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'There should be a cap': Consumer questions 100+% APR on car finance loan

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Let ABC15 Know viewer Stephen says when his Jeep had a transmission problem, he had to take it to a shop. However, being without a car created other issues.

It goes beyond just getting from point 'A' to point 'B.' A vehicle acts as a lifeline to work, school, doctor appointments, and more. For many people living in Arizona, a vehicle is essential, but it might not be affordable.'I was just trying to get my vehicle back because I was trying to get back to work,' Stephen explained.The repair was not cheap. Stephen financed $2,818 through the repair company to afford the new transmission.

Let ABC15 Know viewer Jaylyn shared their title loan document. They financed $2,500 and their APR was a whopping 153%. While a high number, it's within the legal monthly percentage limit. At the 153% rate, Jaylyn would pay more than $12,000 to clear the loan.Companies fronting the loans do take on risk, but consumers like Stephen question if such large percentage rates add extra hardship on consumers without many financial options.

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