Q: I have a consumer loan with the APR of 17.92% and 56 mth term. Amount financed $18304.54 payment $479.00 mth. Can they
Truth lending page says I will pay $9077 for this loan. They also charge $6.70 per day on top of this APR cost which was not disclosed. They are taking 3 times the disclosed interest. They have my car title yet won't work with me on any level. The deceptive practice of hiding the daily interest is not in the Truth in Lending page of the contract, instead it hides on page 4 showing a slightly different 17.75% in order to deceive borrowers. They have late fees, of course, but this $479.00 payment turns into $355.00 mth interest, plus late fees sometimes twice in one month. Is this not illegal??? It is deceptive practice and want justice, please.
A: I would have to read through the details, but there is more scrutiny on lenders that offer loans with interest rates above 10%. In situations like this, I look for areas where the lender failed to follow the law.
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