does oliver have a point here?
Car loan industry
does oliver have a point here?
I literally just posted a thread about this a couple hours or so ago. Did you see it, or is it just a weird coincidence? Someone in the thread told me about this, glad you supplied the link!
Yea I mean people at the end of the day are responsible for their own actions but these guys really do prey on the stupid. Seriously car salesman are scum propped up by old ass laws. Why can't we just buy straight from the manufacturer?
Can you tl;dr? I can't stand his voice and face and I prefer not to pay for corporate propaganda via views.
Not this OP, but the guy you're referencing from the other thread. God this is a small board...
dumb nigger needed 2-3k for a car
dumb nigger borrowed 8k
nigger wonders why couldnt find loan less than 19.99 APR
ofc dumb nigger defaulted on her loan
blames everyone because she is a nigger
dumb nigger is dumb and oliver is a hillary cuck
Haha yes it is. Im glad someone posted the link though, I was interested about the video you brought up.
Watching one of my salesmen get another one now.
Interest too high? Who gives a fuck about interest? You're subprime!
payments too high? Refinance ya fucking idiot! Don't you want people to think you're badass because you have a 2011 Chrysler 300?
Some of us don't have mommy's money or credit
4 minutes in and no, he has no point.
Goes in to buy $3,000 car
Actually buys $8,700 car
Interest on loan makes that figure $13,000
Piers Morgan 2.0
Then don't buy things you can't afford.
As someone heavily active in predatory financing, my advice to these people, apart from "don't worry about that total after payments box, it'll go down once you refinance, which of course you will because you're clearly so smart," is worry about the fucking boxes that outline your total amount financed, total of payments, apr, etc. Listen to the truth in lending, understand risk-based pricing, and maybe book the car before you sign, so you know the actual worth. And don't use fucking KBB to tell me the price, either.
Some people are born to be poor OP.
its predatory yes, and I do think something should be done about it but it's difficult for me to feel much sympathy because they're preying on people who should know better
it's like how cab drivers are absolutely getting screwed by uber but cab drivers are scum so how bad can you really feel for them?
The problem with finance industry is that it tends to be that the problem of other people tend to fall on neck of those who weren't in any problem.
In this case the car dealership should just go bust for making bad decisions, but that's hardly the case, just like with mortgage, the damage starts chaining forward.
find job in city I can walk to
work said job
buy decent car with small down payment and loan
use car to drive to better job outside of city
make more money at new job
pay off car loan
I don't see what's so hard about it. Quit apologizing for failures.
KBB, if anything, high grades the value of cars. Their price categories based on "condition" is mostly concerned with cosmetic condition.
The 93 Blazer in your lot KBB says is worth $3000 that you want $4995 for is probably REALLY worth $1500, seeing as how the tires are bald, you covered up all the scratches with what is essentially finger nail polish, slathered the car inside and out with an unreasonable amount of wax to make it look better than it actually is, and is about 500 miles away from $2000 worth of maintenance work.
And that's why it sits there for six months until you manage to sell it to some idiot.
No bank books with KBB, it hasnt been accurate in years. I had a customer tell me that a fully loaded 2007 suburban with 87k miles booked for 13k. They're typically at least a few grand under book.
Newsflash: The bank is going to book with whoever quotes the highest average price, accurate or not.
That's why ALL the books are high graders, and the only standard for adjusting price by mechanical fitness is mileage. It lets you try to tell me a 07 Suburban with 87k miles is worth $15k is a deal when it's going need $5k maintenance less than a month after I drive it off your shitty lot.
Sounds like you got fucked, man.
Not everyone is in same position as you.
Did you ever think about that? Of course not.
I bet mommy co-signed as well
stop being such a cuck
Sounds like you also got fucked.
Lol someone thinking in Veeky Forums? Don't get your hopes up.
"Derp derp libtard. I sure shown him haha"
What are you retards suggesting? That because they are poor, they shouldn't have to take responsibility for their stupid decisions? That because they are black, they dindu nuffin?
implying that the pic isn't appropriate
That is why you should always inspect a car or have a mechanic with you to do the inspection.
The bank who gave you the loan, gave it only the retail/market value of the car itself, they never account the mechanical investments to do car if they are necessary.
What kind of fucking retard are you?
People are being taken advantage of.
A lot of people can't get good loans with fair rates, due to their credit history of lack there of; which is not uncommon for poor people.
A lot of people need a car to get to work, unless they want to wait the bus for 2 hours.
Like a lot of poor people, they don't have the money to buy a car outright, so they go a dealer that will take them. The dealer sells them a car that's been marked up with a shitty loan.
Am I saying they shouldn't have to take any responsibility? No, but a dealer shouldn't be able to take advantage of people and give them shitty deals.
oh I get it, you're calling me a "cuck"
Let me fix your score. 11/10
implying someone with a good car would ever auction it off or trade it in
You can't NOT get fucked at a used car dealership.
You're saying the same thing I am: banks kind of don't give a shit what the real value of the car is and it's financially beneficial for them to completely ignore it.
Some people have more common sense than money. Unfortunately I cannot relate to this thread.
Dumb nigger got cucked, boohooo
You can't NOT get fucked at a used car dealership.
This should be reworded.
If at any point you have ever, in your life, purchased ANY used car from ANY dealer, and thought to yourself "that wasn't such a bad deal"...
They fuckin GOT you, man.
If at ALL possible, don't finance a car. You're better off paying for a $2k car with a cash draw from credit card jews than you are paying the slimy jew lot salesman.
When you finance a car, unless it's a bhph, most the money doesn't go to the dealer. They get a smaller netcheck from the bank. If you wanna bitch about shitty rates, tell the banks. Or better yet, fix your shit credit. You should be glad anyone is trusting you with a 10k loan after you've gone 30 years without paying a single bill on time. Because God knows you can't save up 5 grand for a decent car on your own, or else you wouldn't be in the mess you're in.
DON'T BUY SHIT YOU CAN'T AFFORD. HOW COMPLICATED IS THAT.
Buying a used car could be same as the term of buying pig in a sack.
I can not relate how important it is to, ask questions, inspect and test drive.
But above all, do not buy a car unless you know you can afford it.
niggers gonna nig
also to all the commies
these people are adults
you can't make them smarter by stopping car loans and thus also cutting down personal freedom (since noone is forcing them) just to save some stupid idiots from getting into dept
if these loans didn't exist, they would lose their jobs god dammit
and guess what, they will find a way to fuck up their lifes further even without loans
Fuck you, I started building my credit at 20 with none of my parents help. Once I graduate from university I bought myself a nice, slightly used car for 25K at a 2.94% APR.
Oh, and if you guys want some inside knowledge, car lenders can manipulate the APR you pay if you were going to receive funding from a "national" bank. The big banks give authorized car dealers leeway to manipulate this, so you should always qualify for a loan at the dealer instead of going to a bank website and getting prequalified.
But they buy into the loan explicitly because it is affordable (at the time).
It's easier to make a small initial payment when you really need a car, as opposed to cobbling together $3,000.
I suspect a lot of the people taking on these bad loans actually know they're bad at the outset. The poor take the bait out of desperation.
walks onto used car lot
"i want to spend 3k"
"ok, that'll be 8k and 30% apr"
"it's a deal!"
Does no one see the breakdown in logic here?
God damn! Are those comments for real? If you can afford a car it is because your parents gave you the money? Only trust funders can buy cars? And if you miss a payment by a couple of days your car gets repossessed? That is illegal, most places take 3 months and even then if you call them up and say you lost your job they will work with you. Holy fuck, is that a bunch of middle schoolers who have never bought a car before? Not watching the video, already know it will be of some poor black person being taken advantage of buying a car bullshit.
literally every single person used as an example is black
all of them have too many kids
one lost her child in a repossession and can barely form a sentence
some fatass explains she takes multiple trains and buses for what would be a 10 minute car ride to get to work, so she needs a car
the car loan industry is evil, these people aren't just stupid
Thank god there are social safety nets so these people can keep reproducing.
Kbb is for insurance agency
yes he does, but if you are so bad at saving that you can't afford to flat out buy a $3000 car then don't take out a freaking loan for it.