Why don’t you do one on byrider? They are crooks! They told my spouse & I we only needed a $200 down payment. When they started the paperwork, they said we owed $2,000 more & that would be added to the by weekly payments! They even tried doing the old used car tricks to make the car seem like it was running good! My spouse went along with it & the car started acting up the same evening she drove it home! Needless to say I got her to take it back & drop it off as we would find another second car!
@@jayson65718 actually (and if they're still in highschool the kids themselves will get them until they graduate). Far cry from "$12/hr". Should've bought a $5,000 car instead, could easily have been found in the pre-pandemic days.
The scariest part about this is the lady who makes bad financial decisions and got herself in a giant mess is now a real estate agent advising people on the largest financial decision they’ll ever make you should really have a credit score threshold to be able to be a realtor
She signed the loan, she didn't read the documents, or didn't care, then she didn't make the payments on time. Of course she blames anyone but herself.
Not only that, her whole "rhetoric" surrounds her life: I "needed" a car for medical appointments for my "special needs" child., yadda yadda. So, where is the HERDSIRE in all of this?? This sounds like she's talking to her welfare counsellor. Do I LOOK like your "farewell" counsellor???
True, but she needed a car. Sometimes our need can override our judgement. It’s clearly an issue with this company because they are a bad lender. She ended up paying more than the sticker price and allowed it to be repossessed. I think she learned her lesson, “mom”… sheesh. I was a bill collector and you have to be a bit human, too.
WOW. She financed a 15K used car for 6 year's at 25% interest. Monthly payment of $400 without even factoring any down payment or tax, title fees that's $28,800 in payment dollar's for the life of the loan. At $12 per hour she'd have to work more than 1 day every week to make her payment. No gas, no insurance, no maintenance costs figured in just 33.3 hours of work out of 160 hours a month to pay her car note. Based on $12 per hour and her child tax credits & low income tax credit and assuming she gets housing benefits keeping her housing cost at 25% of take home she need to spend no more than $194 per month on auto loan. So she's paying $200 a month more than she legitimately can afford. It's not rocket science it's just math and a budget.
get your life in order prior to having children. Maybe she thought she did. She says nothing was explained to her. She's a grown up, do the research prior to signing contracts.
@@FogelsChannel While its true, these sorts of things should be legally required to be disclosed before signing. The burden of who is at fault is mostly this single mothers, albeit not entirely.
Until you have a special needs child, you don’t understand the financial holes you can fall into. It’s rare that the family stays intact and financially solvent. I’m gonna give her grace based on that alone.
@@j887276 right.... because nothing bad ever happens to responsible people who make good decisions. just do the right thing and work hard and only positive things happen to you. you are living in a fairy tale
@@missylearned9821 This. It’s astounding how insensitive people are and quick to judge others. She is a single mother with three kids - we don’t know the circumstances surrounding her financial woes.
It’s sad to see that people don’t read contracts and don’t educate themselves on what they are signing then blame the companies. The fiancé added the payments and realized they had paid the cost of the car but still owed on the loan??? It’s called interest, lenders are in the business of making money, if you want to only pay the price tag then save and pay cash.
$12 an hour? I don't know when this was filmed but the WaWa down the street from me pays $18 an hour if you have a pulse and can manage to get to work not on drugs.
She could get a decent old Japanese car with over 200k miles on it. Presuming she finds one thats got a good history and gets a reliable mechanic to inspect it. $2,000-$9,000 hopefully, better than $15k+ a scam and all sorts predatory interest and fees. Korean vehicles are iffy, better than some but eh.
@@johnmike7809 Auto lenders/finance companies generally won't loan money on a car that old. You might get a car like that financed at a "buy here pay here: lot but the terms are no better than Exeter- if that.
This lady is clearly financially uneducated. She willingly signed a 25% interest loan over the course of years. No matter what item you buy 25% interest in crazy and you will be over paying for that item over the course of years. I am 25 yrs old and follow Dave Ramsey, and this lady needs him as well. Also for her to ask for her loan to STOP for some months and not have to worry about the interest or payment is crazy and selfish. She needs to learn financial education, And stand by the loan she desperately needed for her family. They saved her with a car when she needed one if you ask me.
Apparently they charge the highest interest rate for a reason. I'm deeply sympathetic to this lady's problems, but she acknowledged herself that she almost defaulted on this loan. And how many do default on it? This is a for profit compan..y
When I was a young man and poor & started a family and life with my wife we didn’t have enough food. We lost weight. Especially me. One day my son asked why do we always eat beans and why won’t you eat some hotdog. Decades later he still doesn’t know how poor we were. Thank you Lord for providing so abundantly for us .
@@DwightStJohn-t7y Thats poison you are better off not eating anything then. I'm sorry you were in such a terrible point, where you were unable to afford food.
well, making a loan to a single mother that makes $12 an hour is also increadibly risky for the lender as well. I can understand the high intrerest rate because it reflects the high risk the lender has to take on. If you cap interest rates, this lady would be walking.
I don’t get it. She’s subprime. She wouldn’t get a loan or car otherwise. Of course if you’re subprime you will pay higher rates than those who have good credit. Your rates are higher because you have a history of not paying people back or on time. I don’t see the issue here with the finance company.
Exactly! It really seems like the company takes SUPER subprime people. Then, if you don't pay, instead of taking the car they push your payments back. I get that they still charge interest but the alternative is that you don't have a car that it seems that you desperately need. I don't see an issue either.
That’s so many of these stories. Single mom, 8 kids, 7 of which are special needs, no credit, no money, buys the worst car from the worst dealer. Doesn’t read the Truth In Lending info.
seems so many have babies THEN try to figure out how to provide for them. Difficult to work when you have children, esp if a single parent. We waited till we were 28 to have children, finished college, bought a house, had an emergency savings, large life insurance then added our children to our lives. It's so much more simple not having to worry about the business of trying to keep our heads above water and focus on our children and our life.
@@Blue_Star_flyer definitely. Raising kids is tough even when your life is mostly sorted out and you have a spouse, a home, a good job. It’s still no picnic. You really have to get your life in order before bringing kids into this world.
She'll definitely make more money as a real estate agent. Yes most of them are scammers. Even the ones who aren't are in it for profits first or exclusively.
I used to date a woman who routinely bought cars with a 25% interest rate. She would buy the car, not make any payments, and then surrender it before the repo hearing. She didnt care how high the payment was because she knew she wasn't going to pay it. That's why this business exists.
It’s amazing how people freely sign contracts and take out loans and then want to whine and cry about the terms after the fact. Just exalt the borrower of all responsibility and blame the loan company, and where is her baby daddy? Why is he not helping get his kid to whatever treatment the kid needs?
Not defending her lack of responsibility. But it's also not unusual when children are born with disabilities that the husband will leave and stick the kids on the mom.
That has been the norm for used cars around 21% . I have always questioned as why the government is ok with letting lenders charge more of used cars. I get it has to do with high risk but it's definitely a steep amount of money.
A lot of people in our society think that they don't need to do their due diligence and that it's other people's responsibility to spoon feed them all the answers. I don't know how people like this lady survive, let alone how the raise children.
She did not have a lot of options. Easy for everyone to say " I told you so ". These financial companies are predators and should change their ways. We need to see how much the upper management is making
It comes down to Pride I drive a old 90s vw it's great on gas it has rust.i Posted the car for sale last yr people laughed at me. Some people pride will keep them broke.
@@JAMAICANGOLD567 Whats the model for the 90s vw? I drive a 2008 vw with peeling paint and other cosmetic issues. Been driving it since 2008 and will hopefully continue to until 2036-2038 range. Mine has cost a fortune in maintenance due to being in the north and having no garage unfortunately.
She willingly signed for a 25% loan. Even if she needed a vehicle for her kids, she could have gone other routes including borrowing money from relatives (not ideal). Anything is better than the Exeter loan.
I’m betting it’s not too much of a stretch that she likely does not have anyone on her personal life that could lend her that much money to help her out.
Lol good luck with that.. you think the average American has a family member that will just give them 7-10 grand so they can go buy a car ? It’s rough all over, if you are in need of a loan from Exeter you likely don’t have the sort of family behind you that can help you to that extent. It’s the bad loan, or the bus sadly for most.
What she needed was a lower car payment not an extension of a high interest rate auto loan. She and other borrowers are setup to fail. Then they say see you are a credit risk, not oh if we had lowered the payment you would not have fallen behind. Subprime loans are criminal.
We also need to focus on unscrupulous car dealerships that are incentivized to push certain lender’s products for the benefit of the dealership. This happened to me with very high credit score, they pushed a certain bank and I asked with a credit score over 800, I wasn’t offered a better rating than that even suggested they try my local credit union. The dealership lied and said they offered even higher than their preferred lender. So I wasn’t offered the best financial rate, I live in Central Virginia so let the buyers beware.
the truth is she is not to bright. she signed for it. also at 12 dollars an hour she is getting money from some place else. 12 dollars would not cover her bills. blame her not the system. if it cost to much walk away.
actually, she is bright, she got some simp to marry her, a single mom. They do it every time. I have seen them with over 200k in student loan debt and some guy waiting to marry them.
You can’t say that a person isn’t too bright when you don’t properly know how to form a sentence. Learn the difference between too, to and two. It’s important to know the difference.
@@peanutmansemporiumofrandom7472 i call them as i see them. and at my age it's not important to know the difference about how i write or spell them. anyone who signs for a car with high interest rates and then complains they can't afford it is not to bright.
When I was growing up in the 60s and 70s, it was very rare to have an absent parent unless they died. Divorce was very rare . Especially if you lived in a small town like I did. But today, first argument, they call it quits in a relationship. Nobody knows how to compromise. They have been brainwashed all their lives, thinking that they can have it all or they don’t have to settle for less. Yes you do have to compromise and yes, you do have to settle for less than you expect. It’s called life. And these women pop out kids that the government will ultimately have to help support, because there is no way she can support herself let alone three kids making $12 an hour. I’m retired in my income averages a little less than $26 an hour. That is pure retirement income and I do not work. But there is no way that I can support myself and three kids on this amount of money and I have very low expenses, especially when it comes to housing.
@@Cruel_Shoes 👏I agree, honestly it infuriates me when I see people who think they're entitled to something, no you aren't entitled to have three kids and be able to afford life by yourself, nobody is entitled to live alone either, you either afford it or go find a roommate, boyfriend, husband or live with your family, welfare isn't an answer either. Thousands of years our ancestors lived together and compromised in the most dirty and harsh conditions, that's how they survived, but now it's 2024 and they think they're entitled to something different? Get out of here!!!
Wow, you mean people with bad credit and irresponsible spending habits have to pay more in interest for the risk that they represent? What these people and advocates really want is for everyone else with good credit and responsible finances to pay a lot more in our lives for the decisions of others. I bought 2 brand new cars the same time this lady bought her 1 used car, and we paid 0% interest on both vehicles because we had an over 800 credit score, no debt, and low expenses.
It's nobody's fault but hers. If you can't getting down and write some simple figures on a piece of paper and understand what they mean, then your a dolt. Another one with, "If I cry loud enough, people will give me stuff for free." It doesn't matter if you think you need this, I need that, but you work jobs that don't pay, wellllllll?
A terrible credit score, late on payments, let's the car get repossessed, had a 25% interest rate, didn't think she'd have to pay anything after her multiple extensions?? Jiminy Crickets!! Brought to you by bad idea blue jeans.
I mean they provide a service for poor people and people with poor credit. They could have just repo’d the cars and still charged them for it. They are taking all the risk, they gave someone 15000 dollars they immediately stopped paying. Sounds like you should pays your bills and raise your credit, live within your means and buy cash cars equivalent to there situation. “They gave me a loan I couldn’t afford” really? Like you had no choice in the matter?
First mistake was having poor credit. You can lease a Kia for cheaper. She signed that high APR. Furthermore, she wanted that extension. What do people think extensions are ? A time off without paying interest?
I distinctly remember that last time I bought a vehicle, even what caliber pistol the salesman was holding to my head. But I was stuck, no options at all. (Too much satire?)
7:16 "They are working everyday to dig themselves out of debt, but can now afford two vehicles with the help of a different lender". It sounds like they actually can't afford two vehicles.
This is a lady that just bounces from bad luck to bad luck. She did get a car when no one else would give her one. Then she went into the "real estate" industry for a job ... last thing to happen will be a divorce from the new husband ...
Its a risk based approach for these companies charging these interest rates. She has subprime credit/bad credit score, surely she shouldn't have expected to get the same credit terms as someone with a prime credit score. These companies do care about profit but they also provide auto loans for people that otherwise would never be able to afford a car.
Personal accountability is key, this isn’t so much a banks fault but the person who knows they can’t afford the vehicle did nothing to save money for the down payment or take any financial responsibility. Buy a used cheap car for a couple thousand dollars and save money for a better car. 🤦🏻♂️
You guys should do a story on the growing trend of debt collection companies putting liens on homes for credit card debt that have no legal right to do so.
While I will always be on the side on the consumer, this lady saying that "they didn't explain what the extension was to her" is just ridiculous! You are an adult, you should always ask how much you will owe at the end of the process, how much the interest rate is, and what the penalties are. Same thing with people taking payday loans and complaining that they didn't know it was a bad loan.
You didn't think interest would keep accruing while not making a payment? Not saying this lender is on the up & up. Clearly, they're not. They remind me of student loans.
Predatory? You have bad credit because you are bad in finance and math. No one forced you to take the loan. Your rate is based on your risk and credit worthiness. I highly doubt she could afford the car even with a 0% interest.
I refinanced a Geo Metro twice through GMAC. It took me 9 years aprox to pay it off. Geo was dying, head liner came off ceiling, defrost quite, cv joint barely moving, got stolen ib nice neighborhood but still had original clutch. Will always be grateful to GM for that. Might get a new Trax or Trailblazer..
So you have bad credit, you need a loan; don’t complain about the interest. Especially when you don’t make your payments. Furthermore, it doesn’t surprise me that a sub-prime lender has higher delinquency rates, it makes perfect sense actually. Mind boggling.
We've all made choices, and all choices have consequences - good or bad. I'm tired of people expecting special treatment just because they birthed some kids. Everyone w/o kids needs the income and credit score to obtain decent auto loans.
Fun fact, the mortgage modification that came out of 2007 and really got pushed during Covid is a very similar program. People who were able to skip months of payments, up to a year, are going to find those missed payments plus interest due immediately when they pay off their primary mortgage or sell their house.
There are so many moving and unexplained parts to this story, there is no point in commenting when there are so many things we don't know or that could be viewed differently than the way they are being presented.
You can get a car on lay away in Memphis. And Southaven, MS. I was too through when I heard that.
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Exeter is a bit predatory since it seems they take the riskiest clients, she was a bit on the loose, saw 25% interest with a minimal wage, and said "ok nice". Then they offer her things, and she didn't even bother to ask the meaning and what it does. The end result was this story.
Take it from experience, if you've got a high interest auto loan you've been paying on time for a couple of years, you need to explore a refinance for a much lower rate. You'll have a better chance of getting a decent loan at that point.
Car dealerships already have the majority of people in a difficult situation when they come in, because they’re in need of a car. The dealership isn’t concerned about someone once they drive off the lot and wouldn’t care if someone can afford the loan or not. The lender is all about making money off high risk loans that can’t afford the payments, and that interest rate was disgusting, at 25%.
During covid I deferred a couple car payments but I knew what was coming with doing that it didnt just make the payments go away they even charged a $75 fee to defer the payments plus there would be extra interest on the loan but now I have fully paid off my vehicle and sending in that final payment felt so good
If you are poor, you don't spend 15 grand on a car. I paid 600 for mine and it's been running great for years. All she has to do is find a car guy to go shopping for used cars. I have no sympathy for her.
Probably at church. I'm mostly kidding but I've seen it happen there several times. Usually a divorced, 50ish guy with adult kids marrying a woman in her mid - late 30s who has kids still in the house.
![แข่งเพิ่มน้ำหนักใน 24 ชั่วโมง!! [Ver 2025]](http://i.ytimg.com/vi/20xn0g6k-ec/mqdefault.jpg)
More here: www.scrippsnews.com/scripps-news-investigates/surprise-costs-at-major-auto-lender-drive-borrowers-deeper-into-debt
Why don’t you do one on byrider? They are crooks! They told my spouse & I we only needed a $200 down payment. When they started the paperwork, they said we owed $2,000 more & that would be added to the by weekly payments! They even tried doing the old used car tricks to make the car seem like it was running good! My spouse went along with it & the car started acting up the same evening she drove it home!
Needless to say I got her to take it back & drop it off as we would find another second car!
The red flag should have when she saw a 25% interest rate
red flag is her being single mom of 3 wheres da dad
@@jaehparrkDid you ever think that maybe her husband passed away?
@@AKAAAKThey would have said that. Sympathy ploy.
@@AKAAAK if her husband passed away she would be collecting his social security for all 3 kids until they’re 16.
@@jayson65718 actually (and if they're still in highschool the kids themselves will get them until they graduate). Far cry from "$12/hr".
Should've bought a $5,000 car instead, could easily have been found in the pre-pandemic days.
The scariest part about this is the lady who makes bad financial decisions and got herself in a giant mess is now a real estate agent advising people on the largest financial decision they’ll ever make you should really have a credit score threshold to be able to be a realtor
She's not selling advice but houses.
YIKES!!.
In my area women are "realtors" to CLAiM they have a job. It's only a job if you're deep into the legal and hard competition.
@@smallfaucetthey definitely give advice. They market all day long about how you shouldn’t rent and that rates and prices may go up so buy buy buy now
Nearly every realtor I’ve known has a shady background.
She signed the loan, she didn't read the documents, or didn't care, then she didn't make the payments on time. Of course she blames anyone but herself.
personal responsibility should always be a thing, but there are many layers to this onion
What you said,i was thinking 🤔
Just like student who sign for student loans then want others (taxpayers) to absorb the debt and pay for it?
Not only that, her whole "rhetoric" surrounds her life: I "needed" a car for medical appointments for my "special needs" child., yadda yadda. So, where is the HERDSIRE in all of this?? This sounds like she's talking to her welfare counsellor. Do I LOOK like your "farewell" counsellor???
True, but she needed a car. Sometimes our need can override our judgement. It’s clearly an issue with this company because they are a bad lender. She ended up paying more than the sticker price and allowed it to be repossessed. I think she learned her lesson, “mom”… sheesh. I was a bill collector and you have to be a bit human, too.
It's difficult to think of a sleazier industry than auto sales/finance.
Insurance industry........
Government has got them beat by far
@@mastercraftsman4213 oh, that's a good one 👍
People with bad credit need cars. It's either that or they can't borrow money.
Organized religion
WOW. She financed a 15K used car for 6 year's at 25% interest. Monthly payment of $400 without even factoring any down payment or tax, title fees that's $28,800 in payment dollar's for the life of the loan. At $12 per hour she'd have to work more than 1 day every week to make her payment. No gas, no insurance, no maintenance costs figured in just 33.3 hours of work out of 160 hours a month to pay her car note. Based on $12 per hour and her child tax credits & low income tax credit and assuming she gets housing benefits keeping her housing cost at 25% of take home she need to spend no more than $194 per month on auto loan. So she's paying $200 a month more than she legitimately can afford. It's not rocket science it's just math and a budget.
"The saleswoman never told me that. It's her fault she tricked me into signing contracts I didn't understand."
@@FogelsChanneltale as old as time.
get your life in order prior to having children. Maybe she thought she did. She says nothing was explained to her. She's a grown up, do the research prior to signing contracts.
@@FogelsChannel While its true, these sorts of things should be legally required to be disclosed before signing. The burden of who is at fault is mostly this single mothers, albeit not entirely.
The lender knew this as well. Prime example of a predatory sub-prime lender.
Honestly this is a general lack of personal accountability, common sense & financial literacy. Gotta be responsible for your life & choices 🤷♂️
personal responsibility should always be a thing, but there are many layers to this onion
@@RalphNorton-x9p Just one layer for a responsible person who makes good decisions & maintains control of their life and finances.
Until you have a special needs child, you don’t understand the financial holes you can fall into. It’s rare that the family stays intact and financially solvent. I’m gonna give her grace based on that alone.
@@j887276 right.... because nothing bad ever happens to responsible people who make good decisions. just do the right thing and work hard and only positive things happen to you. you are living in a fairy tale
@@missylearned9821 This. It’s astounding how insensitive people are and quick to judge others. She is a single mother with three kids - we don’t know the circumstances surrounding her financial woes.
This is why i keeps my 2017 kia soul with 37,000 miles thats paid off. Having no payment feels real good
Bought my 2007 F-150 for 0% interest. Been paid off since 2011. So are my 2010, and 2014s.
@@donwyoming1936pre maintenance is key!!
@@donwyoming1936 3 2012 fords
Paid off years ago
@@GeeGee19 37,000 miles is basically new
That's practically new! Good going. 🎉
It’s sad to see that people don’t read contracts and don’t educate themselves on what they are signing then blame the companies. The fiancé added the payments and realized they had paid the cost of the car but still owed on the loan??? It’s called interest, lenders are in the business of making money, if you want to only pay the price tag then save and pay cash.
AND she's now in real estate??? You almost have to be a lawyer in California. In our house sale to a known buyer, we used our family LAWYER.
Literally! I was, bro that's called interest. It's not a 0% loan 😂
$12 an hour? I don't know when this was filmed but the WaWa down the street from me pays $18 an hour if you have a pulse and can manage to get to work not on drugs.
I wouldn't consider $12/hr worth getting out of bed for unless I was desperate.
@@ozzierabbit587 She was and still is desperate
That pay amt is so 7+ years ago. With inflation, people can't live on $12/hr 😮
I love WaWa! Convenience Store Nirvana.
Federal minimum wage is $7.25 an hour since 2009.
Even with a good interest rate, she couldn't afford that car with her salary. She should have tried to purchase a much cheaper car.
She should try birth control.
She could get a decent old Japanese car with over 200k miles on it. Presuming she finds one thats got a good history and gets a reliable mechanic to inspect it. $2,000-$9,000 hopefully, better than $15k+ a scam and all sorts predatory interest and fees. Korean vehicles are iffy, better than some but eh.
@@user-gz4ve8mw9l- anything less than what she got, and she for sure would be inheriting someone else's lemon. 200k miles? Why even bother
Why would you have 3 kids if you are only making $12 an hour and have no car???
Because the republikkans would start calling her a childless cat lady!
jjj
Exactly. This is ridiculous.
Kamalenomics..
Maybe at one time she had a husband? Sometimes things happen in life
You can buy a 2000 ish Toyota Camery ~ 100 k miles. For $5k. Might have a few stains, won’t be perfect, but it will get you A to B.
If I had 3 -5 thousand dollars easier said lol
$5000 loan is ~ $100 a month
Way to figure a way to lose.
@@johnmike7809 This would be a 60 month loan @ 5% interest. Banks don't give out loans like this on 20 year old commuter cars with 100k miles.
@@johnmike7809 Auto lenders/finance companies generally won't loan money on a car that old. You might get a car like that financed at a "buy here pay here: lot but the terms are no better than Exeter- if that.
Please, that is on her
Pretty much, her life choices is her misery. She can get much lower rate at a dealership!
This lady is clearly financially uneducated. She willingly signed a 25% interest loan over the course of years. No matter what item you buy 25% interest in crazy and you will be over paying for that item over the course of years. I am 25 yrs old and follow Dave Ramsey, and this lady needs him as well.
Also for her to ask for her loan to STOP for some months and not have to worry about the interest or payment is crazy and selfish. She needs to learn financial education, And stand by the loan she desperately needed for her family. They saved her with a car when she needed one if you ask me.
My credit card's interest rate isn't even that high
Oh that is awesome, I try and tell everyone about Dave Ramsey, like majority of ppl just need alittle help and guidance, I definitely did
Completely agree!
Apparently they charge the highest interest rate for a reason. I'm deeply sympathetic to this lady's problems, but she acknowledged herself that she almost defaulted on this loan. And how many do default on it? This is a for profit compan..y
I just can't fathom having a car payment. The thought alone strickens me with overwhelming anxiety!
When I was a young man and poor & started a family and life with my wife we didn’t have enough food. We lost weight. Especially me. One day my son asked why do we always eat beans and why won’t you eat some hotdog. Decades later he still doesn’t know how poor we were. Thank you Lord for providing so abundantly for us .
Ketchup sandwiches. If I ever write my early years, that was it.
🙌🏾 awesome testimony
Even being dirt poor you had a wife, good for you 🤝
@@DwightStJohn-t7y Thats poison you are better off not eating anything then. I'm sorry you were in such a terrible point, where you were unable to afford food.
Where is the father of these children? Why isn't he helping?
Im sure he's paying child support it's not his job to support her lifestyle
well, making a loan to a single mother that makes $12 an hour is also increadibly risky for the lender as well. I can understand the high intrerest rate because it reflects the high risk the lender has to take on. If you cap interest rates, this lady would be walking.
I don’t get it. She’s subprime. She wouldn’t get a loan or car otherwise. Of course if you’re subprime you will pay higher rates than those who have good credit. Your rates are higher because you have a history of not paying people back or on time. I don’t see the issue here with the finance company.
Exactly! It really seems like the company takes SUPER subprime people. Then, if you don't pay, instead of taking the car they push your payments back. I get that they still charge interest but the alternative is that you don't have a car that it seems that you desperately need. I don't see an issue either.
Don’t just blame Exeter. Blame the used car dealer for dealing with a loan company like that.
So car prices should fall to $2,000 just because irresponsible people have financially wrecked their lives?
When she became a single mom of 3 kids…..did they come out of nowhere?
That’s so many of these stories. Single mom, 8 kids, 7 of which are special needs, no credit, no money, buys the worst car from the worst dealer. Doesn’t read the Truth In Lending info.
She may have been married and got a divorce
Don’t breed em’ if you can’t feed em’
seems so many have babies THEN try to figure out how to provide for them. Difficult to work when you have children, esp if a single parent. We waited till we were 28 to have children, finished college, bought a house, had an emergency savings, large life insurance then added our children to our lives. It's so much more simple not having to worry about the business of trying to keep our heads above water and focus on our children and our life.
@@Blue_Star_flyer definitely. Raising kids is tough even when your life is mostly sorted out and you have a spouse, a home, a good job. It’s still no picnic. You really have to get your life in order before bringing kids into this world.
She became a real estate agent. The scammie becomes the scammer 😂
There are honest agents out there.
She obviously isn't too bright..she could never be my agent!
She'll definitely make more money as a real estate agent. Yes most of them are scammers. Even the ones who aren't are in it for profits first or exclusively.
I used to date a woman who routinely bought cars with a 25% interest rate. She would buy the car, not make any payments, and then surrender it before the repo hearing. She didnt care how high the payment was because she knew she wasn't going to pay it. That's why this business exists.
Eventually she'll be unable to keep doing that. Not even loan sharks will give her the time of day.
At least she surrenders it. Somw of these types of people don't and get repossessed. That's why some dealers put tra king devices on the cars.
It’s amazing how people freely sign contracts and take out loans and then want to whine and cry about the terms after the fact. Just exalt the borrower of all responsibility and blame the loan company, and where is her baby daddy? Why is he not helping get his kid to whatever treatment the kid needs?
The word would be "exempt" but I get your point.
Not defending her lack of responsibility. But it's also not unusual when children are born with disabilities that the husband will leave and stick the kids on the mom.
That has been the norm for used cars around 21% . I have always questioned as why the government is ok with letting lenders charge more of used cars. I get it has to do with high risk but it's definitely a steep amount of money.
She didn't ask what the interest rate was on the loan. If she had asked the sales person would have been required to explain it was 25% interest.
There's no such thing as a free lunch. Why didn't she ask questions about what affect the extentions would have?
A lot of people in our society think that they don't need to do their due diligence and that it's other people's responsibility to spoon feed them all the answers. I don't know how people like this lady survive, let alone how the raise children.
She didn’t do the math,i guess….
She didn’t care. She’s spending the money elsewhere just happy they didn’t repo it
She did not have a lot of options. Easy for everyone to say " I told you so ". These financial companies are predators and should change their ways. We need to see how much the upper management is making
Does no one have any financial literacy?
It comes down to Pride
I drive a old 90s vw it's great on gas it has rust.i Posted the car for sale last yr people laughed at me.
Some people pride will keep them broke.
@@JAMAICANGOLD567 Whats the model for the 90s vw? I drive a 2008 vw with peeling paint and other cosmetic issues. Been driving it since 2008 and will hopefully continue to until 2036-2038 range. Mine has cost a fortune in maintenance due to being in the north and having no garage unfortunately.
And she and her husband can now afford two cars thanks to a different lender. Wonder how that will work out in the future.
Amazing, isn’t it. New guy and everything is cool… until he leaves.
She willingly signed for a 25% loan. Even if she needed a vehicle for her kids, she could have gone other routes including borrowing money from relatives (not ideal). Anything is better than the Exeter loan.
I’m betting it’s not too much of a stretch that she likely does not have anyone on her personal life that could lend her that much money to help her out.
Lol good luck with that.. you think the average American has a family member that will just give them 7-10 grand so they can go buy a car ? It’s rough all over, if you are in need of a loan from Exeter you likely don’t have the sort of family behind you that can help you to that extent. It’s the bad loan, or the bus sadly for most.
@@Eric_Bassettright. And Exeter knows the people signing up for their loans were desperate. People tend to make bad decisions when desperate
Of she could have bought a cheap car for around $3k until she got her money up. Oh well
Doubt her relatives have any money either
What she needed was a lower car payment not an extension of a high interest rate auto loan. She and other borrowers are setup to fail. Then they say see you are a credit risk, not oh if we had lowered the payment you would not have fallen behind. Subprime loans are criminal.
2023 Kia Rio MSRP was $18-19,000. Why is she paying $15,000 for a used one ?
Lady ain't qualifying for most normal loans
Car Max
Some people are under the assumption that used cars are cheaper than new ones.
@@landshass2849-They typically are. The problem is people never research how much a car should cost and let dealerships run all over them.
the car was a 2016 model. she bought in 2017. Wonder if that was a CPO from a Kia dealer.
We also need to focus on unscrupulous car dealerships that are incentivized to push certain lender’s products for the benefit of the dealership. This happened to me with very high credit score, they pushed a certain bank and I asked with a credit score over 800, I wasn’t offered a better rating than that even suggested they try my local credit union. The dealership lied and said they offered even higher than their preferred lender. So I wasn’t offered the best financial rate, I live in Central Virginia so let the buyers beware.
the truth is she is not to bright. she signed for it. also at 12 dollars an hour she is getting money from some place else. 12 dollars would not cover her bills. blame her not the system. if it cost to much walk away.
actually, she is bright, she got some simp to marry her, a single mom. They do it every time. I have seen them with over 200k in student loan debt and some guy waiting to marry them.
You can’t say that a person isn’t too bright when you don’t properly know how to form a sentence. Learn the difference between too, to and two. It’s important to know the difference.
@@peanutmansemporiumofrandom7472 i call them as i see them. and at my age it's not important to know the difference about how i write or spell them. anyone who signs for a car with high interest rates and then complains they can't afford it is not to bright.
15k used Kia (one of the most unreliable OEMs) at 25% interest rate 😂
She doesnt know any better.
🤣🤣🤣🤣🤣
Shes the stereotypical single mom of 3 with a kia
Single mom of three? There’s your sign. Bad decisions are rarely made without other bad decisions.
Maybe her husband died?? 🤔
@@AKAAAKthen she would be a widow.
@@johnblood3731 Widow is still a single mother of 3 after the husband passes 🤔
It’s all men’s fault.
@@AKAAAKI’m pretty sure it would be mentioned in this story if he did.
Where is the child support from
all those baby daddies?
As if that's really a thing.
@@truelife974 Sure is. I paid over 100k in support
@@truelife974 The internet sites are FULL of women using that term, though usually they're somewhat a darker shade of pale.
She’s a MOOCHER
The real investigative journalism we need for this story.
So basically she voluntarily took on a terrible loan with a 25% rate, has poor credit, where's the father of her three kids? Where's her husband?
When I was growing up in the 60s and 70s, it was very rare to have an absent parent unless they died. Divorce was very rare . Especially if you lived in a small town like I did. But today, first argument, they call it quits in a relationship. Nobody knows how to compromise. They have been brainwashed all their lives, thinking that they can have it all or they don’t have to settle for less. Yes you do have to compromise and yes, you do have to settle for less than you expect. It’s called life. And these women pop out kids that the government will ultimately have to help support, because there is no way she can support herself let alone three kids making $12 an hour. I’m retired in my income averages a little less than $26 an hour. That is pure retirement income and I do not work. But there is no way that I can support myself and three kids on this amount of money and I have very low expenses, especially when it comes to housing.
@@Cruel_Shoes 👏I agree, honestly it infuriates me when I see people who think they're entitled to something, no you aren't entitled to have three kids and be able to afford life by yourself, nobody is entitled to live alone either, you either afford it or go find a roommate, boyfriend, husband or live with your family, welfare isn't an answer either. Thousands of years our ancestors lived together and compromised in the most dirty and harsh conditions, that's how they survived, but now it's 2024 and they think they're entitled to something different? Get out of here!!!
Wow, you mean people with bad credit and irresponsible spending habits have to pay more in interest for the risk that they represent? What these people and advocates really want is for everyone else with good credit and responsible finances to pay a lot more in our lives for the decisions of others. I bought 2 brand new cars the same time this lady bought her 1 used car, and we paid 0% interest on both vehicles because we had an over 800 credit score, no debt, and low expenses.
It's nobody's fault but hers. If you can't getting down and write some simple figures on a piece of paper and understand what they mean, then your a dolt. Another one with, "If I cry loud enough, people will give me stuff for free." It doesn't matter if you think you need this, I need that, but you work jobs that don't pay, wellllllll?
A terrible credit score, late on payments, let's the car get repossessed, had a 25% interest rate, didn't think she'd have to pay anything after her multiple extensions?? Jiminy Crickets!!
Brought to you by bad idea blue jeans.
It’s clear why she is a single mom.
What a piece of work!🎉🎉🎉
$12 an hour?!
That’s considered high in Texas😢
@@Priust189 $12 an hour and $2000 rent
She probably won the house in the divorce and gets child support, too.
@@Priust189 $12 an hour and $2000 rent
Federal Minimum Wage: $7.25 per hour
I mean they provide a service for poor people and people with poor credit. They could have just repo’d the cars and still charged them for it. They are taking all the risk, they gave someone 15000 dollars they immediately stopped paying. Sounds like you should pays your bills and raise your credit, live within your means and buy cash cars equivalent to there situation. “They gave me a loan I couldn’t afford” really? Like you had no choice in the matter?
Highly likely the sales rep at dealership got a kickback for getting the loan. Part of her sales commission
All things aside... Having no credit or bad credit.. sets you up for failing
False. Stop saying this bs. Having no credit is far better than bad credit. People with no credit would simply have to put more down
@@Enronauditor- that's the problem. If you are like her, you dint have more money to out down. Having good credit leaves you with more options
@@ecclairmayo4153 if she didn’t have money to put down she shouldn’t have bought a house!
I'm no.. no credit is worse
First mistake was having poor credit. You can lease a Kia for cheaper. She signed that high APR. Furthermore, she wanted that extension. What do people think extensions are ? A time off without paying interest?
I distinctly remember that last time I bought a vehicle, even what caliber pistol the salesman was holding to my head. But I was stuck, no options at all. (Too much satire?)
I am a woman and totally green when it comes to buying a car - I'm educating myself on behalf of youtube. No one is going to save you except you.
Dont do it not for student loans, personal loans, or cars/mortgages!!! They try to double or even triplet charge.😊
She may have needed A car, but def not that car or that ridiculous rate.
It's tough when all options are bad
7:16 "They are working everyday to dig themselves out of debt, but can now afford two vehicles with the help of a different lender".
It sounds like they actually can't afford two vehicles.
Exactly!! Other debts are put on thr back burner
25k loan @25% int making $12 an hr w bad credit and you thought this was a good idea? Uber never crossed your mind? come on now
Believe it or not, but Uber is not readily available in all communities or areas. It's more uncommon than common in my experience.
And busses?
Tbf, Uber could count as commercial use - meaning that you could pay more on insurance etc.
@@glitchy_weasel I took it as she could use Uber rather than buy a car she couldn’t afford. Not that she could drive Uber.
@@Mrs.TJTaylor yes
This is a lady that just bounces from bad luck to bad luck. She did get a car when no one else would give her one. Then she went into the "real estate" industry for a job ... last thing to happen will be a divorce from the new husband ...
I didn't know you could see the future...
She could have gotten a much cheaper car. She got an expensive car that she couldn't afford.
@@carolr7823 Cheaper cars have cheaper parts that break more often. But if this was all she could afford ...
Not really. It seems like she puts herself in terrible situations because of her poor decisions. Luck doesn't have anything to do with it
Luck suggests she has no control at all over her life. Sure, some things you can't control, but many things we can.
Its a risk based approach for these companies charging these interest rates. She has subprime credit/bad credit score, surely she shouldn't have expected to get the same credit terms as someone with a prime credit score. These companies do care about profit but they also provide auto loans for people that otherwise would never be able to afford a car.
Personal accountability is key, this isn’t so much a banks fault but the person who knows they can’t afford the vehicle did nothing to save money for the down payment or take any financial responsibility. Buy a used cheap car for a couple thousand dollars and save money for a better car. 🤦🏻♂️
America has turned into a debt trap nightmare. I paid off my car loan 4 years ago and never plan on driving ever again.
She signed the contract.
You guys should do a story on the growing trend of debt collection companies putting liens on homes for credit card debt that have no legal right to do so.
While I will always be on the side on the consumer, this lady saying that "they didn't explain what the extension was to her" is just ridiculous! You are an adult, you should always ask how much you will owe at the end of the process, how much the interest rate is, and what the penalties are. Same thing with people taking payday loans and complaining that they didn't know it was a bad loan.
There are banks and loan companies who charge even higher rates including Ally Bank.
Good to know, because everyone makes Ally seem like it's a good bank for people who need a second chance.
You didn't think interest would keep accruing while not making a payment? Not saying this lender is on the up & up. Clearly, they're not. They remind me of student loans.
Another mistake she made was buying A KIA 😊
The best car you can purchase is the one you pay for with cash so that you have no car payments.
Source: The Dave Ramsey Show
25% interest rate on a auto loan should be criminal.
Ignorance is not an excuse.
She had bad credit, no savings and still drove off in a car...she should be thanking this company. Pay or walk
This is where they want the majority of Americans , the new shackles is (bad) debt
Don't go into debt. The bank is bigger than your house because of interest. No cash,no item. No problem. Note she went back for another loan.
25% ! Always someone else’s fault.
Predatory? You have bad credit because you are bad in finance and math. No one forced you to take the loan. Your rate is based on your risk and credit worthiness. I highly doubt she could afford the car even with a 0% interest.
I refinanced a Geo Metro twice through GMAC. It took me 9 years aprox to pay it off. Geo was dying, head liner came off ceiling, defrost quite, cv joint barely moving, got stolen ib nice neighborhood but still had original clutch. Will always be grateful to GM for that. Might get a new Trax or Trailblazer..
the new Trax looks sharp
So you have bad credit, you need a loan; don’t complain about the interest. Especially when you don’t make your payments. Furthermore, it doesn’t surprise me that a sub-prime lender has higher delinquency rates, it makes perfect sense actually. Mind boggling.
We've all made choices, and all choices have consequences - good or bad. I'm tired of people expecting special treatment just because they birthed some kids. Everyone w/o kids needs the income and credit score to obtain decent auto loans.
Exactly 👍 why would they take out a loan if they can’t afford it, that just spells trouble
I think it's funny that as humans we blame other humans for our own decisions!! that's why some of us are where we r at!!! 😂
Fun fact, the mortgage modification that came out of 2007 and really got pushed during Covid is a very similar program. People who were able to skip months of payments, up to a year, are going to find those missed payments plus interest due immediately when they pay off their primary mortgage or sell their house.
Waived mortgage payments during covid did the same by big banks.
I bought my neighbors Hyundai Santa Fe for 500.00! It’s not the nicest looking car but it’s comfortable and runs great.
No. This woman makes bad decisions. She buries her head in the sand. There are consequences for intentional ignorance.
There are so many moving and unexplained parts to this story, there is no point in commenting when there are so many things we don't know or that could be viewed differently than the way they are being presented.
Lady be a school bus driver $15.67-$22 an hour.
Dave Ramsey all day long
Thank god i bought my car a decade ago
She didn't need to buy that expensive used kia. She needed to listen to Dave Ramsey
D.R. my hero. Paid off my house following his plan. ❤
And if you don’t pay for it,they disable the vehicle by an app on an IPhone!!
That should be against the law!
@@NewEraChi Sorry,but many pay by the week shady used car lots do this dispicible thing!!
THEY GAVE YOU A LOAN THAT YOU COULDN'T AFFORD? NO THATS BS YOU TOOK A LOAN THAT YOU COULDN'T AFFORD.
TAKE RESPONSIBILITY FOR YOUR ACTIONS.
Biden/Harris Voters
Don't buy cars you can't afford
With the internet available why don't people do their own research? I do not feel bad for these people. Nobody forced you to use that finance company
You can get a car on lay away in Memphis. And Southaven, MS. I was too through when I heard that.
Exeter is a bit predatory since it seems they take the riskiest clients, she was a bit on the loose, saw 25% interest with a minimal wage, and said "ok nice". Then they offer her things, and she didn't even bother to ask the meaning and what it does.
The end result was this story.
Personal responsibility folks. We are now a nation of victims!
Take it from experience, if you've got a high interest auto loan you've been paying on time for a couple of years, you need to explore a refinance for a much lower rate. You'll have a better chance of getting a decent loan at that point.
“I don’t know if I could do this but I needed a car”…. Next time just take a bus….no one needs to be in debt for a car……
not everywhere in the US has buses, even less have buses that can actually be used reliably.
@@nanismeelaslaget a used car away from these loans. I get “not everywhere in the US has buses”!!!! Smartas s
Car dealerships already have the majority of people in a difficult situation when they come in, because they’re in need of a car. The dealership isn’t concerned about someone once they drive off the lot and wouldn’t care if someone can afford the loan or not. The lender is all about making money off high risk loans that can’t afford the payments, and that interest rate was disgusting, at 25%.
During covid I deferred a couple car payments but I knew what was coming with doing that it didnt just make the payments go away they even charged a $75 fee to defer the payments plus there would be extra interest on the loan but now I have fully paid off my vehicle and sending in that final payment felt so good
If you are poor, you don't spend 15 grand on a car. I paid 600 for mine and it's been running great for years. All she has to do is find a car guy to go shopping for used cars. I have no sympathy for her.
i agree with 3 kids on top of that. you cannot afford any cars
How did she, with 3 kids, get a new man? Was he recently released from prison?
Probably at church. I'm mostly kidding but I've seen it happen there several times. Usually a divorced, 50ish guy with adult kids marrying a woman in her mid - late 30s who has kids still in the house.