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Initech

(108,145 posts)

12. Used car dealers are the problem.

Reply to alphafemale (Reply #5)

Mon Apr 5, 2021, 01:05 PM

Apr 2021

They don't really sell the car, they sell the loan. And almost all of these loans are shaky and shady at best. Many of them are just loan factories who spit out loans to anybody regardless of their credit status. They issue ridiculously high loans at ridiculously high interest rates and can repossess your car at any time for any reason. John Oliver did a piece on this a few years ago:

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Risky Borrowers Are Falling Behind on Car Payments [View all] mahatmakanejeeves Apr 2021 OP

Why don't they just pay cash for their vehicle and save on interest charges? Sibelius Fan Apr 2021 #1

Susan Collins, showing EXTREME concern, asked "What's a car payment?" (n/t) Moostache Apr 2021 #2

I'm sure a lot of this has to do with job loss. MoonchildCA Apr 2021 #3

I suspect the timing of this bit of "news" from right-wing WSJ OldCicero Apr 2021 #4

When I worked for Wells Fargo twenty years ago (BTW, WORST job I ever had...) Aristus Apr 2021 #6

The business is very profitable. OldCicero Apr 2021 #8

I didn't know that, but it doesn't surprise me. Aristus Apr 2021 #9

Buying a New car is a foolish thing for most people. alphafemale Apr 2021 #5

Most subprime buyers are not in new vehicles. sir pball Apr 2021 #7

Used car dealers are the problem. Initech Apr 2021 #12

I know a lot of guys with poor credit driving $70,000 pickups. ForgoTheConsequence Apr 2021 #10

Financial illiteracy, likely... Claire Oh Nette Apr 2021 #13

You nailed that. I hate tha line of questioning and will walk off after a couple rounds captain queeg Apr 2021 #16

Just to bring you up to speed on sub-primes Miguelito Loveless Apr 2021 #11

72 and 84 month payments plans...... wolfie001 Apr 2021 #14

One thing that could help is a program for those that owe under 20k on a car that essentially pays cstanleytech Apr 2021 #15