Quote:
Originally Posted by BlaqWhole
I didn't say they should be congratulated. I said "congrats" to them. It's a figure of speech. Meaning I agree with what they're doing and I think it is a good idea. And it is not greedy or predatory. It is an open market. And the consumers are coming to them, not the other way around. So if someone comes to them who makes a lot of money, has little expenses, a favorable DTI ratio, can easily afford an $80K car and a $1200 monthly payment, but bad credit from a divorce or something stupid, then I should not sell them the car? That makes no sense. Because then conversely that means that someone who make little money but has great credit should be able to get an $80K car with a $1200 payment. We all know shit doesn't work that way. If a person has shown that they can easily make the payment then credit score means very little. They'll get hit with a higher interest rate for sure. But if they can afford it then WTF cares??
Well first off this was just a dump thread with no actual bearing on reality anyway. So before you go off a cliff thinking it's all doom and gloom, just remember, these companies are doing screens and giving people cars they can afford. Credit has no impact on what you can afford. Same with income alone. Some who makes $75K a year might have more money to spend than someone who makes $300K a year. And someone with a crappy credit score might be able to afford a more expensive car than someone with an 800+ score. So it means nothing. It all boils down to who can afford what.
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It pretty much is predatory by definition, can't really argue with that. When you are at 15% interest +, paying almost half the cost of the car in interest, it is excessive.
https://www.investopedia.com/terms/p...ry_lending.asp
If they are giving cars to people that can afford them, why do so many subprime car loans default? its around 30% from what i remember. because they can't afford them, or because they are tired of paying in perpetuity basically on a car that they are upside down on?
credit score and income are somewhat correlated. either way, these lenders prioritize profits over what would benefit the consumers, but if shit hits the fan, everyone is getting bailed out. the lenders, the people are getting stimulus checks, etc. on my dime.
should dr's prescribe pain meds at whatever quantity a patient requests them if they are "in pain"? doesn't hurt you or me, so why not let these addicts just get their prescription dope? big pharma would love it I am sure. there are tons of examples like this.