Legal Question in Consumer Law in Illinois

auto purchase july 3

local car sale 8750.00 200.00 down total sale 9265.48. interest 16.55% see that i am being charged 4,849.32 interest bringing total to 15,oo9.80 they added my deposit---not subtracted it. Seems my interest is 50%..This is for 60 months. Do I have a certain time in which I can protest this? I need the car for work about 60 miles daily including saturdays. I dont think this a fair contract. Car payments are 246.83 a month. That I understand. I dont get the finance charge. I bought a car from them before --paid on time --and had that car for 6 years. I now think they took advantage of my situation. What can I do? I need the car and wonder what is legal and fair. I wonder if I can still challange this contract.


Asked on 7/05/07, 11:55 pm

1 Answer from Attorneys
Lesley Hoenig Lesley A. Hoenig, Attorney at Law

Re: auto purchase july 3

Without knowin the exact terms in the contract it is a bit difficult to answer your questions. I imagine the 16.55% interest is per year which means interest accrues at a rate of $4.20 per day. That is $1,533.35 per year based on the current principal. Needless to say the finance charge doesn't appear to be that much per year for 5 years otherwise the finance charge would be over $7,000. But in ay event, I have no way of knowing whether the contract is fair without seeing it. I highly suggest you contact an attorney to review the contract.

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Answered on 7/06/07, 3:49 pm


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