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BHPH model is NOT the same as getting a subprime loan from a bank or credit union. Very few cars are sold via BHPH. Also, many states require that repossessed
by geoduck14 6y ago
BHPH model is NOT the same as getting a subprime loan from a bank or credit union. Very few cars are sold via BHPH.
Also, many states require that repossessed cars are sold at auction, and the proceeds go towards the balance owed (aka the poor person who borrowed the money).
Usery laws are complex, and it is difficult to know why the lady in this article got a loan for 20%. That is unfair and I feel bad for her.
- gjs278 6y agobecause she is stupid. she probably doesn’t even know what a competitive interest rate is. there’s no magic or system against her, they just offered her an absurd number and she said yes. many such cases.