The car loan debt is at an all-time high. While some of the blame for this can be placed on things like… stubbornly high interest rates and always rising car pricesSome people simply never learned the financial skills needed to make smart car purchasing decisions. Take TikToker Blaisey Arnoldwho recently revealed that she had to get rid of one of her dream cars because of a wild car loan that left her with $50,000 in interest.
Arnold is already a bit notorious online. In early April, she caused a stir with her TikToks detailing how expensive payments on her Chevy Tahoe and GMC Sierra were for her and her family. The We covered them last timeShe thought about getting rid of her husband’s trucks because “a $1,400 Tahoe payment is a lot better than a $1,600 truck payment.” Her words exactly.
That $1,600 truck payment was a loan with an interest rate of 14 percent. Now it appears the reality of these purchases has caught up with the Arnolds.
In a recent TikTok and in an interview with The Daily Mail, Arnold revealed that she got rid of the Tahoe. The reason? The ridiculous loan terms on the $84,000 Tahoe.
The monthly payment of $1,400 was on a loan of an effective annual interest rate of 10.2 percent with GM Financial. The worst part was that Arnold said she didn’t invest any money and instead traded in a negative equity vehicle. In the three years she owned the Tahoe, her payments barely reached the balance.
“Honestly, it drives me crazy that I put $50,000 into this car and only paid off $10,000,” she said The Daily Mail. She said she still has a balance of $74,000.
Their lack of personal responsibility is also almost as shocking as these loan conditions. Instead of admitting that she picked up the shovel and plunged herself into this financial hole, she claims she was taken advantage of by the dealer.
“I didn’t go with my husband and as a woman I feel like they took advantage of me. “They knew I really wanted the car and that I was alone,” she said. “The dealer pretty much told me he could get me out the door in the car within an hour.” “He didn’t act like I had to worry about it,” she said.
The cannot be said that dealers don’t take advantage of female car buyers – but I mean, come on. No gender identity could change the fact that Arnold lacked basic financial knowledge when it came to the family car purchase. It’s troubling when you consider that there are likely many people like her who have found themselves in devastating financial situations because they didn’t understand the terms of their car loan.