even with bad or little credit, we were quoted a payment of 533 a month for 72 months. The car is worth 22k (inc taxes) but we are putting 5k down on it. I figured it out to be 34.75%, that can't be right can it?
What is the highest legal auto loan APR for georgia?
I tried to post this on the other question but for some reason I can't on Answers right now but here is what I found (also emailed to you):
7% per year when rate not specified; higher than 7% must be in writing; maximum 16% where principal is $3000 or less; no limit on rate if loan is between $3000 and $250,000 and must be in simple interest (Interest = Principal * Rate * Time) in written contract.
搂7-4-2 (Check: http://www.lexis-nexis.com/hottopics/gac...
Check the code provided, it won't let me give direct link.
This depends all on what is written in the contract. This might be legal and it might not depending on what's written. If it is indeed legal then sell it quick because that's over double what you paid for the vehicle and pretty ridiculous.
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