[karpov]

Full article. Banks should not be facilitating car loans to people who cannot legally drive.

[PeterPrinciple]

Did the federal government’s seal of approval for Tricolor cause investors to ignore hazard lights?

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That should be a warning to do you own due diligence................

[PeterPrinciple]

Community Development Financial Institution (CDFI). Congress established the program in 1994 with the goal of expanding credit for minority and lower-income folks. The CDFI designation makes businesses eligible for special grants. It can also lower their borrowing costs.

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read that slowly........................

govt fixing a problem.

[ridesthemiles]

EXACTLY

[ProtectOurFreedom]

Holy crap!

• 2/3 of its borrowers lacked a credit score
• those with a credit score averaged 614
• 50% of customers didn’t have a driver’s license
• sold cars for which it didn’t hold title
• car prices 46% more than KBB
• cars repossessed (no kidding) which Tricolor then resold
• the Treasury Department in 2019 designated Tricolor as a Community Development Financial Institution (CDFI) to expand credit for minority and lower-income folks. CDFI designation makes businesses eligible for special grants and can lower borrowing costs.

It's the subprime real estate debacle all over again but with cars. Every single time the do-gooder government steps in to "expand credit for minority and lower-income folks" this happens. Was there no Congressional oversight of what Treasury was doing?

That was Biden's damned administration at work.

[AZJeep]

If you cannot make the payment, you should NOT get the loan!
No if or buts.
Buy, when you are ready!
No government subsidies.