Car loan -This can't be legal

[Irshwmn49]

My young son and his new family bought a car from a used car dealership. Due to their lack of experience, they were dependent on the dealership to offer a honest deal. My fault for raising him to trust first. However, they sold him a car for THREE TIMES the value at a 21% interest rate. Refinancing is out because of that. The payment is unGodly for a new family and there MUST be some type of law that prevents consumers, especially young ones trying to learn, gain experience, and make a go of it, to be taken advantage of. There has to be some type of rules. Please advise.

 

[seniorjudge]

Are you asking for advice on how to teach your son to use credit?

Try this:

https://www.citicards.com/cards/wv/html/cm/student/index.html

 

[Theresagail]

You eather have no credit or bad credit and the institutiions look @ that the same -- they are high risk, almost every young person has to go thru this unless they have a co signer that will make the rate better. Dealerships do this as a fresh start program -- all dealerships tack up the price of a car so high that the value is not there. I feel for you kid but it is the way it seems to work