Cross posted from Discuit
Bet he also had a $100k truck parked in front of that home. Bought with a loan with 12% interest
12% is pretty insane for an asset that depreciates as fast as a vehicle does.
My first car had a 23% interest rate on the loan. I had no credit history and was relying on people I thought knew enough about car buying with me to help me know if I was getting shafted. That dealership has remained on my do not buy list ever since, even after changing ownership due to the previous owners practices of fraud
It’s such a sham that the “truth in lending” laws still didn’t go far enough to simplify the Financials of loan interest.