A Chicago woman went viral on social media for paying what is believed to be an expensive amount of money for a nearly 25-year-old Ford sedan.
The unnamed woman agreed to pay $289 per month for the 1998 Ford Escort for 84 months, which amounts to a 7 year term at a car dealership, Hip-Hop Vibe reported. The outlet speculated that the purchase came about as a result of the woman getting money back during tax season. (RELATED: Ford To Spend Billions Building Michigan Electric Battery Factory That Relies On Chinese Intellectual Property)
Netizens took to Twitter to poke fun at the purchase:
Just got approved for an 84 month loan with a 173% APR on this $2,000 98 Ford Escort. Gonna be a car owner finally! pic.twitter.com/XrWlg5zRwL
— Not Jerome Powell (@alifarhat79) February 27, 2023
Damn, is that a 2001 ford escort ? My boy charged her like 24k 😂🥴 https://t.co/gNQcOGBUyt
— 🃏 (@b99biro) February 25, 2023
2/ $24,276 For a 25 year old ford escort?!?!?!!!
— Brianna Wu (@BriannaWu) February 26, 2023
The woman apparently had a lower-than-average credit score, hence the likely high interest rate for the duration of the loan. At the end of the year in 2022, the average finance rate on a used car came out at 12.37%, according to The New York Times. (RELATED: Democratic Rep. Maxwell Alejandro Frost Says He Was Denied DC Apartment Due To Bad Credit)
1998 Ford Escort for $289 a month for 84 months. Average used car loan is 10% on great credit currently pic.twitter.com/MWL0uYd0ph
— Kai (@kaiyabunga) February 26, 2023
Nevertheless, the man next to the woman sported a ear-to-ear smile when posing for the highly-circulated picture – and the woman herself seemed to be in positive spirits, too.
It is unclear how many miles are on the vehicle or what bank financed it.