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Message
re: Car Buying fricking Of The Day - Stupid People Shouldn't Be Able To Enter Into Contracts
Posted on 10/3/18 at 6:02 pm to MrLarson
Posted on 10/3/18 at 6:02 pm to MrLarson
quote:
quote:
What if I told you 36% is the state max in LA?
LA is pretty corrupt
Yes and no. But that interest rate is pretty standard. PS: at least we don't allow over 18% on mew vehicles.
quote:
I'd find that hard to believe unless they are targeting one demographic.
They aren't targeting anyone. A certain demographic buys a used Mercedes. That demographic typically has poor credit. By default, whoever picks it up will give them max rate.
My buddy told me the other day about a pediatric dentist, million plus in income a year, sub 500 score, a BS lender picked him up on a 130k loan on a used merc at 36%.
His dumbass actually signed.
People are stupid.
2
Posted on 10/3/18 at 6:05 pm to MrLarson
quote:
It's unethical as frick, well, to anyone not in the car business.
Yeah it's unethical. Of course it is. People should be free to make their own screw ups, but helping them do it is unethical.
Posted on 10/3/18 at 6:06 pm to X123F45
quote:
His dumbass actually signed.
I'd say he has a bad coke habit
Posted on 10/3/18 at 6:30 pm to X123F45
quote:
You might be more naive than the buyer.
I'm not naive enough to think that this would not be a HUGE story for some local slapdick reporter wanting to make a name for himself/herself.
quote:
This happens hundreds of times a day in every city in America. And it certainly isn't illegal.
Hell, I wouldn't even call it unethical.
Next up on the news: Why car salesmen have such a bad reputation.
Posted on 10/3/18 at 6:33 pm to X123F45
quote:
Yes and no. But that interest rate is pretty standard. PS: at least we don't allow over 18% on mew vehicles
What definition are you using for "standard" when you say 36% int rate is pretty standard?
If more than a few people are paying that, holy hell.
OK, maybe I am naive. I've known some people with really bad credit, multiple BKs, collections out the wazoo, and on used vehicles they are getting around 19-20 percent.
Posted on 10/3/18 at 6:44 pm to Captain Ron
quote:
These predatory rates are all over cities with Military installations.
Would be an ineffective business strategy due to MLA restrictions
Posted on 10/3/18 at 6:58 pm to LSUFanHouston
quote:
What definition are you using for "standard" when you say 36% int rate is pretty standard?
Credit acceptance will finance anyone who hasn't burned them specifically.
And once these isiots burn santander, one main, and the Indians. They are the only ones left.
When I worked in the insurance receivership side of auditing, I saw all of it. People are willing to pay 3-4x as much as long as they can do it a little at a time.
Posted on 10/3/18 at 7:04 pm to X123F45
quote:
When I worked in the insurance receivership side of auditing, I saw all of it. People are willing to pay 3-4x as much as long as they can do it a little at a time.
Now I don't doubt that. Rent-a-center exists for a reason.
But I'm really surprised to see new cars at traditional dealerships play that game. And that people will actually sign that. There's a difference between $27 a week for a new tv and 800 a month for a car.
Posted on 10/3/18 at 7:26 pm to boxcarbarney
quote:
Eventually we would repo that car.
Let me guess, did he also ask: "How much is the payment
with the late fee?
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