Subprime Auto Loans
December 30th, 2007 by 
reality
Car dealers are apparently rolling over deficiency balances in an effort to load down their customers with as much debt as possible.
“The job of a successful dealer is to find a funding package that’s acceptable to the customer,” said Paul Taylor, chief economist of the National Automobile Dealers Assn. “These loans allow them to get a luxury car rather than a more modestly priced vehicle.”
Yeah right, it seems everyone wants to lock down people’s incomes to stream into their pockets. Student loans, auto loans, mortgages, credit cards, does it never end?
Posted in Debt | 
December 31st, 2007 at 8:09 am
Growing up in MI, I often drove past the mobile home park with brand new F-150 parked out front. [foreign cars were vandalized by union employees]
I have no problems with this article. The buyers knew exactly what they were committing to. They will get what they deserve. Those lenders who lent them that kind of money with their income potential will get what they deserve. You can’t outlaw stupidity.
The alternative is to have the government make more laws for lenders and borrowers…essentially control our money. Oh wait. They did with Social Security. Social Security makes the debt ratios for these truck owners look like a drop in the ocean. And, I will have to pay back the Social Security IOUs without signing a promissory note.
How come the NYTimes and LATimes don’t write up this much more interesting story?