OFFICIAL 2020 STIMULUS CHECK THREAD

Car dealerships got away with some of the most egregious and predatory loans during the pandemic.

Got people spending $700 a month on Nissan Altimas with a 18% interest rate.
Not always, my dad was in car sales for over 40 years. He was a salesman, finance manager, GM, and owned a few used car dealerships.

If you came to him and had a 600 beacon(Equifax) he could get you financed with 2 credit unions, at a good rate. A 600 is not a good score.

Then you have the folks who never paid anyone. Not one positive tradeline on their credit report. Scores in 300-499 range. They can be very picky and you spend more time on them than a customer with good credit. Instead of paying cash for something to get them back and forth to work they want to finance a car. At the time, there were finance companies that would finance 125% of a car's value. My dad would tell them they would be looking at 25%-35% interest. Some of these people would be back next tax season because their last car got repoed, again.
 

Court documents name 47 people defendants, including Aimee Bock, the founder and CEO of the nonprofit organization Feeding Our Future. The accusations revolve around an alleged scheme to defraud a federal child nutrition program of $250 million that should have been used to feed children across the state during the peak of the pandemic.
 
Some of these cars are also 100k so that makes sense

I mean after taxes and fees… some of these vehicles are let’s say $125,000 altogether. What are they putting down? :lol :lol :lol put down 10k, that’s still $115,00.

How many months are they financing these vehicles for? 84 or 96?

I don’t know car salesman’s salary or commission rate but :lol :lol :lol :lol

I’d rather save cash and buy that same vehicle at an auction.
 
In Oklahoma its called CCP, Community Cares Project. Its not even income based. Every state probably has an equivalent.
 
My highest car payment was $948 for an Escalade. It was high but loved that thing. I only hated it once a month lol…

Same. My Escalade payment is 828 but I pay 900 because that's what I budgeted for.

I won't ever have a payment that high again. My wife talked me into the Escalade because it was my dream car and I had just got promoted but I'll never do it again.
 
Same. My Escalade payment is 828 but I pay 900 because that's what I budgeted for.

I won't ever have a payment that high again. My wife talked me into the Escalade because it was my dream car and I had just got promoted but I'll never do it again.
22 Escalade? Post pics.
 
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