Quote:
Originally Posted by Chef-j
All manufacturers/dealers wants any customers either they have bad or good credit. But lets say FCA did, that makes them bad company?
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To be honest, in a way, yeah.
I think many of us, especially here in the ZL1 forum, not because we are any better than other Camaro owners, but more because of the higher investment total, I would imagine to be in the financial position to afford a car in that price range probably means we take our fiscal responsibility pretty seriously.
I get that things happen in life that are conceivably beyond ones control that could have a drastically negative impact on their credit. Divorce, loss of employment, etc, At the same time I’ve been dealing with credit & lenders for the better part of 3 decades. Many credit reports I’ve seen from people applying for credit show long histories of fiscal irresponsibility.
One, to offer a reward program for that kind of behavior is, IMO, not only predatory, but also anti productive, in a societal sense, because it basically encourages said fiscal irresponsibility.
I’m sure the devil was in the details in the loan structure to the effect of “Yeah, we’re giving you this $1,500 off but we are going to bury you in a 10yr high interest rate loan after which absolutely no one will give you a loan on another car until it’s paid off.”
That’s what makes it predatory & quite frankly unethical.
Add: As a dealer for RV’s, no, I don’t want people not in a position to actually afford something that are in debt to buy anything from me. I want you to not be so far in debt you are drowning in it. As it is, for what I sell my lenders will not even consider an application with any bad reporting & a <700 credit.