Lawyers.com > Discuss Your Legal Issue > Ask a Lawyer > Consumer Law > 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.

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.
Answers Showing 1 out of 1
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.

Report Abuse
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.
Have an Consumer Law Question?
It’s Free & Easy.
Ask a Lawyer
Top Contributing Lawyers
Mark Tischhauser, Esq.

Attorney - Florida

349 Answers, 20 Legal Topics

Patrick Johnson

Attorney - Tennessee

242 Answers, 46 Legal Topics

Michael D. Siegel

Attorney - New York

163 Answers, 24 Legal Topics

Anthony John Van Zwaren, Esq.

Attorney - New Jersey

102 Answers, 17 Legal Topics

Michael E. Fiffik

Attorney - Pennsylvania

100 Answers, 19 Legal Topics

Edward J. Dimon

Attorney - New Jersey

78 Answers, 19 Legal Topics

Lori Nevias

Attorney - New York

77 Answers, 36 Legal Topics

Have a legal question?
Get answers from local attorneys.
It's free and easy.
Ask a Lawyer
Do It Yourself Legal Forms
Go

Popular Forums