Greentree Financial 30 yr 8.75% will end up pay $180000 for singlewide Minnesota
I have had my mobile home for 7 years and have not paid nothing but $2500 dollars on the loan. This company has truly screwed me and by the time I pay it off it will be over $180,000 which this little fleetwood singlewide is not worth it. I need some help if someone knows what to do. Because I know we can do something against this company.
Cindy
Rocky Mount, North Carolina
U.S.A.
4 Updates & Rebuttals
Mike
Radford,Virginia,
U.S.A.
Overpriced singlewide is more of the dealer's doing.
#5Consumer Suggestion
Fri, May 11, 2007
It looks like the cash price of this deal was about $63,000. That seems like a lot for a singlewide. If you were only paying attention to the payments of $500 instead of the cash price, the dealer can rip you off.
Regardless, if you had been paying $900 per month instead of $500 it would be paid off next year. The total of payments would be only about $90,000. A 30 year loan on a mobile home is by its very nature, always going to end badly for the consumer. It is essential to budget extra money to pay off early.
Mike
Radford,Virginia,
U.S.A.
Overpriced singlewide is more of the dealer's doing.
#5Consumer Suggestion
Fri, May 11, 2007
It looks like the cash price of this deal was about $63,000. That seems like a lot for a singlewide. If you were only paying attention to the payments of $500 instead of the cash price, the dealer can rip you off.
Regardless, if you had been paying $900 per month instead of $500 it would be paid off next year. The total of payments would be only about $90,000. A 30 year loan on a mobile home is by its very nature, always going to end badly for the consumer. It is essential to budget extra money to pay off early.
Larry
West Sacramento,California,
U.S.A.
No rip off here
#5Consumer Comment
Fri, May 11, 2007
You did not state the price, but a lot of single-wides sell for less than new cars. How many people do you know who took out a thirty-year loan on a car?
You apparently chose to drag out your loan for 30 years to get a low monthly payment.
It's all a trade off: low monthly payment means you pay for a longer time. The longer you pay, the more you pay in interest. Even at good interest rates, a 30-year loan will roughly triple the amount you pay.
You have some options, though. You can find another lender to refinance for a shorter term, but that will raise your monthly payments. Your interest rate is not all that bad for a mobile home, so if you want to stay with the current lender you should pay an extra 50 or 100 dollars every month to reduce the principal.
What you call a rip-off is exactly what happens when you borrow money. You need to educate yourself on how loans work because this is finance 101.
Lynn
Plymouth,Minnesota,
U.S.A.
RESPA
#5Consumer Suggestion
Thu, May 10, 2007
If you were not disclosed that amount shortly after you applied for the loan, then again at closing you had your federal rights violated.
The document is called "Truth in Lending"