Woodrum saw an ad online that offered auto financing to people with poor credit. So he filled out the form. In short order, a car dealer contacted him. Using $4,000 of his savings as a down payment, he purchased a 2009 Dodge Ram 1500 pickup truck. The vehicle was six years old with 66,000 miles and was selling for $21,000 . After adding on a service contract for $2,500, Woodrum was offered a loan at a 25% annual interest rate, or $573 per month for six years.
AaronWoodrum knew he couldn’t afford a car... but he didn’t have a choice. He had finally landed a job... But living outside of sprawling Indianapolis, a car was practically a necessity to get to and from work. Woodrum had been unemployed for several months. As a result, he’d gotten behind on his bills and his credit score had fallen. He needed a car to be able to keep the new job.
By Bill McGilton
and Porter Stansberry
50 October 2018
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