QUESTION

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.

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.
1 ANSWERS
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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