Comment Re:Oh good (Score 4, Insightful) 907
If you drive off the lot with a loan for a car that is fully depreciated already, and you paid an appropriate amount for the car, even without a down payment, the lender has a relatively small amount of risk.
That's the kicker, right there. These customers do not, nor will they ever, have $2500 for a down payment (If they did, they could buy a "real" car.) These places take vehicles with a bluebook value of $2000-$5000 and sell them for $10,000 or more with little to nothing "down", at the maximum interest rate the law will allow, and with an "as-is" warranty term.
It's usury, plain and simple. These snakes are just waiting for you to slip-up on a payment. Fees for being late are fair. But their goal is to simply repo the very moment you're late with a payment. Because, then, they can repo the car - sell it again (and again, until it can't be sold). Auction it. Then still leave you with a credit-report item for the difference.
A remote kill-switch (and probably GPS for recovery) only increases profits, I'm sure.
Believe it or not, but 95% of 'Merica isn't New York/Chicago/LA/Big-City. Here in Tulsa, there is no public transit to speak of. Unless you plan carefully where you live/work, it's quite difficult - maybe impossible - to live/work/eat without constant access to a car.
Profits over people. It's the American way.
