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 over” 25 percent—a threshold that New York state law deems a felony. But thanks to a loophole in the statute, Guerrero-Roa and countless others in New York end up with auto loans that have high, and possibly illegal, interest rates. When Guerrero-Roa arrived at the dealer that day, his goal was to buy the Lexus with cash at the advertised price. But the dealer, CarsBuck, claimed that wasn’t possible due to his low credit score—something that should never have been a factor on a cash purchase, the suit said. An employee told him the car could only be acquired “by way of a one-year financing plan,” according to the complaint. In need of a vehicle to get around, Guerrero-Roa accepted the stipulation. To complete the transaction, Guerrero-Roa signed an electronic pad, even though he wasn’t able to view a computer monitor “displaying the document… Read full this story
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