"...in my state the paperwork is actually very clear about monthly costs and total costs (principal + interest + fees) over the lifetime of the loan."
That's because the loan industry is regulated to disclose these numbers. If some US government agency attempted to enforce this kind of upfront openness on wireless companies, there'd be a veritable shit storm of lobbying effort to stop it. Funny thing is, if the monthly payment fits within consumers' budgets, they don't particularly care about the overall cost. And if the actual bill is within, oh say, 25% over the stated amount, they'll pay the extra without question.
That's because the loan industry is regulated to disclose these numbers. If some US government agency attempted to enforce this kind of upfront openness on wireless companies, there'd be a veritable shit storm of lobbying effort to stop it. Funny thing is, if the monthly payment fits within consumers' budgets, they don't particularly care about the overall cost. And if the actual bill is within, oh say, 25% over the stated amount, they'll pay the extra without question.