Your current location:HOME >style >Mom, 28, forced to sell her dream car after forking out $40,000 in INTEREST alone over three years 正文
TIME:2024-05-19 00:17:00 Source: Internet compilationEdit:style
Three 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.'
China ready to launch Chang'e2024-05-18 23:56
Supreme Court Justice Neil Gorsuch co2024-05-18 23:51
With inflation soaring, Argentina will start printing 10,000 peso notes2024-05-18 23:32
Pete McCloskey, congressman who once challenged Nixon, dies at 962024-05-18 23:22
Djokovic gets late wild card to Geneva Open in bid for more clay action before Roland Garros2024-05-18 22:59
The $230 billion donor2024-05-18 22:54
The $230 billion donor2024-05-18 22:53
Trocheck's power2024-05-18 22:12
Latinos found jobs and cheap housing in a Pennsylvania city but political power has proven elusive2024-05-18 21:56
With inflation soaring, Argentina will start printing 10,000 peso notes2024-05-18 21:34
Legislation protecting Xinjiang ancient city comes into force2024-05-18 23:53
Steve Albini, legendary producer and alternative rock pioneer, dies at 612024-05-18 23:48
Woman accused of killing Boston police officer boyfriend was framed, attorneys say2024-05-18 23:45
Top water official in New Mexico to retire as state awaits decision in Rio Grande case2024-05-18 23:06
Chicago Cubs second baseman Nico Hoerner misses 4th straight game with left hamstring issue2024-05-18 22:56
North Carolina may join other states in codifying antisemitism definition2024-05-18 22:55
Woman seeks to drop sexual assault lawsuit against ex2024-05-18 22:54
Travis Kelce called out for being 'corny' over reaction to romance with Taylor Swift by Jana Kramer2024-05-18 21:52
Dallas Wings' Natasha Howard will miss up to 6 weeks after breaking foot in season opener2024-05-18 21:46
BetterHelp customers begin receiving refund notices from $7.8M data privacy settlement, FTC says2024-05-18 21:43