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Financing is a cancer upon many industries, and cars are no exception. If we really cared about poor people we would seriously reform the dealer system, outlaw
by mberning 4y ago
Financing is a cancer upon many industries, and cars are no exception. If we really cared about poor people we would seriously reform the dealer system, outlaw predatory sales and lending tactics, and seriously curtail the parameters on auto loans. I think limiting the term on loans for new cars to 5 years would be a good start. It would eliminate a lot of foolish purchases and auto makers would be forced to offer more affordable vehicles.
- JohnFen 4y ago> Financing is a cancer upon many industries, and cars are no exception I agree. Debt itself is poison. > auto makers would be forced to offer more affordable vehicles. There are multiple cars on the market in the US that you can buy for $20k or less. Adjusted for inflation, I don't think cars have ever been cheaper than that. It's hard to see how they could pare the cost down much lower.
- mberning 4y agoThe low end of the market is fine. The high end is insane. And 9 year loans are making the high end accessible to people that shouldn’t, but this also applies upward pressure on prices at the high end.
- kube-system 4y agoShitty loan terms are all you can get when you are at the fringes of the financial system. The end result of tightening credit requirements is that poor people will not get credit. Give people the information they need to make a smart decision, but we should let people choose bad loans if they find it to be the best choice for themselves.