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The Water Cooler
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Car dealer rip off
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<blockquote data-quote="inactive" data-source="post: 1841759" data-attributes="member: 7488"><p>1. Very True. I believe the sales contracts even state specifically that there is no cooling off period.</p><p>2. Very True. They give zero flips about this. Bad deals are bad deals, and very legal. Even if it sucks.</p><p>3. Very True. Only subprime lenders would make a gamble like this. And nearly all of them don't mess with refi; just originating loans from dealers.</p><p>4. Probably true. The easiest way to negate the interest is pay the thing off early. You only have interest if you finance over a term. The more she can thrown down ever month, the less the interest ends up. But that may be hard to do when the payment is already 450 per month, before other expenses. </p><p></p><p>How did you get the 100k figure? Any residual debt after the repo is hers, plus fees and interest. But there are statutes to how long they can pursue the debt collection, as well as how long the hit will stay on her credit. Even if they do sue within the statute, and get a judgement, chances are it will roll of her credit report before she looks to buy a house; consider her age. Anything aside from the house, she can learn to live without credit and pay with cash in the meantime anyway.</p></blockquote><p></p>
[QUOTE="inactive, post: 1841759, member: 7488"] 1. Very True. I believe the sales contracts even state specifically that there is no cooling off period. 2. Very True. They give zero flips about this. Bad deals are bad deals, and very legal. Even if it sucks. 3. Very True. Only subprime lenders would make a gamble like this. And nearly all of them don't mess with refi; just originating loans from dealers. 4. Probably true. The easiest way to negate the interest is pay the thing off early. You only have interest if you finance over a term. The more she can thrown down ever month, the less the interest ends up. But that may be hard to do when the payment is already 450 per month, before other expenses. How did you get the 100k figure? Any residual debt after the repo is hers, plus fees and interest. But there are statutes to how long they can pursue the debt collection, as well as how long the hit will stay on her credit. Even if they do sue within the statute, and get a judgement, chances are it will roll of her credit report before she looks to buy a house; consider her age. Anything aside from the house, she can learn to live without credit and pay with cash in the meantime anyway. [/QUOTE]
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