10 ms·

Would this not have been avoided if companies were mandated by law to advertise the full cost of their installment plans in their ads? In Denmark (and presumabl

by sshine 10y ago

Would this not have been avoided if companies were mandated by law to advertise the full cost of their installment plans in their ads? In Denmark (and presumably in many other countries), this is the case for anything from cell phone plans to dish washers. I.e., you can't just say how little you have to pay each month and over how many months and hope that people don't multiply the numbers.

rbcgerard 10y ago
That's a good idea and really not an imposition, but then again we are all now walking around with calculators in our phones and I would hope anyone over 18 knows how to multiply...
- TeMPOraL 10y ago
  Some people are too trusting. I know I still am. People like us are sooner or later taught some hard lessons by life. The problem is, for many people, falling prey to this kind of scheme can completely derail their life. Ultimately, dealing with businesses is an acquired immunity, based on heuristics. For example, I wouldn't come anywhere near that business from the article, because it smells off for me. On the other hand, I often skim the agreements with known, legitimate companies (like cellphone providers) when taking standard contracts, because if they were putting something fishy in them, there would be a huge shitstorm in the media already.
maxlybbert 10y ago
It's an issue of state law. I believe every loan I've signed included a section saying how much I was borrowing, and how much it would cost to pay it back following the payment schedule. (EDIT): I don't know if similar laws apply to leases, although car lease commercials usually have a similar section in the fine print. Usually that means at least one state requires the disclosure.
- MBCook 10y ago
  There are federal laws covering that. Which is ALSO why they're very clear this is a lease and they seem to be trying to ensure it is seen that way. They don't want to fall under those laws.
djrogers 10y ago
Loan agreements generally have to have this spelled out very clearly - even in my experience to the point that it's pointed out and initialed during contract signing. The issue is that the dirtbag in barge here has structures these as closed end leases, not loans. Leases have very different sets of laws, and lessors can get away with a LOT more.

by sshine 10y ago

rbcgerard 10y ago

That's a good idea and really not an imposition, but then again we are all now walking around with calculators in our phones and I would hope anyone over 18 knows how to multiply...

TeMPOraL 10y ago
Some people are too trusting. I know I still am. People like us are sooner or later taught some hard lessons by life. The problem is, for many people, falling prey to this kind of scheme can completely derail their life. Ultimately, dealing with businesses is an acquired immunity, based on heuristics. For example, I wouldn't come anywhere near that business from the article, because it smells off for me. On the other hand, I often skim the agreements with known, legitimate companies (like cellphone providers) when taking standard contracts, because if they were putting something fishy in them, there would be a huge shitstorm in the media already.

maxlybbert 10y ago

It's an issue of state law. I believe every loan I've signed included a section saying how much I was borrowing, and how much it would cost to pay it back following the payment schedule. (EDIT): I don't know if similar laws apply to leases, although car lease commercials usually have a similar section in the fine print. Usually that means at least one state requires the disclosure.

MBCook 10y ago
There are federal laws covering that. Which is ALSO why they're very clear this is a lease and they seem to be trying to ensure it is seen that way. They don't want to fall under those laws.

djrogers 10y ago

Loan agreements generally have to have this spelled out very clearly - even in my experience to the point that it's pointed out and initialed during contract signing. The issue is that the dirtbag in barge here has structures these as closed end leases, not loans. Leases have very different sets of laws, and lessors can get away with a LOT more.