Jim
Orlando,#2
Sun, August 16, 2009
You are a sub-prime borrower with a bad credit reputation. Because YOU made yourself a sub-prime borrower, your interest rate is high. When you make the payments, the money pays off the interest first and then the principal. Because YOU made yourself a sub-prime borrower, the lender charges a higher interest rate because YOUR repayment history is bad. Trading a car you still owe money on is never a good idea because the amount you still owe doesn't magically disappear! It is added to the new purchase loan and in effect you pay for TWO CARS while driving one! This lender is not obligated to lower your rate or to "help you" make the payments. YOU agreed with the lender to make ALL the payments, ON TIME everytime and for the contracted amount.