Woman forced to sell her dream car after paying $40k in interest over 3 years

Apparition

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Three years ago, 28-year-old Blaisey Arnold entered a local auto dealership and came away with the keys to an $84,000 Chevy Tahoe.

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But this month, the wedding photographer and mother shared a video to TikTok describing how she was forced to sell her dream car.

Despite paying $1,400 a month on payments totaling more than $50,000, she still owes a balance of $74,000 to the lender - GM Financial.

Not only did she not make a down payment, she said she traded in a previous car on which she had fallen into negative equity.

Negative equity occurs when a driver owes more on their car loan than the vehicle is now worth.

Sometimes, a dealer or lender can offer to roll the balance of an existing auto loan onto a new one, making it more expensive.

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Pictured is Arnold's $84,000 Chevrolet Tahoe, which was financed by GM Financial



While rolling over debt into a new loan can seem convenient, it can be very dangerous and dealers have been known to not properly inform buyers that they will still be responsible for the remaining balance.

'Honestly, it blows my mind that I have paid $50,000 into this car and only paid off $10,000,' Arnold said.

She told DailyMail.com the loan was issued to her on the very day she visited the dealer - and that had an APR of 10.2 percent.

'I did not go with my husband and as a female I feel they took advantage of me. They knew I really wanted the car and that I was by myself,' she said.

The $84,000 loan was issued to her by GM Financial, the financial services arm of General Motors and the only lender to approve her on the day.

'The dealer pretty much told me they can get me out the door with the car within an hour. He didn't act like it was something I should be concerned about,' she said.

GM Financial told DailyMail.com they were unable to discuss Arnold's loan and passed on an opportunity to comment.

A 2021 study from Consumer Reports found that lenders are increasingly able to prey on the vulnerable, especially those with lower credit scores. Such loans earn them more on interest and they can ultimately repossess cars.

Auto loans are becoming a major source of strain for car-obsessed Americans and leaving an increasing number with runaway debt.

Last year, auto debt in the US reached a record-high $1.6 trillion, which comes out to an average of more than $13,000 per household.

In February, the Federal Reserve released data showing that Americans were falling behind on car payments at the highest rate since 2010.

Continued
 
"They took advantage of me because I'm female"

No, they took advantage of someone who was willing to pay whatever they could to get the new shiny thing. This is WAY more common than people realize. I have a friend who is a service advisor at a new car dealer. Tons of people come in needing repairs they can't afford ($8k+) on cars they still owe money on, so instead they roll what they owe into a new loan and take the hit on the trade in of the dead car. I saw it when I worked in insurance too, people driving around $50k cars they owe $70-75k on.
 
Also auto loans are mostly interest in the beginning, very little principal. That is why it is not worth paying off after the first couple years. You already payed the interest. I am surprised she eve qualified for that amount.
 
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Her salesman probably went on a week long bender of hookers and blow after closing that deal.

Finances are apparently not ever taught in school anymore.

These are the ones thinking you should pay for their college loans.

Do they know what the term LOAN actually means?

After all, they DESERVE college degrees.

Same with credit cards.

"Whoa, I have all this cool stuff but now I have to PAY for it?"
 
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Maybe they should have made the title of the article.

"Dumbass rolls negative equity from last car into new car loan with a double digit interest rate during the lowest interest rate environment in our country's history"
 
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She’s not a victim in any way. She’s just not very smart is all.

Maybe. Can't rule out that her parents and school district completely failed to teach her a basic life skill, and she doesn't know what she doesn't know.

Also possible that she was told all about it and still chose to "live in the moment".

Neither changes the end result, but it affects how much sympathy I have.
 
Maybe. Can't rule out that her parents and school district completely failed to teach her a basic life skill, and she doesn't know what she doesn't know.

Also possible that she was told all about it and still chose to "live in the moment".

Neither changes the end result, but it affects how much sympathy I have.

Yes, society failed her as it has failed so many others.
 
She’ an Idiot. She bought her “Dream Vehicle” which she could not afford in the first place. I didn’t see what the loan term was. Most likely 84 months. Car loans are front loaded with the interest. People with no monetary sense only look at the payments not the total cost.
When I bought my 22 CX-5 the loud guy next to me was trading in his unpaid car because “He just did not like it anymore”. He was proud of his 600ish credit score. I was paying cash and had the dealer take off all the add ons. I knew what the car cost and what I was willing to pay.


Car Salesmen Screw Everyone they can it does not mater if they are Man. Woman or what ever the Fuck people identify themselves as.