>> Having a low barrier to entry is not sufficient for there to be real competition between those in the market. Why? Well, for one thing, subprime borrowers bu

>> Having a low barrier to entry is not sufficient for there to be real competition between those in the market. Why? Well, for one thing, subprime borrowers buying cars are probably limited in their ability to shop around Everybody's got a phone. And everybody can ask around, places get reputations. If you offer significantly better rates than the competition, you will get a good reputation. >> Look, the likely thing that is happening is they get a ride to the nearest local dealership, and take whatever loan package they're offering That's not what I did when I was poor, and it isn't what the other poor people I knew did.