David Frayer, the owner of a small chain of high-interest buy-here/pay-here car dealerships plans to build the largest private home in the US near Oklahoma City. A mind blowing 92,650 square foot private castle with spires that reach more than 90 feet into the air. Thats a lot of Pontiac G6's to sell, repo, then resale, but I have faith he can do it.

 

Capitalizing on stupid people is profitable

 

I think if you are ever buying a car and looking at an interest rate over ~4%, you should reconsider what you are buying, how much you are financing, etc.

^That rate was pulled out of the air, I'd be more comfortable saying 3%.

 

Interest rate is going to be determined by credit score, not so much what you're buying and how much your financing.

 

Because a large part of my income tax goes to bailing you all out and frankly, I'm tired of paying for repetitive stupid mistakes. Just because the three guys in front of you walk off a cliff does that mean your going to follow?


If you don't understand the concepts of credit, borrowing, future -vs- present value, interest and the cost of missed opportunities, you have no business taking a loan out for anything

 

Sure is!

Too many getting into deep debt on cars they cannot afford.

http://dealbook.nytimes.com/2015/01/.../?ref=business

Telcoman

 

This is being presented in a what misleading manner. This is only applicable to SUBPRIME lending, not a tradional loan at a reasonable interest rate to a qualified borrower. The interest rate is the key issue here. If you have a high interest rate it takes you a substantially longer time to tap into the principal balance.

This is the same issue as the housing bubble. It's nothing more than subprime lending, which is an obvious issue. You give loans to people who you know will struggle to pay them back and then kick them while they're down with a terrible interest rate that makes it even harder. It's less about people getting into cars they can't afford, and more about money being lent to people they know can't afford it - essentially the definition of subprime lending.

These people aren't buying Maseratis and Beemers, they are typically buying used commuter cars.

 

Never underestimate the ability of the greedy to abuse the trusting American public.....There's a lesson in there somewhere but I'm not sure its much of a positive one