Stephen says, “I’m trying to think of a bad decision she missed but I’m coming up short. The implied supposition that the car dealer has the shopper’s best interest at heart might be the biggest though.” Agreed, one hunnerd percent.
Mom, 28, forced to sell her dream car after forking out $40,000 in INTEREST alone over three years – as America’s auto debt spirals to $1.6 TRILLION
Three years ago, 28-year-old Blaisey Arnold entered a local auto dealership and came away with the keys to an $84,000 Chevy Tahoe.Despite paying $1,400 a month in payments totaling more than $50,000, she still owes a balance of $74,000 to her lender – GM Financial.
Not only did she not make a down payment, she said she traded in a previous car on which she had fallen into negative equity.
Negative equity occurs when a driver owes more on their car loan than the vehicle is now worth. Sometimes, a dealer or lender can offer to roll the balance of an existing auto loan onto a new one, making it more expensive.
While rolling over debt into a new loan can seem convenient, it can be very dangerous and dealers have been known to not properly inform buyers that they will still be responsible for the remaining balance.
‘Honestly, it blows my mind that I have paid $50,000 into this car and only paid off $10,000,’ Arnold said.
She told DailyMail.com the loan was issued to her on the very day she visited the dealer – and that had an APR of 10.2 percent.
‘I did not go with my husband and as a female I feel they took advantage of me. They knew I really wanted the car and that I was by myself,’ she said.
Oh believe me, Bimbelina, they didn’t take advantage of you “as a female.” Not at all. They took advantage of you as a goddamn dumbass, is what they did. I strongly suspect that your husband isn’t any smarter than you clearly are—otherwise, how could he stand being married to you?—and the dealership would have given him the exact same reaming you got.
All car salesmen LIVE to see people like you walk into the showroom; as artillerymen have long described troops in the open, you’re their meat—a wet dream come true.
Some of us always say that stupidity should be painful, and know what? Sometimes, it actually is.
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She had negative equity in her last car and traded it in, compounding the pain!
Dumber than a flatworm is this dumbass extraordinary!
The only proper response is to point and laugh.
This is just crazy, I bought my current car – a 1999 Subaru Legacy Outback wagon with all wheel drive as a parts car for the one I inherited in 2005. That was in October 2019, it cost me $500 plus $250 for the auto transporter. Once I got it, I figured it was in better shape (less miles, 195k vs 290k) than my other car, so I put $2500 into it, and have been driving it ever since. It gets 30mpg on the highway, I use 93 octane ethanol-free gas. My original car is now a parts car… Spending tens of thousands for a new car is just insanity, I’ve never done that…
“forced to sell her dream car”
Don’t you just love the way they write to try and make the actual story different than the truth? Hey, I like the Tahoe/Suburban vehicles a lot. But they are not “dream” cars in any real sense. There are hundreds of thousands of them on the road at any moment.