Legal Question in Civil Litigation in Pennsylvania

help me get out of a bad car loan deal please

i bought a car about 8 months ago. the car was $5000.00 i put $1000.00 down and the deal got me a loan for the remainder of the total. after doing some research i realize the loan is horrible. 21% interest as well as a daily charge of $3.17 for everyday the loan is not paid in full...is that even legal? is there any way i can renegotiate this loan or something? please help.


Asked on 5/02/08, 9:34 am

1 Answer from Attorneys
John Gibson John W. Gibson, Esquire

Re: help me get out of a bad car loan deal please

Pennsylvania has a "Motor Vehicle Sales Finance Act." It looks to me like the dealer is charging the maximum allowable interest under that Act if the car is more than 2 years old. The daily charge puts them over that limit, though. This could be a violation of the Pennsylvania Unfair Trade Practices and Consumer Protection Act.

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Answered on 5/05/08, 12:18 pm


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