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The Credit Criminal’s Guide To Buying Cars, Part 1: You Can’t Have That

As American consumers, most of us feel confident that we can buy pretty much whatever we want, as long as we have some kind of income. Even if we have limited liquid cash, we know there is someone out there willing to extend us some level of credit to buy things. According to Experian, 85 percent of the new cars sold in America last year were either financed or leased. Keep in mind that many people use other, hidden sources of credit to buy cars, like home equity loans or even unsecured personal loans. So what this means is that loans have been made available to a large group of Americans, not all of whom are necessarily solid candidates for said loans. On the bottom end of this group is the sub-550 FICO score, or what banks call the “deep subprime” customer.


I dealt with a lot of these customers on the used and new car side of the business under a different nickname: credit criminal ...


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Excellent articles. Having worked in the back end of new car dealers for 25 years I'm fairly familiar with these scenarios. Most people just don't understand,  the dealer is like any other business, they're just selling a product to make a profit. It's just a more expensive product than most other businesses. 

Like the sub-prime home loans or time share industry,  nobody makes you sign the contract. Unfortunately not enough sales department personnel are ethical enough to fully explain your problems. They just want to close a deal. Welcome to reality in most businesses. This is the world we live in. Thank you Hagerty for showing a little understood side of the business. 

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