does the servicemember relief act apply to car interest rates?

Question

We bought a new car recently at 17% interest and my husband is deploying in the next couple of weeks. does this act apply to the interest rate of the car?

M.I.L.E.S
that says enough...

Answer 1

Only if your husband is in the National Guard or Reserves.

Or you bought the car before he enlisted.

The act doesn't apply to active duty member who purchased something after they enlisted.

Answer 2

Why in the hell did you sign the papers for 17%? Even back in the high interest days of Carter and Reagan, I got better rates than that. You never should have accepted that, or you should have opted for a cheaper car at a lower rate from somewhere else.

Sorry to say, but this is your problem to solve, not the government's.

Answer 3

The Soldiers and Sailors relief act only apples to debt incurred before he entered active duty.

If your husband is a reservist who is being mobilized then you can apply for relief under the act.

BTW - contact USAA, you are getting hosed on the interest rate.

Answer 4

NO.

Either you got 17% because your credit does suck or because you bought your car in a military town where they hose you.

If your credit doesn't suck just refi the loan with a credit union. The max % should be 7%.

Answer 5

if you bought it while he was already enlisted, the relief act won't help you. You should try refinancing with USAA or another service friendly lender.

Answer 6

Oh man, you got screwed...

But no the relief act won't help you.... Good luck with that!

Answer 7

No. There is no provision for consumer interest rates.

Answer 8

17%???? You got hosed!!!!