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Would an auto loan at 16 percent stretched over a 6-year period causing the price of the car to be doubled be considered extortion or grounds for legal recourse related to usery law?
Wiki User
∙ 18y ago
No. For example: Take the payday loan places that are in almost every town, their interest rates are around 400% - if you sign the contract, you have no legal recourse. Homebuyers who get a 30 year mortgage at 6% interest rate pay about 3 times the value of the house when it is all finished. It is smarter to pay a 15 year loan at the same interest rate, the difference is about $200 more per payment (not bad!). It is common for banks to charge naive car buyers a high interest rate for 6 years, the smart people shop around and get rates as low as 5% and a 4 year loan. I would love to see some lawyer take on the system and set standards for interest rates which would put payday loan (sharks) out of business, but congress would never go for it.
Wiki User
∙ 18y ago
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