Relevant:
- Are Americans filling up on too much debt? (cars)
- Subprime Auto-Loan Backed Securities Turn Toxic
- Subprime 2.0 Spreads To Cars: OCC Warns Of Auto-Loan Risks
- Canadians Are Buying A Record Number of New Cars, With A Record Amount of Financing (INCL. SUB-PRIME)
- Beware the Escape Hatch in the New Mortgage Rules
2015-03-01 — theburningplatform.com
``It is mind bogglingly ludicrous for financial institutions to loan 110% of the value of a vehicle over a seven year term when the vehicle depreciates by 10% the moment you drive it off the lot and 50% in the first three years. It is even more preposterous for these financial institutions to loan 126% of the value of a vehicle for 71 months at 10% interest to someone without the means, income, or willingness to repay the loan. But, these are the current terms offered to subprime borrowers''
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