[shenoyroopesh]

> Dane Carpe, of Creswell, Ore., lost his 2008 Dodge Charger when he could not repay the $17,116 he borrowed at a 23.74 percent interest rate. Credit Carl Kiilsgaard for The New York Times

What?! 23.74%? That's nearly as bad as credit card debt. And for an auto loan?

It's one thing to pay higher interest rate for credit risk, but totally another to not understand basic financials - if you already have bad credit, you want to build up your finances, not dig a deeper hole by purchasing things you cannot afford, at interest rates you cannot afford.

A good case to improve financial literacy amongst the masses?

I think this is equivalent to money-lenders in India fleecing poor, illiterate farmers who don't even understand the interest rate they are paying.