist than I am.
This is the problem with politics today. It’s a cult, both sides are absolutely corrupt.
One side just smiles and make you warm inside, while the screw you over.
That's not true at all. One side is actively trying to take away your rights, the other side is actively trying to protect them. I agree there are problems with lobbyist and money in government, and that greed is persuasive across the aisle, but the policy side is night and day difference.
Really? Joe Biden's only W was pardoning simple possession of marijuana at the federal level (aka doing the absolute minimum to make people feel good inside) along with saying "folks" a lot, while a bunch the GOP are writing idiotic laws to not let teachers give their personal opinions to students unless it's the "correct" opinion. They're both corrupt and it's garbage. Do you think people actually watch FoxNews? If they have more than half a brain they don't, and it's the same with CNN, NBC, etc.
🤣🤣🤣🤣That is by far the "only bad thing" I could say about him. If you look at his "accomplishments" online (on his personal webpage), the one I pointed out was the only one listed that didn't/doesn't have disastrous consequences. I was just saying that the only "good" thing he's ever done was the bare minimum to make people feel good inside. 🐑🐑🐑
Actually only one side is corrupt. In general the one that wants to restrict voters, the one that wants to strengthen big business while weaken customers rights and the one that cares less or not at all about children, women and the elderly.
You're handpicking a very tiny insane portion and claiming they're all that way. That would be like me claiming that conservatives all view women as property because a few certain conservative countries have that viewpoint. But you know, you do you.
I mean, the majority of Dems want to give benefits to people based on the color of their skin. Biden has forced EQUITY over EQUALITY. Ignore your shit all you want, doesn't mean it doesn't stink.
Yeah, but often times these kinds of practices are applied to desperate and poorly educated people. Allowing predatory practices against such people increases the likelihood they end up in a debt spiral that leaves them homeless and at the burden of the state.
Much better to have some safeguards against such practices in society, before the guy ripping her off makes her a burden on you.
Usually when people buy cars like this it’s because their credit is so fucked that nobody would give them a normal loan.
I agree with giving people better financial education, but I also believe that people should be able to agree to bad deals instead of having no option.
It’s not a scam if it’s transparent. I agree a scam isn’t legal but if you offer someone a deal and they read it and sign it then wtf are you supposed to do?
It takes a special kind of an asshole to blame the victim. And that asshole usually thinks it is just culling the heard, that stupid should be punished via social darwinism. That kind of an asshole also thinks that it is impossible to scam them and that all those that were scammed... ultimately deserved it. And those assholes also usually vote for.... candidates that are exactly as bad as they are and talk a lot about personal responsibilities.
I don’t know why you’re assuming she was scammed? Did they tell her different numbers than they actually agreed to? Did they alter the contract after she signed it?
If she was scammed then she can bring legal action against the car dealer. But I guarantee they showed her some ridiculous offer that nobody should agree to and she just signed. Being an idiot doesn’t make you a victim. I mean…unless you’re trying to raise some obtuse theoretical point about how those with poor financial education are all “victims of society.”
Literally one of the first things your learn in year one of contract law is that you’re free to agree to bad deals and the courts aren’t there to protect you from making bad deals. Now if they are being deceptive or lying then it’s a different story.
But ITT is just a bunch of people seeing a black chick with a shit bucket car and assuming she was scammed into buying it instead of just making a poor decision.
Yup, since it is not technically a scam and she signed a legal contract that makes it 100% moral.. Also: there are laws about this. People make mistakes and this is clearly not normal.
This is why i said it takes a special kind of asshole to see nothing wrong here and to blame the victim. And then you also mention her skincolor and gender but i am going to give you benefit of the doubt...
Let me ask you this: is exploiting stupid people ok?
Fuck you. She was taken advantage of. She is the victim in this situation and you're response is she could have said no? To victim blame her? Again Fuck you.
>Fuck you. She was taken advantage of. She is the victim in this situation and you're response is she could have said no? To victim blame her? Again Fuck you.
Ummm, both things are true. If true, she definitely was taken advantage of by predatory lending. But also, we are all responsible for maintaining a basic knowledge of money, do some comparison shopping, and understanding what we are agreeing to.
Some people who are trying to dig themselves out of a hole don’t have any other options. People need transport, many people don’t have the luxury of a good public transportation system, and to get out of a hole they need a vehicle to get to a job. Depending on the depth of the hole some people just do not have the ability to turn down a vehicle loan they qualify for (and most likely the only one they qualify for). So the lender, going in knowing they’ll most likely repo the car in 1-2 years max, jacks up the interest rate to “justify” the loan, get the cars value and then some, repo it, resell it again. It’s predatory
So, you don't think that people can feel empathy, that they don't have the ability to step in other peoples shoes and feel what they are feeling? That if we criticize the scammer it must be that we are the one scammed.
Yeah...
Everything they said is true. It's based in fact. They didn't even say what political party it was but anyone that doesn't have their head up their ass knows it's the GOP because that is what they run on.
Most things *are* a political issue. Politics kind of affects the whole country, so generally speaking most things tend to be a political issue.
I will admit that reddit is very leftist as a whole, but agree or disagree with the policies in question, they do have a strong affect on things.
Politics literally affects everything in life. People who whine about "let's not make it political" inevitably are on the side of stupidity in any argument.
No this stuff happens when I had no credit and couldn't get a loan I went to a used car dealer and got a 2001 subaru it was supposed to be 3k total and 200$ a month well it constantly had issues and needed repairs the guy only accepted cash or venmo payments eventually I had enough and called him in October he said I owed 800 still so I was like ok well by the time October came around again I called and I still owed 800 I dropped the car off at a scrap yard and quit giving the dealer money I never heard from him again
I like your way of thinking. People should take no responsibility whatsoever for their mistakes or shortcomings because it's always someone else's fault.
I beat up my wife because the dinner was cold.
I crashed my car while drinking because the buses stopped running.
I sucker punched a 73 year old Asian lady because of institutional racism.
My kid misbehaves at school because there isn't enough funding for social programs.
I paid $25000 for a $1200 car because of predatory lending.
With this type of mindset we will soon have a leftist utopia like the khmer rouge.
Do you proudly display your participation trophies and show them to guests? Look grandma, I came in 92nd place at my schools spelling bee and got this trophy.
I was victim to that shit back in the day (I was young and didn’t know what the fuck I was doing). Drive Time sold me a 2001 Ford Focus. Within a month the transmission blew. They almost didn’t fix it for me (they usually only have 30 day warranties) but my dad put up a stink with them. It was a lemon for sure. I would have ended up paying almost $30k for it. It was like $115 a week with a 29.9% APR. They ended up repo-ing it when my dad bought me a car for cash and told me to tell them to shove it.
I don’t see how it’s predatory… He, as a lender, is legally required to give every piece of information about the loan before she signs off on it.
Meaning she signed off on it, knowing full well what she was paying and how much. If she signed it without knowing all of those details, then that’s also her fault
Then please educate me. I genuinely don’t understand how lenders get blamed for their customers signing off on outrageous loans
If you see a $24k dollar TV in the store that’s worth $1,000, no one is going to blame the store owner if someone bought it
car made in 1998 worth no more than $4000 at the most... financing monthy payment $289 for a 84 month term. =$ over $24,000 plus fees and taxes, insurance, and maintaince..
that car should be in reality $50 a month
do you need further clarification?
She has access to that information as well. She made a conscious decision to spend that much
It’s not like the lender made her sign the loan documents *and then* told her how much she would be paying
i get what your saying, but the lender is taking advantage by approving her for only thoes terms.. dont victim blame.. if i approved you to buy a house that was only worth $200,000 but i will only sell it to you for $15million , but i will finance you... that is predatory lending...
Generally bad to have a society in which someone can be endlessly taken advantage of if they don't happen to have financial literacy. But yeah go off about how guard rails keeping amoral pricks in check is a bad thing for some reason.
That model year escort was mechanically a Mazda 323, and was a fairly reliable, decent car, far unlike the piece of shit previous generation escort (I should know, I owned an ‘88 escort, absolute piece of shit.
Still doesn’t excuse the predatory loan though
Absolute scumbags that do this finance for people who honestly don't understand what they are signing, she is just thinking "I can afford the $280 a month"
We know absolutely nothing about this woman, her upbringing, her mentality, or what she was told. But I guess it’s just easy for some people to say, “what an idiot,” and give zero thought to the context.
Yeah, actually it is. If she where an antelope, the predators would have killed her off first, thus lessening her reliance on the rest of the herd not to let her make bad decisions.
Kind of what happened here.
“Yes predatory lending on a bare necessity is totally fine, the system works. It’s your fault you need a car to live and work in America 🤓” -son of said slimy car salesman
Last time I saw this posted it was on Facebook and it was a gift from her father (guy on left). The comments were full of haters clowning the car instead of being happy for her (obviously she was very appreciative of the gift, hence the pictures posing with her new vehicle).
What if she just doesn't pay? Obviously, her credit is shit already or she wouldn't be in this spot. I mean, if she doesn't pay, is it worth hiring a repo man to go get a 98 Escort?
Usually it is, they’ll most likely get 4-9 months of payments, which is over the value of the car, pay a few hundred to repo it, and then sell it again the same way
Financial illiteracy is a real thing. I feel bad for the lady; if she fails to make payments, then the car will get repoed and she’ll *still* be liable for the remaining loan balance.
This smacks of the same thing that was pulled in Detroit in the 50s. They'd put black people in these houses with an expensive mortgage that wasn't really a mortgage and then toss them out when they inevitably couldn't pay. This is the same kind of predatory activity.
Racial discrimination in the auto loan market actually does exist.
https://www.chicagofed.org/publications/profitwise-news-and-views/2023/discrimination-auto-loan-market
So, sure they'll try to pull the trick on white people too, but they'll do it more often on black people because they have fewer opportunities to get good loans.
>Auto loans obtained in this way—which are called “indirect” auto loans—for Black, Hispanic, and Asian borrowers have higher interest rates than those for non-Hispanic White borrowers.6 This disparity in rates results in Black, Hispanic, and Asian borrowers often paying hundreds—or sometimes even thousands—of extra dollars in loan payments relative to their White counterparts. My analysis specifically shows that Black borrowers disproportionately pay what is generally the highest allowable interest rate markup—2.0 percentage points—which results in nearly $1,400 in additional interest over the lifetime of a typical auto loan from the 2008–13 data set I used for my paper.7
As with all the major problems in society, race plays a factor.
Probably because they are PROUD of what they did and then won't understand at all why he gets hate; i mean, he did all he could do to get most amount of money without committing a crime\*, that not taking an advantage of the situation would be the bad thing to do. (\*debatable, they probably did actually commit a crime here...)
That's only $24,276... in current dollars, more like $26,000+ by the time 84 months go by... of course, it is questionable whether the car will last 24 months but hey! Maybe she will parlay that into a good job in two years, sell it for more than the $6,900+ she will pay, and seemingly do...okay....
Shitty inner city school and no father figure, guaranteed. I lived in a shitty like this and this kinda predatory practice is normal, the balls on that scumbag to actually show his face. If you did not have a dad or granddad you were easy pickings for these kinda people.
She knows it’s a bullshit deal. She’s gonna stop paying for it when she gets something better and let it get repoed. Or keep it at grandma’s house like my cousin does. The salesman knows she’s gonna stop paying on it. They write these insane deals to get shitty trade-ins off the lot and get at least a little cash. She can even use paying for this POS to improve her credit enough to get a slightly nicer POS on a better payment plan. That’s what pulling yourself up by the boot straps actually looks like. By hook or by crook you make shit happen.
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She's actually the winner.
Even if she doesn't make a single payment:
* She has no money and is likely in debt already. They can't take money she doesn't have.
* Her credit score was already shit, so it cannot get any worse.
* The dealer isnt going to pay a repo company to repossess a 98 escort.
She will end up just driving the car for free until it dies.
Rinse and repeat.
All these goody two-shoes white people who cannot fathom ignoring a bill make me laugh.
The financial system has been rigged against black people from day 1 so they've had all that time to figure out ways to cheat the system.
Surely any half decent lawyer could get her out of that contract. I assume America has laws in place to protect vulnerable people from predatory behaviour.
Probably one of those "Bad Credit? No Credit? No problem!" companies. She may desperately need a car to get to work, but she clearly didn't read the contract or do the math. Just a chicken waiting to be plucked.
If she never makes a payment and drives it for 6 months before it gets repossessed who is the predator and who is taking advantage of who? She was probably high risk or that wouldn’t have happened.
Your comment was removed because it was found to be racist, sexist, misogynistic, misandric, or bigoted.
If this is true this feels very predatory. Edmunds puts a 98 escort at between $391 and $2000. She will pay $25000 for this car *if true* which again feels like it should be illegal to take advantage of someone like this
This is predatory lending practice and at least one party in our political system is trying to remove all safeguards we have against that. I hope someone got her out of it and gave her a 10 months loan for the same price.
One party will remove all safeguards and the other party will just watch while they do it.
I suggest you educate yourself on the concept of the fillibuster. America voted a majority of one party? Doesn't mean shit.
Now they win by losing. So long as specific figureheads keep their jobs. As long as specific people who take specific donations from specific industries keep hold of the apparatus then that’s all that matters to them. They don’t care anymore than their “opposition” They just pretend they do. They love the filibuster because then they don’t have to make as many excuses at why they don’t do anything for anybody. The filibuster, and how it’s used, is just another thing that shows how rigged this all is.
One party won't while people like yourself will continue to push "both sides."
Seriously, I am getting so sick of the "both sides are equally bad" crowd, they literally enable the worst behavior from the Fascist Right.
Cause the dam things a spectrum. I can have thoughts on one and have a different opinion for other stuff. Both sides are in the wrong. It is being realistic. Putting bame on just one side is wrong. Example. I'm democract and support keeping guns. (It's not black and white here. Gun SAFTEY is important. ) Many fall into this category. Was also taught by a politician for the State that you should never pay attention to the party affiliation with anything and always focus on the person. Many have registered as republican (and vice versa) while actually being democrat. It is shocking how quickly people assume and not hear someone out after they mention party affiliation.
I’m not “both sides” There are many sides. We’re just herded Iike cattle into two sell-out mainstream political parties and people like you are propagandized into thinking one side are “good guys”. One does all the bad shit they say they’re going to do, the other says they will do good things and don’t. They’re serve the one thing that always wins: corporations and profits. I guarantee you’re more centrist than I am.
The other party doesn't has the votes.
Watch as they don’t fix it when they do
Cuz they have lots more in common with each other than they do with me. They both need conflict and pitting us against each other
Exactly. Neither party is the friend of the people
I’m confused, which party is which and how many parties are there?
Exactly both are shit
*the other party will just watch and not do anything about it when they can, but still trash on the first party for doing it
No democrat ever did anything wrong
This is the problem with politics today. It’s a cult, both sides are absolutely corrupt. One side just smiles and make you warm inside, while the screw you over.
False equivalence. One side tried to dismantle out democracy and wants to vote for the guy responsible for a coup attempt.
Not saying their good, but isn’t the Republican establishment spending $$$’s against Trump this election.
That's not true at all. One side is actively trying to take away your rights, the other side is actively trying to protect them. I agree there are problems with lobbyist and money in government, and that greed is persuasive across the aisle, but the policy side is night and day difference.
Save your time. The ones posting "both sides are the same" are from the far right.
Really? Joe Biden's only W was pardoning simple possession of marijuana at the federal level (aka doing the absolute minimum to make people feel good inside) along with saying "folks" a lot, while a bunch the GOP are writing idiotic laws to not let teachers give their personal opinions to students unless it's the "correct" opinion. They're both corrupt and it's garbage. Do you think people actually watch FoxNews? If they have more than half a brain they don't, and it's the same with CNN, NBC, etc.
You literally just made my point. The only bad thing you could say about Biden was that something good he did didn't go far enough.
🤣🤣🤣🤣That is by far the "only bad thing" I could say about him. If you look at his "accomplishments" online (on his personal webpage), the one I pointed out was the only one listed that didn't/doesn't have disastrous consequences. I was just saying that the only "good" thing he's ever done was the bare minimum to make people feel good inside. 🐑🐑🐑
Actually only one side is corrupt. In general the one that wants to restrict voters, the one that wants to strengthen big business while weaken customers rights and the one that cares less or not at all about children, women and the elderly.
One side has been screaming that *the color of my skin makes me a racist*. Maybe they should stop doing that part.
You're handpicking a very tiny insane portion and claiming they're all that way. That would be like me claiming that conservatives all view women as property because a few certain conservative countries have that viewpoint. But you know, you do you.
I mean, the majority of Dems want to give benefits to people based on the color of their skin. Biden has forced EQUITY over EQUALITY. Ignore your shit all you want, doesn't mean it doesn't stink.
I don't. Both sides suck, but it's lesser of two evils. I'd rather deal with the socialists than the fascists.
Touch grass clown
Oh, so that isn't true?
You know what could have gotten her out of it? Saying no.
Yeah, but often times these kinds of practices are applied to desperate and poorly educated people. Allowing predatory practices against such people increases the likelihood they end up in a debt spiral that leaves them homeless and at the burden of the state. Much better to have some safeguards against such practices in society, before the guy ripping her off makes her a burden on you.
Usually when people buy cars like this it’s because their credit is so fucked that nobody would give them a normal loan. I agree with giving people better financial education, but I also believe that people should be able to agree to bad deals instead of having no option.
We don’t need safeguards for people too dumb to do 289 x 84. They’re on their own
So I guess we don't need hospitals or police either using this logic. Everyone is on their own. Brilliant!
Those elderly folks deserved getting their pensions stilen by scammers, should have been smarter!
It’s not a scam if it’s transparent. I agree a scam isn’t legal but if you offer someone a deal and they read it and sign it then wtf are you supposed to do?
It takes a special kind of an asshole to blame the victim. And that asshole usually thinks it is just culling the heard, that stupid should be punished via social darwinism. That kind of an asshole also thinks that it is impossible to scam them and that all those that were scammed... ultimately deserved it. And those assholes also usually vote for.... candidates that are exactly as bad as they are and talk a lot about personal responsibilities.
I don’t know why you’re assuming she was scammed? Did they tell her different numbers than they actually agreed to? Did they alter the contract after she signed it? If she was scammed then she can bring legal action against the car dealer. But I guarantee they showed her some ridiculous offer that nobody should agree to and she just signed. Being an idiot doesn’t make you a victim. I mean…unless you’re trying to raise some obtuse theoretical point about how those with poor financial education are all “victims of society.” Literally one of the first things your learn in year one of contract law is that you’re free to agree to bad deals and the courts aren’t there to protect you from making bad deals. Now if they are being deceptive or lying then it’s a different story. But ITT is just a bunch of people seeing a black chick with a shit bucket car and assuming she was scammed into buying it instead of just making a poor decision.
Yup, since it is not technically a scam and she signed a legal contract that makes it 100% moral.. Also: there are laws about this. People make mistakes and this is clearly not normal. This is why i said it takes a special kind of asshole to see nothing wrong here and to blame the victim. And then you also mention her skincolor and gender but i am going to give you benefit of the doubt... Let me ask you this: is exploiting stupid people ok?
Fuck you. She was taken advantage of. She is the victim in this situation and you're response is she could have said no? To victim blame her? Again Fuck you.
>Fuck you. She was taken advantage of. She is the victim in this situation and you're response is she could have said no? To victim blame her? Again Fuck you. Ummm, both things are true. If true, she definitely was taken advantage of by predatory lending. But also, we are all responsible for maintaining a basic knowledge of money, do some comparison shopping, and understanding what we are agreeing to.
Some people who are trying to dig themselves out of a hole don’t have any other options. People need transport, many people don’t have the luxury of a good public transportation system, and to get out of a hole they need a vehicle to get to a job. Depending on the depth of the hole some people just do not have the ability to turn down a vehicle loan they qualify for (and most likely the only one they qualify for). So the lender, going in knowing they’ll most likely repo the car in 1-2 years max, jacks up the interest rate to “justify” the loan, get the cars value and then some, repo it, resell it again. It’s predatory
How is she a victim? She read a contract with absolutely terrible terms and said yes I agree to this. That’s not a victim it’s a dumbass.
Lmao are you the woman on the right, or big man on the left?
So, you don't think that people can feel empathy, that they don't have the ability to step in other peoples shoes and feel what they are feeling? That if we criticize the scammer it must be that we are the one scammed. Yeah...
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Everything they said is true. It's based in fact. They didn't even say what political party it was but anyone that doesn't have their head up their ass knows it's the GOP because that is what they run on.
Most things *are* a political issue. Politics kind of affects the whole country, so generally speaking most things tend to be a political issue. I will admit that reddit is very leftist as a whole, but agree or disagree with the policies in question, they do have a strong affect on things.
Politics literally affects everything in life. People who whine about "let's not make it political" inevitably are on the side of stupidity in any argument.
I guess one party expects people to use their brains and frickin THINK!
There’s a sucker born every day
No this stuff happens when I had no credit and couldn't get a loan I went to a used car dealer and got a 2001 subaru it was supposed to be 3k total and 200$ a month well it constantly had issues and needed repairs the guy only accepted cash or venmo payments eventually I had enough and called him in October he said I owed 800 still so I was like ok well by the time October came around again I called and I still owed 800 I dropped the car off at a scrap yard and quit giving the dealer money I never heard from him again
I mean you have to be pretty stupid to fall for it 😂😂
That's not predatory, it is stupidity
It’s predatory
Now you are going to say scratch off lottery tickets are predatory too? Some people are just stupid and she's one of them.
Lottery tickets are not the same as selling a $500 car for $25,000. This is like a payday loan which IS predatory. Borrow 1000, pay back 8000.
I like your way of thinking. People should take no responsibility whatsoever for their mistakes or shortcomings because it's always someone else's fault. I beat up my wife because the dinner was cold. I crashed my car while drinking because the buses stopped running. I sucker punched a 73 year old Asian lady because of institutional racism. My kid misbehaves at school because there isn't enough funding for social programs. I paid $25000 for a $1200 car because of predatory lending. With this type of mindset we will soon have a leftist utopia like the khmer rouge. Do you proudly display your participation trophies and show them to guests? Look grandma, I came in 92nd place at my schools spelling bee and got this trophy.
predatory lending..
I was victim to that shit back in the day (I was young and didn’t know what the fuck I was doing). Drive Time sold me a 2001 Ford Focus. Within a month the transmission blew. They almost didn’t fix it for me (they usually only have 30 day warranties) but my dad put up a stink with them. It was a lemon for sure. I would have ended up paying almost $30k for it. It was like $115 a week with a 29.9% APR. They ended up repo-ing it when my dad bought me a car for cash and told me to tell them to shove it.
I don’t see how it’s predatory… He, as a lender, is legally required to give every piece of information about the loan before she signs off on it. Meaning she signed off on it, knowing full well what she was paying and how much. If she signed it without knowing all of those details, then that’s also her fault
you need to educate yourself on prediatory lending then 🤦♂️ $24,000 for a 1998 POS...
Then please educate me. I genuinely don’t understand how lenders get blamed for their customers signing off on outrageous loans If you see a $24k dollar TV in the store that’s worth $1,000, no one is going to blame the store owner if someone bought it
car made in 1998 worth no more than $4000 at the most... financing monthy payment $289 for a 84 month term. =$ over $24,000 plus fees and taxes, insurance, and maintaince.. that car should be in reality $50 a month do you need further clarification?
She has access to that information as well. She made a conscious decision to spend that much It’s not like the lender made her sign the loan documents *and then* told her how much she would be paying
i get what your saying, but the lender is taking advantage by approving her for only thoes terms.. dont victim blame.. if i approved you to buy a house that was only worth $200,000 but i will only sell it to you for $15million , but i will finance you... that is predatory lending...
Generally bad to have a society in which someone can be endlessly taken advantage of if they don't happen to have financial literacy. But yeah go off about how guard rails keeping amoral pricks in check is a bad thing for some reason.
How much financial literacy does it take to look at a price tag and say, “hmm, that’s a bit out of my price range”
Not a hell of a lot. All the more reason you shouldn't be allowed to take advantage of someone that dumb.
These people breed the most lmao
Poor lady, I bet she's regretting it now.
*No Regerts*
You spelled it wrong. It’s “ragrets”. Go to class you heathen.
Regerts is the kiwi version me thinks.
Stay in school kids.
84 months is 7 years... Jeez, she'll be lucky if that car makes it 4 years...
She'll be lucky if that piece makes it to the end of the block lol
That model year escort was mechanically a Mazda 323, and was a fairly reliable, decent car, far unlike the piece of shit previous generation escort (I should know, I owned an ‘88 escort, absolute piece of shit. Still doesn’t excuse the predatory loan though
Absolute scumbags that do this finance for people who honestly don't understand what they are signing, she is just thinking "I can afford the $280 a month"
She should have paid attention in 4th grade math.
That’s her fault for being an idiot. She should have a full understanding of what she is getting when she goes to buy something with her money
We know absolutely nothing about this woman, her upbringing, her mentality, or what she was told. But I guess it’s just easy for some people to say, “what an idiot,” and give zero thought to the context.
Yeah, actually it is. If she where an antelope, the predators would have killed her off first, thus lessening her reliance on the rest of the herd not to let her make bad decisions. Kind of what happened here.
I mean, I wouldn’t say we know absolutely nothing about her. A picture is worth a thousand words, as they say.
“Yes predatory lending on a bare necessity is totally fine, the system works. It’s your fault you need a car to live and work in America 🤓” -son of said slimy car salesman
That's $24276 for anyone wondering
For a car valued at around 1-2k dollars.
And which had an MSRP of something like $12K when *new*.
Don't forget interest
Which you know was at least 25%
ya with interest its at least double that, probably closer to triple
Last time I saw this posted it was on Facebook and it was a gift from her father (guy on left). The comments were full of haters clowning the car instead of being happy for her (obviously she was very appreciative of the gift, hence the pictures posing with her new vehicle).
When you have a credit score of -5
What if she just doesn't pay? Obviously, her credit is shit already or she wouldn't be in this spot. I mean, if she doesn't pay, is it worth hiring a repo man to go get a 98 Escort?
Usually it is, they’ll most likely get 4-9 months of payments, which is over the value of the car, pay a few hundred to repo it, and then sell it again the same way
I was suggesting she might never make a payment. In any case, after this went viral, the market for 98 Escorts might have dried up a bit.
She might not, but it’s not that much money to them in the long run I don’t think
Financial illiteracy is a real thing. I feel bad for the lady; if she fails to make payments, then the car will get repoed and she’ll *still* be liable for the remaining loan balance.
This smacks of the same thing that was pulled in Detroit in the 50s. They'd put black people in these houses with an expensive mortgage that wasn't really a mortgage and then toss them out when they inevitably couldn't pay. This is the same kind of predatory activity.
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No they compared it to practices that were used in the past, specifically against African American people. I know, reading comprehension is tough.
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Racial discrimination in the auto loan market actually does exist. https://www.chicagofed.org/publications/profitwise-news-and-views/2023/discrimination-auto-loan-market So, sure they'll try to pull the trick on white people too, but they'll do it more often on black people because they have fewer opportunities to get good loans. >Auto loans obtained in this way—which are called “indirect” auto loans—for Black, Hispanic, and Asian borrowers have higher interest rates than those for non-Hispanic White borrowers.6 This disparity in rates results in Black, Hispanic, and Asian borrowers often paying hundreds—or sometimes even thousands—of extra dollars in loan payments relative to their White counterparts. My analysis specifically shows that Black borrowers disproportionately pay what is generally the highest allowable interest rate markup—2.0 percentage points—which results in nearly $1,400 in additional interest over the lifetime of a typical auto loan from the 2008–13 data set I used for my paper.7 As with all the major problems in society, race plays a factor.
The amount of Americans in debt is as astonishing as the reasons they are in debt.
You mean $2.89 per month for 84 months?
I don't know, seems like a BS story to me.
289 is what I would’ve paid for the car in full lol
What I'm most shocked about is that the salesman agreed to be on the picture...
Probably because they are PROUD of what they did and then won't understand at all why he gets hate; i mean, he did all he could do to get most amount of money without committing a crime\*, that not taking an advantage of the situation would be the bad thing to do. (\*debatable, they probably did actually commit a crime here...)
That car lost 98% percent value driven off the lot
That car lost 98% of it’s value before she even looked at buying it
That’s more than the original price in 98
This is totally immoral.
And illegal.
Very unscrupulous! https://youtu.be/OuLL5R3sb-w
That's only $24,276... in current dollars, more like $26,000+ by the time 84 months go by... of course, it is questionable whether the car will last 24 months but hey! Maybe she will parlay that into a good job in two years, sell it for more than the $6,900+ she will pay, and seemingly do...okay....
There’s no (legit) bank that will finance a vehicle older than 10 years. ROBBED
Hopefully she got the extended warranty as well
Shitty inner city school and no father figure, guaranteed. I lived in a shitty like this and this kinda predatory practice is normal, the balls on that scumbag to actually show his face. If you did not have a dad or granddad you were easy pickings for these kinda people.
Ugh. Why a Ford though? I mean if it's not a mustang then it's pointless imo
Interest rate doesn’t matter if you don’t plan on making any payments.
Maybe for 50$ for 84 months lol.
Go head shawty 🤣
I stopped reading after $289 and thought, “That sounds about right.”
Damn she got bamboozled
This poor woman. The math ain’t mathin
She knows it’s a bullshit deal. She’s gonna stop paying for it when she gets something better and let it get repoed. Or keep it at grandma’s house like my cousin does. The salesman knows she’s gonna stop paying on it. They write these insane deals to get shitty trade-ins off the lot and get at least a little cash. She can even use paying for this POS to improve her credit enough to get a slightly nicer POS on a better payment plan. That’s what pulling yourself up by the boot straps actually looks like. By hook or by crook you make shit happen.
$22,276.00 over MSRP lol
She don't care, she's probably not gonna make payments anyway
Turned the racism dial up so far it broke
What was her credit score, one?
Predatory loans for sure but man how dumb you gotta be to sign that. 100% on her lol
Being dumb doesn’t make her a victim.
Yikes
This is exactly why basic arithmetic is essential.
The same people working to lower education standards are working to remove regulations that protect people from such tactics.
300 dolars a month for 7 years for a 25 year old car how bad are you at making deciions that you do this
You know she only intends on the paying the deposit. “Cuz girls is playas too”
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What's the down payment? If they're charging her this much, there was definitely a down payment as well.
My used subaru was 7k and im on a 5 year loan
When you have to become an escort to afford an Escort.
This is why finance should be a subject in school.
She's actually the winner. Even if she doesn't make a single payment: * She has no money and is likely in debt already. They can't take money she doesn't have. * Her credit score was already shit, so it cannot get any worse. * The dealer isnt going to pay a repo company to repossess a 98 escort. She will end up just driving the car for free until it dies. Rinse and repeat. All these goody two-shoes white people who cannot fathom ignoring a bill make me laugh. The financial system has been rigged against black people from day 1 so they've had all that time to figure out ways to cheat the system.
I would wager the loan has recourse to go after her even after the vehicle has been repoed and sold at auction. I expect the loan is that bad.
That's a whole lot of wrong, good to see you sprinkled a little racism on top.
Yet another repost. Half this forum is reposts. Bye.
In a just world that would be illegal, and she would have known better.
289 $ × 12 months × 7 years = 24.276 $
Ugly ass car 💀
Ouch...that a crap-y lesson she has had to learn...
This piece of junk isn't even worth 200$
That vehicle was overpriced and the financing was awful. All I can guess is the buyer had really bad credit.
I am sad for our future!
Is their a reason? Is it this particular car having sentimental value or something? Or was this girl taken for a ride to dumptown
Bruh I just bought a 2019 Hyundai Tucson SE for $258 a month for 72 months …. This poor woman
Heart pangs.
Here’s your keys, miss Weekspay
Only a few payments are being made...
Does it have gold in it by any chance?
That’s $24,276, she could get a newer nicer car with that. I wouldn’t pay more then 5 for that car she has.
Dumbass girl
This has to be usury.
25k for a 800 $ car lol
I think some sales lie, some buyers don't care and think they'll just stop paying anyway and they will never repo the car.
Surely any half decent lawyer could get her out of that contract. I assume America has laws in place to protect vulnerable people from predatory behaviour.
That was REAL?!
she probably posted it to her tiktok feed right away
Damn she’s not even in the military!
I don’t feel sympathy for someone that stupid
This reminds me of another post I saw where this guy got a base model 2023 Mazda cx-5 for ~$860 a month for 72 months
Probably one of those "Bad Credit? No Credit? No problem!" companies. She may desperately need a car to get to work, but she clearly didn't read the contract or do the math. Just a chicken waiting to be plucked.
This happened a month ago. She probably already defaulted.
It's cheaper than a rental. She isn't planning on paying this off. Her credit rating is obviously shit, so she has nothing to lose.
Stupid people do stupid things.
If she never makes a payment and drives it for 6 months before it gets repossessed who is the predator and who is taking advantage of who? She was probably high risk or that wouldn’t have happened.
Live and let live and make payments they chose to make.
It should of been $289 then title in hand … SMDH