Escape From the Box

Source: The American Prospect
by David Dayen

“Mario Flores was told he couldn’t look at the documents until he signed them. The saleslady at Cardinale Way Mazda in Corona, California, about 50 miles east of Los Angeles, was rushing Mario, a 20-year-old first-time car buyer, through a new loan agreement, asking him to make electronic signatures on a small tablet. When asked if Mario could see the physical agreement and all its terms, the saleslady insisted that the signature must be added in order to move forward. Anyway, she assured, it was a better deal than what he initially signed; the term was dropping from 84 to 75 months, and the interest rate from 13.77 percent to 10.99 percent. But the printout she was showing Mario wasn’t the loan document, and it didn’t reveal other information in the contract, which he would be bound by upon signature.” (07/08/24)