*** Try getting a no money down $100,000 loan on a luxury car with no income and no collateral ***
Interesting thing here. My daughter, back in the early 2000s bought a brand new Montero Sport.
She had just quit her job to go back to school to get her master’s degree.
She had no income and no car to trade-in.
The loan was for approx 25k and 0% for 72 months with the first 6 months deferred.
They asked her about assets.
They considered her “scholarships” as income and she drove it out of the showroom.
Sad part is, prior to Pres. Clinton, the Feds owned $0 student loans. The Feds only guaranteed the loan.
Sadder part is, a provision of Obamacare was its take-over of the federal student loan program.
And now here we are...