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by Wistar
4485 days ago
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The "Buy Here Pay Here" car sales lots that sell primarily to low-income folks often install tracking equipment in the vehicles they sell as a part of the deal. Ken Bensinger's 2011 LA Times series about the practices of Buy-Here-Pay-Here car sales businesses: "A vicious cycle in the used-car business"
http://articles.latimes.com/2011/oct/30/business/la-fi-buy-h... Fairly depressing. |
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And while the tactic they used to repossess the car was pretty shady, they were in their right. And 25% default rate is tough.
It's depressing, but the alternative would be leaving people with no financing options.
A NGO or maybe a startup that helped people balance their economies would be doing a lot of help, in the U.S. and everywhere. I've read about some that try to disrupt lenders, including a Y Combinator backed one (LendUp).
http://techcrunch.com/2013/11/12/lendup-raises-14m-from-goog...