They mention a number of accusations against Hankey's company with no evidence that the accusations are valid. Worse, he is a "subprime auto lender."
For the top 10% of earners, they will never be in a position of needing to be a subprime auto borrower.
A hypothetical: you work at a blue collar job. You get paid not terribly well. You have made a few financial mistakes along the way and you have a lousy credit score. You may just be starting out in life and have no credit history. (Been there, done that.)
You need a car to get to work. Your 20-year-old beater has given up the ghost. You can afford $150/month for a car loan. You really need a car to get to work, the grocery store, doctor for you and your family.
You go to a bank or a car dealer selling nice cars. They run your credit report and decide you are too risky a borrower.
Shady Al's Fairly Reliable Rides has a $1500 best up but functional car for sale. They go to a subprime lender who looks at your poor or non-existent credit history. In exchange for the risk that you will fail to make payments, disappear with the car, leave it an unsaleable wreck, they charge a high interest rate. If you manage to pay that loan each month, your credit history will improve or come into existence. You are paying a high interest rate for the risk of default and because it will improve your score.
People born with a silver spoon in their mouth will never be in that situation. They can hold in contempt the lender who is providing a needed service.
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