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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 ...

 

Read Part 1 in full on Hagerty.com:

https://www.hagerty.com/media/opinion/the-credit-criminals-guide-to-buying-cars-part-1-you-cant-have...

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Let me get this straight - you hammer these people (Your former peers) into a deal that got them into this mess and still sleep at night? A $500 monthly would Finance many better choices. Just because they're stupid enough to sign doesn't mean you should load the gun. This treacle is prima facie evidence of our financial subjugation of the underclass. Go ahead, load your lip and return fire, but we all know somebody in this group who will never know equity.

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