Investment Riches on Subprime Auto Loans to Poor

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It should be criminal. I know a few wealth folks around theses areas who own a lot of land. From a petroleum engineer to restate and I know for a fact they would love to make 5% on there money. Theses places are making 30%+. I'm not against helping people in tough spots but they rig theses things where most people who can't get a good loan simply can't afford theses loans.

On paper $200 a month sounds nice but once you put in the cost of full coverage and all the other costs of living your 25 year $150 loan isn't that great.

If I was a judge I would simply throw theses cases out. Its a contract but its clear they are not there to help someone in a tough spot.
 
At what point did that woman on food stamps with no income think that buying her daughter a BMW was a swell idea?
 
Originally Posted By: LT4 Vette
If you are entitled to food stamps, EBT, SNAP, WIC....

Shouldn't you also be entitled to a fancy car ?


Indeed, the "gib me" attitude is positively an epidemic today.
 
Originally Posted By: eljefino
At what point did that woman on food stamps with no income think that buying her daughter a BMW was a swell idea?


Key words, my friend, key words. The article reads as if the lady went with her daughter, who is, in fact,the idiot, to cosign the loan. Her daughter is an idiot and she was duped.

11% on a loan with bad credit is not a bad deal. Having the ability to pay for and actually knowing ABOUT the loan are pretty important, though, and is more my concern. My family all drove beaters while I was growing up, $500 car after $500 car. No loan-shark loans and no living beyond your means. Was it an 80s thing or has preying on the poor become so easy?
 
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I'm not rich by any means, but I also don't really fault someone for making money in this situation. Nobody held a gun to anyones head to sign u for something they can't afford. If they are so ignorant as to not look at their finances and make the right decision then they get what they signed up for. I don't feel sorry for them. It's the complete lack of personal responsibility that runs rampant these days. If I signed up for a ripoff loan then I'd be the idiot, not the person giving me the loan.
 
There are so many things i could say from BOTH sides of this topic.

But here's my two cents.

Help in an emergency,fine get the foodstamps.

Living off it,just because one can,but doesn't need to.Not ethical.Not good for the Soul.

Give a fish vs. teach fishing.
 
The people taking these loans are portrayed as victims, when the reality is they're simply incredibly stupid and make horrible decisions based entirely on image.
 
The American public really likes Vampire and zombie movies. So many Americans suck off of other people or are themselves zombies.
 
Originally Posted By: Subdued
The people taking these loans are portrayed as victims, when the reality is they're simply incredibly stupid and make horrible decisions based entirely on image.


I am sure there people did not set out to be stupid. But not everyone is bright and financially savvy.
 
Originally Posted By: Donald
Originally Posted By: Subdued
The people taking these loans are portrayed as victims, when the reality is they're simply incredibly stupid and make horrible decisions based entirely on image.


I am sure there people did not set out to be stupid. But not everyone is bright and financially savvy.

The problem is they didn't set out to be smart, either.
 
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