Can I sue my car seller?

When I bought my car they only said I would have 9% rate on the loan for 72 months. But they didn%26#039;t say that that 9% was going to calculate every freaking second, so my loan went up from $13,500 to $20,000 Okay, that%26#039;s like 50% rate!! I called the bank and they gave me this whole complicated calculation they use and it peaced me off. Why do they full people like that?

Can I sue my car seller?rate my professor

Auto finance is what I do for a living and all of the terms and condition under Federal law must be disclosed at the time of sale.

So if there is fault involved it is on you. You signed the documents so it is your responsibility to know and understand what you are signing. If you did not? You should not have signed the paperwork.

I am not trying to be rude, but this is simply how it is in the real world.

Can I sue my car seller?

loan

If this is true, what they did is illegal, you should contact you States attorney generals office and see if they can help you. Report It

|||If you don%26#039;t understand , don%26#039;t sign.

......

But it%26#039;s hard to a teenager. Report It

|||That%26#039;s call banking jargon or bullshit in short.|||Caveat Emptor. Why did you sign on the dotted line without reading and verifying every line in the contract? Your credit is YOUR responsibility. You learned a hard lesson. You cannot sue if it was in the contract you signed. If you can%26#039;t find a written disclosure, then call your state agency and get a lawyer. Chances are, though, they have covered themselves. There is a clause somewhere on some paper that you signed.|||To make money! $7,000 is quite a hike but that%26#039;s how it is now. You%26#039;d have done better to either put down a larger down payment or saved up and bought the car cash. Did you get financed through your bank? Those car lot financing places are crooked. You can file a complaint with the BBB in your area but that%26#039;s about it. You%26#039;re stuck with what you agreed to and have to comply or it%26#039;ll mess your credit up. You shouldn%26#039;t have signed if you didn%26#039;t agree with what was shown on the contract. You could have gone elsewhere or got a car loan from the bank. There were several different routes you could have taken.|||Well, to be honest, the numbers don%26#039;t seem too far off. The truth is that your loan is only $13,500, but interest adds on it every day. The APR is 9%, so that means if you make no payments, your new loan balance will be 9% higher at the end of the year (to find out how much interest adds every day, take 9% divided by 365 = 0.024657%... that means after day one your loan is now $13,503). Consider the following, which is based on a 9% APR with no payments being made:

Year 1: $13,500 + 9% = $14,715

Year 2: $14,715 + 9% = $16,039

Year 3: $16,039 + 9% = $17,483

Year 4: $17,483 + 9% = $19,056

Year 5: $19,056 + 9% = $20,771

Year 6: $20,771 + 9% = $22,641

So, if you made no payments at all, your loan would grow to over $22,000 after 72 months. I don%26#039;t know what your monthly payment is, but obviously the lower your monthly payments, the longer the term of the loan (and the more interest you%26#039;ll end up paying). By the way, never get a loan through a car dealer. Assuming your credit is good, you could probably get a loan through a credit union with an interest rate around 6%.|||It does not sound like you have a %26quot;simple interest%26quot; loan, if you did the total amount paid would have been around $17,000 with the terms you listed. So the interest calculation is probably going to be higher and calculated differently as the bank explained. If you were a teenager(assuming 18 or over), you probably did not have much if any credit, thus were given this type of loan.

However, all of this interest and payments should be spelled out in the loan documents you signed. So this is not what you want to hear but unfortunately you probably don%26#039;t have any case to be able to sue them. This is because it is your responsibility to have read the documents, in a court of law ignorance is not a defense.

Now, if you signed one set of documents and the loan terms have turned out to be something else then you might have a case, but I have a feeling that this dealer and/or bank have pretty much covered themselves. If you really have a question you should take your loan documents to a lawyer and see if they feel you have a case or not.