Auto loan ad: "No credit, no income, no license...we'll finance you!"

[flvegan]

Does anyone else see a problem with this offer?

[MrCoffee]

1. Where do I sign?

[AlCzervik]

2. at 25% i'm sure.

[Deja Q]

3. !!!!!!!!!!!!!!!

SOCIALISM!!


:sarcasm:



More like slavery. At, as was said, 25%.

[Blaze Diem]

4. LOl. Hate to miss a payment with this lender..

ahem..just saying.

[mcctatas]

7. A woman I used to work with bought a car from a dealer like that

she was paying $125 a week for a 5 year old Geo Metro and the first time she was one day late with her payment they repo'ed it. The truly heinous fuckery was that, knowing they had her over a barrel, they offered to give it back if she agreed to a "penalty increase" in her interest rate. Evil fuckwits!

[Blaze Diem]

8. Penalty Increase to get the car back? These people should be jailed.

Predators.

[madinmaryland]

5. I haven't really seen any auto ads for a couple of months.

Especially this time of year (President's Day) they inundate the airwaves with their commercials.

[KitchenWitch]

6. We have been barraged with car ads

I suppose because we have a high rate of foreclosures, people have to live SOMEwhere...

[RebelOne]

11. Plenty of them here in the Atlanta area. n/t

[MissMillie]

9. sounds like the financial industry really learned its lesson

:shrug:

[AlCzervik]

10. i like they overlook the buyer not having a license but i guess for the 25% they

most likey charge they're willing to overlook that.

[flvegan]

12. Thank you!

I was waiting for someone to catch that. That was my entire point. We'll finance you, but you can't take the car off the lot. We also have no idea how we'll verify your identity.

[AlCzervik]

13. but somehow they'll be able to find you when you miss a payment.

i bet tose places have the goon squad on speed dial.

[WolverineDG]

14. In most states you can't put the title in the name of an unlicensed driver

So the buyer misses one payment, or is late one day, & the seller can call the cops & report the car "stolen."

dg

[TZ]

15. I was gonna say thats gotta be illegal.

Here you can't get a car till you have proof of insurance let alone no license..

[WolverineDG]

21. that too but most people who don't have a license

also don't have insurance. ;)

dg

[Shell Beau]

16. No income?

[MajorChode]

22. Here is how it works

They buy these cars at auction for very little. Then they jack up the price 200-500% over what they paid for it. By the time you make your down payment, they have already broke even. If you are late on a payment, they repossess and start the process over. So they really don't care if you have an income or not. They are going to make money regardless.

[Shell Beau]

28. That is sick.

[MajorChode]

30. The other side of the coin is...

There's really nobody else fulfilling the market. New car dealers won't touch the older used car market (if you can even call new car dealers legitimate business people, which is a stretch). So the only ones that will are the sharks.

So the only alternatives these people have are to buy directly from owners, but those cars are typically sold at closer to retail prices and no financing is available because banks won't touch many of those people.

[rcrush]

17. No credit, no income, no liscense, no home, currently in jail, on death row

Bankrupt, dead? We'll finance you!

[LeftyMom]

18. We have those here. They specialize in selling cars to undocumented workers at insane rates.

No credit- because you have no SSN. No income- if you get paid under the table it's not verifiable, is it? No license- you can't get one in CA if you're undocumented.

An old neighbor of mine saw right through that scam (they can also repo the car or restructure the deal at any time, because what's a person going to do- call the cops?) so he and his family all had cars from the wrecker that he fixed up. Like he told me- if they tow one, I'm not out much money, and I don't have to show up to try to get it back. The city cops here run "DUI checkpoints" that are really immigration status checks, so the possibility of getting his car towed was a big worry for him. (Before the racist anti-immigrant asshole patrol shows up and gets all pissy that I didn't call in La Migra, his family moved back to where they were from a few months after his grandson was born. There may have been more money to be made here, but they all agreed this was no place to raise a child.)

[AlCzervik]

20. Did you see that Paul Blanco changed over to that type of deal snce he stopped selling

new Chevy's?

[LeftyMom]

25. I haven't had to head over that direction much lately.

I'm totally not surprised though, it makes more sense for that location. Is he still running those horrible ads?

[AlCzervik]

26. the one using his kid, yes.

[LeftyMom]

27. Maybe that's why Ford dropped them.

"Your family's voices have caused eight of our customers to kill themselves, Paul. One of them took out half a Little League team when your commercial came on the radio and he drove his Suburban into the river trying to escape. We can't handle the lawsuits and negative publicity anymore, so we're pulling your franchise and awarding it to the ghosts of Cal Worthington and his dog Spot."

[geardaddy]

19. "Extended warranty? How can I lose?"

[Taverner]

23. You don't need a license to buy a car

Just one to drive it off of the lot

[graywarrior]

24. Sure they will.....at $350 per week

[trof]

29. 'Big Hearted Eddie'

There was a used car lot in Birmingham when I was growing up.
"Big Hearted Eddie's"
Had a big neon sign of this guy with a BIG smile.
The radio commercial ran something like "Bad credit? No Job? Bankruptcy?
Big Eddie don't care. Just plain don't care."

"Big" Eddy basically got whatever down payment he could (in cash) to drive the car off the lot. Then repossessed it as soon as you didn't make the first month's payment.

What a deal.
:eyes:

[Left Is Write]

31. Aside from the questionable smarts of offering credit to someone with no income...

how can they sell a car to someone unlicensed? I suppose the laws vary from state to state, but if I buy a car and register it in my name, I have to prove that I have a valid driver's license.

[Robeson]

32. Yeah! They're making loans for me now!....

....:woohoo:

[jack2008]

33. CAR LOAN

STILL I NOT FACING ANY PROBLEM IN THIS OFFER.IT IS VERY USEFULL FOR ALL.WHO IS PLANNING TO BUY A NEW CAR
_________________
jack

http://www.talkingcarloans.com">Car Loans