The article “There should be a cap: Consumer questions 100+% APR on car finance loan” from Let ABC15 Know discusses a consumer’s concern about the high interest rates applied to car finance loans. The consumer, who is struggling to pay off a loan with an interest rate of over 100%, is advocating for a cap on these interest rates to protect consumers from excessive debt.

The article highlights the financial burden faced by the consumer, who has been paying off the loan for several years but still owes a significant amount. The high interest rate has made it difficult for the consumer to make progress on the loan, leading to frustration and financial stress.

The consumer is calling for regulatory action to limit the interest rates that lenders can charge on car finance loans. This move aims to prevent lenders from exploiting consumers with excessive interest rates, ensuring that borrowers are not trapped in a cycle of debt.

The article underscores the importance of consumer protection and the need for regulatory bodies to address the issue of high interest rates in car finance loans. It emphasizes that such measures are crucial to safeguard consumers’ financial well-being and prevent lenders from taking advantage of vulnerable borrowers.

The consumer’s story serves as a cautionary tale about the dangers of high interest rates and the need for stricter regulations to protect consumers from predatory lending practices.