The Devastating Loophole That Sticks Car Buyers With Interest Rates That Would Be Otherwise Illegal

On June 19, 2015, Bronx resident Carlos Guerrero-Roa went to an auto dealer in Brooklyn to purchase a 2005 Lexus RX that was being advertised online for $6,900. Guerrero-Roa left with the car that day, only after it was financed with a loan that, according to a lawsuit he later filed, carried an interest rate “well…

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