I purchased an 09 R6 and financed it at a rate of 8.99%, read the fine print didn't seem to be any other stipulations in there.
But after paying it a few times it appears they are charging me 91.27% interest. For every 90$ I pay they only take 8$ off the Principal.
Has anyone else experienced this, or have any suggestions on how legal it is to charge this high of a rate? Anyone know the anti-usery laws in California.
I do not see how it could possibly be legal for them to say we are charging you 8.99%apr and then turn aroun d and charge me 92% interest, at any point in the loan. They would have people defaulting left and right adn the company would be bankrupt.
.
Oh okay so this is a loan where the interest is front loaded and once I pay off the "iterest first" then I will start to see that majority of my monthly payments go towards the principal?
But after paying it a few times it appears they are charging me 91.27% interest. For every 90$ I pay they only take 8$ off the Principal.
Has anyone else experienced this, or have any suggestions on how legal it is to charge this high of a rate? Anyone know the anti-usery laws in California.
I do not see how it could possibly be legal for them to say we are charging you 8.99%apr and then turn aroun d and charge me 92% interest, at any point in the loan. They would have people defaulting left and right adn the company would be bankrupt.
.
Oh okay so this is a loan where the interest is front loaded and once I pay off the "iterest first" then I will start to see that majority of my monthly payments go towards the principal?