As The NY Times reports, Auto loans to people with tarnished credit have risen more than 130 percent in the five years since the immediate aftermath of the financial crisis, with roughly one in four new auto loans last year going to borrowers considered subprime — people with credit scores at or below 640.
3 comments:
Even previously well off middle class families have been driven into poverty and made to be easy marks for these loan sharks.
Layoffs, companies (very rich ones, too) cutting full time workers and hiring 3-4 P/T people (so they don't have to pay benefits), stagnant wages, high unemployment, etc., have ripped the middle class apart.
Your "leaders" continue to give themselves raises, increased benefits, and world travel.
You keep re-electing them.
Keep cheering.
We used to have laws against this sort of fraud. it was called loan sharking and was against the law.
But is the spirit of less regulation we let the dragon out and now they suck on their victims totally legally.
I don't know how most people are able to make payments on new cars or trucks that are not leased. Wages have gone down, but prices have skyrocketed. Now a used car cost what a new car once cost before the great recession. I seriously don't think two weeks pay can be sustained for long when you have other expenses like housing, food, utilities and credit card payments. Because of this, my cars are almost ten years old. Purchased before the recession hit. I'm struggling now, I'll be damned if I make 500 or 600 plus per month payments! Now I know why I am seeing more and more historic tags out there!
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