QUESTION
In 2014 I purchased a 2014 Toyota and traded in a BMW for about $15000, I am paying for more than double what the car cost.
Asked on Apr 01st, 2016 on Consumer Law - New Jersey
More details to this question:
I believe there is some fraud being done because Spanish is my first language and was just handed papers to sign with no explanation. I didn't think anything of it at the moment. But now that I realize that I am paying $60,000 for a $26,000 car I believe they took advantage.
1 ANSWER
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Ruiz Doolan Law Firm, LLC
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This is a very common practice. What happened, in this case, is that they added the balance you had in your 2014 Toyota and added to your new BMW balance. You probably have a high-interest rate too. When I see cases like this the consumer has between 14 to 20% APR.
My suggestion in your case is to go the Credit Union and try to refinance the car. That way you can negotiate down the interest rate.
Answered on Apr 15th, 2016 at 5:35 PM