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Originally Posted by shakran
Because it probably wasn't worth that when he bought it, but Greentree is known for its predatory lending practices. They love to get some poor sap to take out the biggest loan possible so they can hook him with interest payments for EVER. If they can work it to be an upside down loan, so much the better because now they're guaranteed loan payments (and therefore more interest than if he just paid it off in a lump sum) for a nice long time since he can't even unload the damn thing.
Greentree is also behind such lovely items as in-store credit card. For instance, the Menards Big Card, which is standard prime +15.99-19.99% - in other words, it's possible to pay between 20 and 30% interest on the damn things.
In short, if it says greentree on it, take your wallet and run away fast.
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Another device is to finance your "downpayment." The 20% or so that is required for a mortgage downpayment is built into the loan. Also, check out what calculation they are using for "simple interest." I bet that it isn't anything like what the understood definition is, which causes little or no reductions to principal.
Subprime lenders are blood suckers at best.