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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.

1 Answers. 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.
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Answered on Apr 15th, 2016 at 5:35 PM

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.

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Consumer Law
Most--but not all--businesses act ethically and honestly. If a company fails to honor a product's warranty, or is violating the Fair Credit Reporting Act and Fair Debt Collection Practices Act, or refuses to replace a defective product under state lemon laws, you may need a strong advocate on your side. An attorney whose practice focuses on consumer law can work tirelessly to see that you are treated fairly and afforded all of the consumer rights and protections afforded to you under state and federal laws.
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