Meadowbrook Leasing Meadowbrook Truck Sales Rip Off on vehicle purchase and interest rate Deerfield Illinois
I leased a truck with a buy out option from Meadowbrook. Before signing the lease I asked the finance officer Yancy Davis Lott III if there was a penalty for paying it off early. He said no there was not. Come to find out there is. I would have to pay all the interest up front. I have good credit and I ended up with an interest rate of around 19%! On a sales price of $39,950 I have to pay $17,410 in interest over 4 years! I am pretty sure the is a law stating you can't charge that much interest on a vehcile sale. Anyway, none of this was put into the contract and I was unaware until recently. I have filed a complaint through the BBB and I am having my attorney look through this as well.