Madness at the Car Lot...

Currently, I am helping out a local car lot set up their new network. Comcast Business Solutions parachuted this thing in, sent out a handful of guys to run new lines and left it a complete mess. No firewall up on their systems, no anti-virus programs on their network, etc. Just a cluster fuck and a half, so here I am. Now, this is one of those "haggle free" car lots which also specializes in subprime financing. Essentially, if you have a job, you have at least one bill that is current and a few hundred bucks, you can drive out of here in a Kia or some shit.

So, as I have been sitting here listening and hearing how they do these loans, it's absolutely amazing. Most states have a set interest rate cap, meaning you cannot go over that interest rate for a car loan or it's illegal. This place though, has it set up through a credit card company, who will finance anyone with the above qualifications at 29.99% interest rate! The dealership is getting 10 points of it. It's complete legal loansharking (I guess Harley does the same thing). Now, the vehicles that these people qualify for are usually 8k or less, have low-jack or something in them and this place has a "reconditioning department" which just handles all the repossessions. They also have a satellite warehouse that is full of shelves, floor to ceiling with belongings that came out of repo's neatly organized into bins. After 60 days, if these items are not claimed, they use a "online" group who lists all these items on E-Bay. There are 3 people, working full time, selling other people's crap on E-Bay. This place seriously prints money.

So now you have a little backstory. Yesterday I was there and was in the finance area, listening to a nigger trying to buy a 2018 Cadillac Escalade, it was used, has like 8k miles on it but it's the very base model. He was calling everyone in his phone to see if they would co-sign this note for him. He had no takers. At one point, the sales guy walked in to talk to the F&I manager about the deal and I swear this is what he had said "Look, I know we have repo'd four cars from him already, but all the interest he paid more than made up the difference from what we made reselling his cars. Whenever we repo his cars they are clean and we resell them fast. He is going to put 10k down, I am selling this to him for 68K. Thoughts?" They went for it. I just sat there chuckling about the whole thing. I will add more in a bit to this madness, it's amazing here.

Ok, so here is the deal on the jig from above according to the records I just saw.

6/15/16 - Bought a 2010 Dodge Durango for 20K, put 5K down. Repo'd 5/1/17. Payments total $4,719.16, $5,000 down, recovery items $210 (this is the ebay shit), vehicle resold for 20K 5/27/18. They made $9,929.16 renting this car for a year.

8/1/16 - Bought a 2012 Yukon Denali for 25K, put $7,500 down. Repo'd 10/31/2018. Payments total $8,649.60, $7,500 down, recover items $2600 (put rims on it, left the factory in the back, sold the rims and items), vehicle resold for $23,500 on 11/13/2018. They made $18,749.60 rending this car for 2 years.

12/6/2018 - Bought a 2014 Lincoln MKS for $16,500, put $4,500 down. Repo'd on 11/8/2019. Payment total of $3798.17, $4,500 down, recovery items $467. Vehicle has not resold yet. They made $8765.17 renting this car for 11 months.

$9,929.16 + 18,749.60 + 8,765.17 = $37443.93 off of 1 guy in a little over 3 years. And he still doesn't have a car...

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Originally Posted by Witch Doctor

Strange... Last year I bought a 2018 Dodge Ram 3500 for 62k and my interest rate from my bank was 1.9%

Could be my white privilege or my excellent credit rating........ who knows...

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It is your white privilege. How could you deny that? ( we need a roll eyes smile)

With all the money the nigger kept putting down it could have just made payments and built some credit but no... Payments are racist. Then again those racist interest payments on a 550 credit rating were probably 98% interest and 2% principle.

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Originally Posted by Bottle_of_Hate

It is your white privilege. How could you deny that? ( we need a roll eyes smile)

With all the money the nigger kept putting down it could have just made payments and built some credit but no... Payments are racist. Then again those racist interest payments on a 550 credit rating were probably 98% interest and 2% principle.

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550? You are being very generous here. I think he was rocking a 415 at best.

My first "real" job was as a finance manager at a Honda dealership in SoCal for a couple years. We had several "subprime" lenders, one of which was literally a company that owned a pawn shop chain. Back then (early 2000's) conventional rates for auto loans were much higher than they are now -- as I recall, the best rate you could get was 7% +/-. Honda credit had all kinds of incentives that dangled teaser rates of 0.9%, but that was conditioned upon the buyer paying full retail for the car and having a top 20% credit score (720 or so).

Anyway, it was almost impossible to qualify a "tier 3" (subprime) buyer for a new Honda. In fact, I don't think I ever did. Those loans were almost always for used vehicles under $10,000 -- probably less than 5% of our inventory. Depending on the vehicle and down payment, as I recall all these years later, the rates ranged from 15% - 25%. A majority of those loans went delinquent in the first 6 months, and 50% or so of the vehicles were recovered. I don't remember what they were allowed to do with the personal belongings recovered, but I don't remember any re-sale of those items.

And of course, most of those tier-3 loans went to niggers... Fortunately, that was a fairly rare transaction.

One one hand, I can't muster the slightest bit of sympathy for niggers who fall for this crap. It's all about instant gratification for these apes who can't think beyond the trip later that day to Popeye's. On the other, the people who run those lots really are bottom feeders.

You see this kind of thing rampant around some of our larger military bases. You'll see some Private First Class buzzing around Oceanside (Camp Pendleton) in a new-ish ride and you can be reasonably certain there's a subprime loan somewhere. That kind of shit bothers me. They know these kids (18-21) are newbies to the real world, have a guaranteed income, an as yet unblemished credit score, gullible as fuck and will fall for it nearly every time. It's opportunistic and predatory.

For the niggers who dont care about defaulting on that Escalade...be my guest.

Quote:

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Originally Posted by Bottle_of_Hate

It is your white privilege. How could you deny that? ( we need a roll eyes smile)

With all the money the nigger kept putting down it could have just made payments and built some credit but no... Payments are racist. Then again those racist interest payments on a 550 credit rating were probably 98% interest and 2% principle.

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Remember, that down payment money was also borrowed stolen and defaulted on...the dealer got the cash but the bank or loan shark was out the money. Both the nigger and the dealer got what they wanted, we as the consumers pay the losses for the banks and lending institutions-WE are the victims. And that nigger needs a good long stay in a gated community. Piece of shit and it's enablers. That dealership is worse than that nigger.....

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Originally Posted by Bravo Mike

Remember, that down payment money was also borrowed stolen and defaulted on...the dealer got the cash but the bank or loan shark was out the money. Both the nigger and the dealer got what they wanted, we as the consumers pay the losses for the banks and lending institutions-WE are the victims. And that nigger needs a good long stay in a gated community. Piece of shit and it's enablers. That dealership is worse than that nigger.....

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:rofl

I'm stealing that one for use with friends at work.