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You're implying poor people don't understand a car payment. It's a pretty simple you owe x per month. I'm sure there are some who are so financially illiterate

You're implying poor people don't understand a car payment. It's a pretty simple you owe x per month. I'm sure there are some who are so financially illiterate they don't understand, but I imagine the vast majority of poor people understand how much they're going to have to pay, and would prefer a company take a chance on them because it lets them get to their jobs.

BoorishBears 4y ago
Please refrain from commenting if you can't do it without putting words in my mouth. These people are forced into owning cars by a reality of our country that's not changing soon: we're pretty damn car-centric. But they're being taken advantage by a system that uses unethical and even illegal tactics to squeeze them between a rock and a hard place. The government can either do something upfront and probably save a ton of money while helping lift a lot of people out of a predatory cycle... or it can pick up the pieces after the house of cards comes crashing down. - The difference is that if it does something upfront people will claim it's evil socialist government charity to lure irresponsible people into voting. Never mind we did give these people checks to float which were often promptly turned in to these scum... leading to the lowest delinquency rate in the history of subprime ABS ratings (and record subprime loan performance!) Instead the government will do nothing until the house of card falls, leaving a massive wake of destruction. And then the government will throw around cash to help out the various players across the wide wide range of markets that will be hit by the splash damage. Their lobbyists will be out in full force assuring us this is what's best for the American people. The American people will be instructed that it was an necessary intervention to save the market. Infusing overleveraged corporations with cash will benefit some very wealthy people (but don't worry it'll trickle down). And then we'll repeat this in 10-20 years.
- JamesBarney 4y ago
  Sure maybe society puts them between a rock and a hard place because it requires a car. But how is the dealership forcing them to need a car, or tricking them into getting a car? They're just selling it to them, the individual is looking at the payments, they knows it's gonna be a stretch and they are rolling the dice hoping they can afford it. The relationship between the individual and the dealership doesn't sound very exploitative to me.
  - BoorishBears 4y ago
    Again you're putting words in my mouth. I didn't say dealerships forced them into needing a car, or tricked them into getting a car. I asked you not do a simple thing: reply to what was said, not some non-sensical aberration of it, and you've failed twice. Why is such a simple task so difficult for you? - At the end of the day the dealerships are selling cars that are lemons. The dealerships are requiring in-person on site payments. The dealerships are selling cars well above FMV so that they can hold the loans in-house in a preferable structure that enables the rapid fire cycling of these cars. Many dealerships are failing to disclose GPS trackers. Some have gone as far as harassing buyers and their social circle after repos to try and get more money back. I can't tell if you're being facetious at this point if you seriously think Buy-Here Pay-Here is not an exploitative grift. You don't get to double the profit margin of the people servicing prime customers with fair tactics: http://www.leginfo.ca.gov/pub/11-12/bill/sen/sb_0951-1000/sb_956_cfa_20120622_162225_asm_comm.html http://www.leginfo.ca.gov/pub/11-12/bill/sen/sb_0951-1000/sb...

BoorishBears 4y ago

Please refrain from commenting if you can't do it without putting words in my mouth. These people are forced into owning cars by a reality of our country that's not changing soon: we're pretty damn car-centric. But they're being taken advantage by a system that uses unethical and even illegal tactics to squeeze them between a rock and a hard place. The government can either do something upfront and probably save a ton of money while helping lift a lot of people out of a predatory cycle... or it can pick up the pieces after the house of cards comes crashing down. - The difference is that if it does something upfront people will claim it's evil socialist government charity to lure irresponsible people into voting. Never mind we did give these people checks to float which were often promptly turned in to these scum... leading to the lowest delinquency rate in the history of subprime ABS ratings (and record subprime loan performance!) Instead the government will do nothing until the house of card falls, leaving a massive wake of destruction. And then the government will throw around cash to help out the various players across the wide wide range of markets that will be hit by the splash damage. Their lobbyists will be out in full force assuring us this is what's best for the American people. The American people will be instructed that it was an necessary intervention to save the market. Infusing overleveraged corporations with cash will benefit some very wealthy people (but don't worry it'll trickle down). And then we'll repeat this in 10-20 years.

JamesBarney 4y ago
Sure maybe society puts them between a rock and a hard place because it requires a car. But how is the dealership forcing them to need a car, or tricking them into getting a car? They're just selling it to them, the individual is looking at the payments, they knows it's gonna be a stretch and they are rolling the dice hoping they can afford it. The relationship between the individual and the dealership doesn't sound very exploitative to me.
- BoorishBears 4y ago
  Again you're putting words in my mouth. I didn't say dealerships forced them into needing a car, or tricked them into getting a car. I asked you not do a simple thing: reply to what was said, not some non-sensical aberration of it, and you've failed twice. Why is such a simple task so difficult for you? - At the end of the day the dealerships are selling cars that are lemons. The dealerships are requiring in-person on site payments. The dealerships are selling cars well above FMV so that they can hold the loans in-house in a preferable structure that enables the rapid fire cycling of these cars. Many dealerships are failing to disclose GPS trackers. Some have gone as far as harassing buyers and their social circle after repos to try and get more money back. I can't tell if you're being facetious at this point if you seriously think Buy-Here Pay-Here is not an exploitative grift. You don't get to double the profit margin of the people servicing prime customers with fair tactics: http://www.leginfo.ca.gov/pub/11-12/bill/sen/sb_0951-1000/sb_956_cfa_20120622_162225_asm_comm.html http://www.leginfo.ca.gov/pub/11-12/bill/sen/sb_0951-1000/sb...