16% of Dec car sales subprime loans, 30% leases

[MCompact]

Originally Posted By: eljefino

Note the action words! Those poor victims were in the showroom and the dealer swooped down and sold it TO them. They had no part in the transaction and said YES to the higher trim line that's got them in the poor house now.


It is ALWAYS someone else's fault; I saw that in court all the time...

 

[cptbarkey]

who's fault is it if they said yes to a 25% interest rate and didnt move along or find a better deal? instead why not whine about it on TV and become a conjecture/fodder fest on the internet.

 

[IndyIan]

Originally Posted By: cptbarkey
who's fault is it if they said yes to a 25% interest rate and didnt move along or find a better deal? instead why not whine about it on TV and become a conjecture/fodder fest on the internet.

They were on the news here last night and they mentioned something about the salesguy telling them that the interest rate would drop after the second year or something like that.
I'm not defending these people, but having a law that requires a clear statment of the total cost of a fixed rate and term loan, at the bottom of an agreement would help alot of vunerable people out. Then its in black and white for anyone to understand.

We have only financed one purchase through a sales guy and he did his best to rip us off, that's their job of course...

 

[threeputtpar]

Originally Posted By: IndyIan
Originally Posted By: cptbarkey
who's fault is it if they said yes to a 25% interest rate and didnt move along or find a better deal? instead why not whine about it on TV and become a conjecture/fodder fest on the internet.

They were on the news here last night and they mentioned something about the salesguy telling them that the interest rate would drop after the second year or something like that.
I'm not defending these people, but having a law that requires a clear statment of the total cost of a fixed rate and term loan, at the bottom of an agreement would help alot of vunerable people out. Then its in black and white for anyone to understand.

We have only financed one purchase through a sales guy and he did his best to rip us off, that's their job of course...


There is a law that states just that. Back in college when I worked at H&R Block, it was at the top of page one of the refund anticipation loan documents in a outlined box with bold printing for the interest rate. It couldn't be anymore obvious how bad the client was being ripped off for the two week loan. Many of the rates were in the 140-150% range, but not one person objected because they needed their EIC money NOW! After all, it was owed to them.

 

[javacontour]

Originally Posted By: threeputtpar

There is a law that states just that. Back in college when I worked at H&R Block, it was at the top of page one of the refund anticipation loan documents in a outlined box with bold printing for the interest rate. It couldn't be anymore obvious how bad the client was being ripped off for the two week loan. Many of the rates were in the 140-150% range, but not one person objected because they needed their EIC money NOW! After all, it was owed to them.

Exactly, there is a law. It's been around since 1968

http://en.wikipedia.org/wiki/Truth_in_Lending_Act

No law can fix stupid either. The problem is stupid, not a lack of laws. People will still find a way to be stupid, regardless how many laws we put in place in the hopes of protecting them from themselves.

 

[eljefino]

Originally Posted By: IndyIan
Originally Posted By: cptbarkey
who's fault is it if they said yes to a 25% interest rate and didnt move along or find a better deal? instead why not whine about it on TV and become a conjecture/fodder fest on the internet.

They were on the news here last night and they mentioned something about the salesguy telling them that the interest rate would drop after the second year or something like that.
I'm not defending these people, but having a law that requires a clear statment of the total cost of a fixed rate and term loan, at the bottom of an agreement would help alot of vunerable people out. Then its in black and white for anyone to understand.

We have only financed one purchase through a sales guy and he did his best to rip us off, that's their job of course...


When my parents bought a new car they had to sign a form specifically stating that they weren't promised other stuff not included in the other eleventy forms they signed.

 

[Norm Olt]

Originally Posted By: otis24
Sadly, not a lot of family vehicles with just basic equipment. Particularly mini-vans.


Last month in PDX, "NEW 2014 Dodge Grand Caravan $17,988" Stock #T24743.

That's with the new V6, AT, A/C, etc. No sales tax. Add license & title and there you go!

Cheers!