Race car driver Scott Tucker gets more than 16 years for payday lending scheme

[Johnny2X2X]

4. Big auto places are almost as bad as payday loans.

These places are awful now. It’s just like payday lending, but combined with the tactics of subprime mortgages.

They get people in the door and even if they have decent credit they tell them they don’t, but that they’ll see if they can figure something out to help them. People end up with 20% interest in a car that has 100,000 miles. Or worse yet, they end up in a lease with an older car.

These places install kill switches on their leases so if you don’t pay your bill they disable your vehicle. I have a friend who got a lease of a 2014 Ford Focus with 90,000 miles for $450 a month. They want to charge her $2500 to get out of the lease.