I'm wondering how common this occurance is.. My son decided, without asking any advice or guidance, that he was going to get a bike. He went to Ocala Motorsports and before he knew it, was the owner of a 'lightly' used Suzuki GSX-R750. Now, keep in mind that he is 20 years old, in college, and working as a part time sales clerk at a local retail store (ie: he has _no_ credit to speak of and has only been working where he is currently for a little over a month). He wound up getting the bike for what he thought was ~$8,000 (and his college buddies told him what a fantastic deal that was!), financing the majority of that price. Didn't bother to look at the APR on the loan, or any of the fine print. Turns out that it's an astronomical interest rate, and you can't pre-pay against principal or pay off the loan early.. basically, his $8,000 purchase wound up costing him more than $12,000 over the life of the loan (even if he wanted to pay it off early since there is no pre-payment options), but at least they threw in a jacket
I'm wondering how common this situation is.. they obviously saw him coming and he had no idea what he was up against, and I'm wondering just how many people they sucker into similar deals.
Cheers,
Brad
