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.
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
Video
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.
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
