Current location:International Issue news portal > travel
Mom, 28, forced to sell her dream car after forking out $40,000 in INTEREST alone over three years
International Issue news portal2024-04-30 22:04:15【travel】1People have gathered around
IntroductionThree years ago, 28-year-old Blaisey Arnold entered a local auto dealership and came away with the k
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.
But this month, the wedding photographer and mother shared a video to TikTok describing how she was forced to sell her dream car.
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.
Blaisey Arnold, 28, spent three years paying $1,400 to service a $84,000 loan she took out to buy a Chevy Tahoe
Pictured is Arnold's $84,000 Chevrolet Tahoe, which was financed by GM Financial
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.
The $84,000 loan was issued to her by GM Financial, the financial services arm of General Motors and the only lender to approve her on the day.
'The dealer pretty much told me they can get me out the door with the car within an hour. He didn't act like it was something I should be concerned about,' she said.
GM Financial told DailyMail.com they were unable to discuss Arnold's loan and passed on an opportunity to comment.
A 2021 study from Consumer Reports found that lenders are increasingly able to prey on the vulnerable, especially those with lower credit scores. Such loans earn them more on interest and they can ultimately repossess cars.
Auto loans are becoming a major source of strain for car-obsessed Americans and leaving an increasing number with runaway debt.
Last year, auto debt in the US reached a record-high $1.6 trillion, which comes out to an average of more than $13,000 per household.
In February, the Federal Reserve released data showing that Americans were falling behind on car payments at the highest rate since 2010.
In recent years the cost of car ownership has soared. Not only are automakers charging more for new cars, used cars are getting more expensive as well.
In the two years after January 2020, used cars and trucks increased more than 50 percent in price, according to figures from the US Bureau of Labor Statistics.
Meanwhile, the cost of insurance is also on the up. In March it was one of the main drivers of inflation measured by the Consumer Price Index (CPI) - having risen 2.6 percent month-over-month.
Arnold said getting stung taught her a lesson - and has since told her followers she is trying to get ride of the Tahoe.
'I'm getting older and realizing more about life and having a family and the things you have to pay for and the cost of living,' she said.
'I'm done with any kind of loans and now have plans to pay everything off.'
Address of this article:http://germany.whetstonetavern.com/article-57c199854.html
Very good!(69815)
Related articles
- Rookie Andy Pages has 3 RBIs to continue hot start as Dodgers beat Diamondbacks 8
- Beyonce surprises Dawn Staley with gifts after her third NCAA title with South Carolina
- New Hampshire man who brought decades
- Prominent figure in German far
- Mexico proudly controls its energy but could find it hard to reach its climate goals
- Esteury Ruiz homers and the A’s beat the Cardinals 6
- New BYU basketball coach Kevin Young focused on building NBA pipeline with Cougars
- Days Of Our Lives sees THREE old faces from the 1980s RETURN
- LIV Golf star Kevin Na unleashes foul
- Dancing With The Stars pro Cheryl Burke CONFIRMS showmances with THREE of her celebrity partners
Popular articles
Recommended
Twins bring Carlos Correa back from IL after 16
Will Smith wishes his 'ride or die' pal and Bad Boys co
Dodgers legend Carl Erskine dies at 97... the last surviving member of Brooklyn's 'Boys Of Summer'
FIRST LOOK! Celine Dion shares a raw behind
Goldman Sachs upbeat on A shares
South Carolina making progress to get more women in General Assembly and leadership roles
Kanye West sheds his usual all
Vietnam’s ‘Provisional National Government’ offers empty promises, lawyers say — Radio Free Asia
Links
- Milwaukee teenager gets 13 years for shooting inside restaurant that killed 2 other teens
- The monkey gangs turning this Thai city into a real
- David Pryor, former Arkansas governor, senator, dies at 89
- Drama teacher, 78, at prestigious £51,000
- Milwaukee teenager gets 13 years for shooting inside restaurant that killed 2 other teens
- Donald Trump Jr. says ex
- Justin Turner's homer, RBI single highlight Blue Jays' 5
- Jordan Montgomery shines in his delayed season debut with the Diamondbacks
- Mexican police investigate a man as a possible serial killer
- Russia edges toward a possible offensive on Kharkiv