The Los Angeles Times has an excellent investigation into the national "Buy Here Pay Here" auto dealership phenomenon. These used car sellers purposefully target bad credit borrowers and offer them what no one else will: the chance to buy a car on credit. All they have to do is agree to 20-30% interest rates, a price well above the car's Blue Book Value, and aggressive repo practices if they fail to pay up. But it's not a big deal if they don't. Borrower failure is baked into the business plan.
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For some reason this reminds me of Holly Kia.
ReplyDeleteBuy here pay here is alive and well here on the shore from the car store on down! try to buy a vehicle for cash from some of these places they wont even sell it.They go after the people who need help the most!They now even go as far to put tracking devices on cars to make them easier to find when they go to take them back.They simply take advantage of the poor mostly claiming to want to help..help your money out of your wallet faster.
ReplyDeleteI don't know why it's taken this long for an investigation.
ReplyDeleteBut nothing will be done. Just like nothing has been done to the other predatory lending places!
This is how it's going to be folks. Everybody wants to prey on those who can least afford to be preyed upon. That's the new American way!
That is happening in ALL areas in this country, not just car dealers and quick loan companies.
Our own government is doing the same thing!
what? there is no need for an investigation. if youre stupid enough to sign, its probably why you were in debt in the first place! dont be dumb and you wont sign a possible bad deal.
ReplyDeleteThey prey on those who need a car the most desperately...
ReplyDelete