Thursday, August 11, 2011

Car Interest Loan Scam?

Hi my mom has been paying off a car since november 2009 she has paid 538.00 monthly since. Her car cost 20,000 and i recently went online to check to see how much she owes since im the one who pays her bills online and it says she owes 17,000 dollars. I was of course taken aback . I immedietly called honda financial services and was told that she had signed a contract with honda and taken out a Interest loan. which basically means all her money has been going to pay Interest not her actual car. Now my mom is an immigrant from Haiti and I am SURE that she didnt know she was signing her own death sentence when she signed this contract. Im sure the people at the dealer took advantage of her and now shes stuck with a 20,000 car that she'll be paying out for years! Any advice? I asked for a copy of the contract and am going to contact my lawyer soon. What else could be done because I will definitely not take this lying down.

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