The other day I sent a gem to my Million Dollar Mindset Club subscribers & it had them shook .. it basically said “down payments are illegal” & ALOT of people wanted to know how in the h*ll this is possible!
I talk about lack of knowledge all the time & how much it can cripple us in terms of growing & actually living the life we desire. (Hence why I created Bag Baby)
Anyway.. one of my gangers asked me for “a little more information” so here I am..
I won’t drag this out too much because I plan to do a private video for my text group explaining this, along with other things, a little deeper in detail.
Required down-payments are illegal for a consumer credit transaction
like for example like when you get a car. In in all auto contracts theres something called “finance charges” which are usually extra fees (including a downpayment)
Luckily we’ve been learning the laws to better understand our rights. So we know if we look at 15 USC 1605 (Google it) a finance charge *legally* = the SUM of all charges.
Finance charges cannot include anything payable in cash, since this is a CREDIT transaction and they are extending you credit.
Since you likely payed your downpayment in cash, they are in violation of the law I stated up there 👆🏾 (15 USC 1605) There are multiple other violations.. specifically in an auto contract.
In order to attempt at getting your money back plus attempt to get $1k per violation you would want to go through and highlight each violation, get it in writing & start the process!
🚨🚨 If this interested you, you must sign up for my Million Dollar Mindset Club texts immediately! As well as signing up for my email list @ OfficialBagBaby.com/Subscribe! 🚨🚨
👉🏾 People to tap in with for more game: https://www.instagram.com/briehive/
🧠📝 promissory - A promissory note is a written document officially recognizing a legal relationship between two parties – a lender and a borrower.
🧠📝 finance charges - According to accounting and finance terminology, the finance charge is the total fees that you pay to borrow the money in question.