Excessive interest levels and fast repossessions after missed payments dog automobile purchasers with dismal credit.
The figures kept getting even even worse for Jeremy McPeek. It began with spending $2,600 down and having saddled by having a loan that is high-interest a vehicle well well worth $5,200. Then arrived the repairs. Simply fourteen days in, the engine began knocking therefore the dealer told him it had been shot therefore McPeek told the dealer to collect the car just.
The twist: the finance business reported it as a repossession, plunging McPeek s credit history from 620 to 500.Continue reading