Being screwed by a subprime lender-options? (million, employee, companies, percent)
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So you think a consumer should pay 12000 for a 2K car? That is predatory lending and it is illegal.
Did you morons read the bit about being ''unemployed'' since late spring?
Did you read the part about not being able to get financed by anyone?
Oh, wait...it's MY FAULT that I was long-term unemployed due to lay-offs and downsizings during the recession, right?
Since you want to assign blame, it WAS your fault:
1. When you didn't check KBB BEFORE you bought the car.
2. When you signed a loan agreement where the interest rate and payment were clearly indicated.
3. When you were too impatient to save up $1,500 cash to have a basic car while you improved your situation. If you had secure the job, you could have taken public transportation, car pooled, or even taken UBER to work while you saved.
If you are selling something, don't you want the most money you can get? Why is that illegal? If you had a $2k car and someone was foolish to offer you $12k, wouldn't you take it?
So you think a consumer should pay 12000 for a 2K car? That is predatory lending and it is illegal.
Did you morons read the bit about being ''unemployed'' since late spring?
Did you read the part about not being able to get financed by anyone?
Oh, wait...it's MY FAULT that I was long-term unemployed due to lay-offs and downsizings during the recession, right?
Oh, sure, I deliberately made that happen too.
Yes, I am a moocher, a loser, a low life who wants a free hand out in life, who doesn't pay their bills, doesn't want to work, a welfare monger, etc.
Feel better?
Go get stuffed you insensitive, financially priviledged, superior, well-off, arrogant jerks.
Just remember, karma is a *****...
I am looking for input on legal or financial strategies in dealing with this situation, not judgmental, hateful comments from suits who carry around one hundred dollar bills in their wallets for lattes.
Any working stiffs out there who know what it is to struggle in this economy?
This moronic, insensitive, financially privileged, superior, well-off, arrogant jerk married a man in six figure debt and we never sought a loan for anything we could not afford. We saved for and bought a 25 year old travel trailer that was 21 feet long and lived in it for 2 years, scrubbing toilets, floors and doing anything else we could find to get some money coming in and paid toward at least a small portion of the debt.
Get off of the internet and off of your duff and go find some sort of job to help yourself and quit being such a cry baby........ oh, boohoo I don't have a job but I can't find one either because I'm on city data being a whiner instead of looking for a job............
PS ~~ It is against TOS for anyone to give "Legal" advice on this forum.
Sorry to differ, mathjak, but some companies lay off whole divisions. Everyone goes. In pharma anyway. I would think companies that went bankrupt would do the same.
Sorry to differ, mathjak, but some companies lay off whole divisions. Everyone goes. In pharma anyway. I would think companies that went bankrupt would do the same.
This is an extreme rarity, and I sincerely doubt this is what happened to the OP.
Nice pat responses from people who don't get what it means to not have ''the means''.
All you want to do is ''blame the victim'' her, which is me, the consumer.
I admitted I made mistakes, but like many people in this economy, I had no other choices at the time.
All you can focus on is how I am not making a payment now. Well obviously none of you have never been in a situation where it's pay the rent, feed your family, keep the lights on, or pay a car payment. The car payment is the last priotity on the list. Shelter and food come first.
I don't need chastisement from the likes of you or any of you telling me that there is nothing wrong with this lending practice.
I am going to seek advice through a consumer attorney from here on out. I don't need further lectures about how bad a person I am due to underemployment and unemployment, which I have been trying to improve for years, to no avail.
I am a well educated, hard-working, intelligent person who happens to now be poor in America. If you ever experience this, you will learn what it means to be categorized and to no longer have economic resources and choices.
You all have means and you look down on people like me and think you are superior and that this kind of situation can never happen to you.
Well it can, so you might want to learn a little compassion toward others, instead of blaming and judging.
You're not a victim. You're experiencing the consequences of having no cash on hand and bad credit. If you had had a few grand in savings, or good credit so low cost access to a few grand, you could have just found a car you could buy outright. You didn't have those things, so you had to resort to low-end car dealership, where the cars are grossly overpriced and the lenders charge a fortune.
The reason subprime lenders charge so much is they are taking a lot of risk by lending to someone who has shown they do not pay their bills on time, if at all. This makes complete sense. You were a risk, and the rate you were charged reflected that. I understand you were unemployed, but whether you fail to pay as agreed because of job loss or you fail to pay as agreed because you just don't feel like it, the end result from the lenders point of view is exactly the same.
It absolutely is difficult to turn your financial situation around once you have gotten into this position. I hear you; job loss, underemployment, etc. can happen to ANYONE.
The best thing for you to do at this point is to make a plan. Evaluate where you are and where you want to be. What steps can you take to improve your situation?
Forget about the lawsuit. You voluntarily purchased the car at the agreed upon price and voluntarily signed the lending contract. Unless the dealer or lender violated the terms of the contract in some way, you have no legitimate legal complaint.
Yeah, this is why you didn't get a favorable loan. They often don't get the money from the borrower in full when dealing with that market segment so they need to charge more. Eg, you've only paid them $6,800 for the car and the risk of you not paying which often, as in your case, does occur. $6,800 for a 10-year-old Honda in pretty good shape at retail really isn't a bad price so, yeah, given they could sell that to someone more likely to pay and have a lot less risk (as you've demonstrated) in doing business with someone with a proven history of not paying their bills, they have to charge more. That's why you'd pay $12,000 which is a rather large amount of money for a 10-year-old Honda whereas someone who was responsible wouldn't pay as much. Sometimes they win the gamble and get the $12,000, other times they lose the gamble and end have to repossess the car (an expense) and then are left with whatever they did manage to collect and whatever they can now sell the car for. The buy here, pay here market actually ends up working better as there's fewer middlemen. A subprime lender is just going to turn around and auction that car off and it will end up most likely on a buy here, pay here lot which won't really pay that much for it, mark it up, sell it packages with a high interest loan, and probably end having to repossess and cycle the car. By charging enough interest on cheap cars they mark up substantially they cover those costs but like payday lenders aren't insanely profitable.
You're not a victim. You're experiencing the consequences of having no cash on hand and bad credit. If you had had a few grand in savings, or good credit so low cost access to a few grand, you could have just found a car you could buy outright. You didn't have those things, so you had to resort to low-end car dealership, where the cars are grossly overpriced and the lenders charge a fortune.
The reason subprime lenders charge so much is they are taking a lot of risk by lending to someone who has shown they do not pay their bills on time, if at all. This makes complete sense. You were a risk, and the rate you were charged reflected that. I understand you were unemployed, but whether you fail to pay as agreed because of job loss or you fail to pay as agreed because you just don't feel like it, the end result from the lenders point of view is exactly the same.
It absolutely is difficult to turn your financial situation around once you have gotten into this position. I hear you; job loss, underemployment, etc. can happen to ANYONE.
The best thing for you to do at this point is to make a plan. Evaluate where you are and where you want to be. What steps can you take to improve your situation?
Forget about the lawsuit. You voluntarily purchased the car at the agreed upon price and voluntarily signed the lending contract. Unless the dealer or lender violated the terms of the contract in some way, you have no legitimate legal complaint.
90% of the time it is not the even that set you over the edge but poor decisions , choices and actions leading up to it . this is why more and more employers use background and credit checks to hire .
This is an extreme rarity, and I sincerely doubt this is what happened to the OP.
It's actually not. But then you also have to realize that pharma is always hiring too. One company wraps up a project and lays off the division so you just go across the street and work for one of the competitors for at least as much as you were making before and the $20k signing/relocation bonus. Three years later they lay off the entire division and you go and do the same thing. Projects are constantly starting and stopping and they mostly just do layoff the workforce between projects the same way construction does.
Many businesses prey on poor people or people with bad credit. The used car business is especially notorious for that. Some people absolutely need a car and will sign anything to get one. Maybe they don't know how to use public transportation? Maybe there is none?
In any event, if push comes to shove, a bankruptcy attorney can probably solve all your debt problems.
I would consider getting rid of the car now. Give it back to them. Then, find a car that only costs $500 or so. Drive that until your situation improves.
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