THE OLE CATCH 22

I have a good friend who is going through a rough period. He is a disabled veteran with no job, no car, no credit and not much of a roof over his head, although, under that roof is a 60” flat screen TV so he doesn't miss any basketball. He was told that if he could find a way to buy a car, he could, eventually, build his credit back, but, with no credit, he couldn't get financed, so, he went to the local street that is dotted on both sides with used car lots. Lots that are inhabited by men whose vinyl shoes often match their vinyl belts. High pressure sleazeballs who have, at least, a dozen ploys to move the merchandise. Cars with issues that will show themselves as soon as the t's are crossed and the i's are dotted and you drive off the lot. My friend saw an ad for one of these places. It said $80 down and $80 a month, a deal that was too good to be true (because it was). When he got there he was told those deals don't exist – the guy was actually admitting to a bait and switch. But, he said, he had the perfect car to build my friends credit. Just $400 down and he drives home. Once the paperwork was signed, he was told that the down payment was actually $1200 and that the $400 was today....he had 30 days to come up with the rest. After a quick phone call to secure a couple of days of part time work, he agreed. He was told that the car, which had a Kelly Blue Book value of $4,000 was his for just $10,000 at a 21% interest rate which had him paying $17,000. He inked the deal and drove off the lot, satisfied in the fact that he will still have a roof over his head, albeit a roof with a spare tire in the trunk, and, as long as the radio worked, he wouldn't miss any basketball games.