Legal Question in Consumer Law in Virginia
My girlfriend "bought" some furniture from a Rent A Center last year for $1400. Paying $169 a month for 16 months, she called and was shocked to find out she owes 16 more payments of $169. The pay off amount today is over a $1000. I calculated the interest rate to be almost 12% a MONTH, Almost 140% APR a year. How can this be legal?
Asked on 1/04/14, 1:17 am
1 Answer from Attorneys
Michael Hendrickson
Law Office Michael E. Hendrickson
Quite legal (although effectively usurious) if she voluntarily signed
this rental contract which contained terms requiring her to pay this
kind of exorbitant interest rate (And, of course, the question naturally arises
as to why she is now just finding out about it?)
Answered on 1/04/14, 7:56 am
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