Quote:
Originally Posted by bill_daniels
I'd support some government intervention, but not in the way GSC3 is promoting.
|
There already is.
There are very specific limits to interest rates. There are also rules that are specific to the military that limit rates even more. Truth in Lending requires a very detailed disclosure of how much it will cost. Below is an example.
THIS IS REQUIRED ON EVERY SALE THAT INVOLVES FINANCING.
Yea. That's a garbage ass loan, but there is nothing SNEAKY about it. If you take this loan, this is how much it will cost you. It is very clear. It is right in front of you. It is not fine print. If you have ever financed a car, you have signed a paper that looks just like this. If you didn't read it, you're a f**king idiot.
I don't know what the hell else you can be expected to do. If someone has all of the information and still chooses to do stupid shit, that's not my problem.
Of course my goal would always be to get people the best loan possible. That's not me being nice. That's business. A better loan means they're more likely to buy. With that said, some people quite simply have shit credit and end up with garbage like that example. That is not a dealer thing. That is a lender thing that a dealer has zero control over. When I started my dealership, I absolutely HATED giving shit loans. HATED. I would put that paper in front of people and flat out tell them, "this is not a good loan". I would explain exactly what it meant. I would show them that in the end, they would end up paying XXX amount. Do you know how many people changed their minds? 0.
Exactly 0.
This is not even remotely about being "misled" as GSC3 wants to claim. This is about people making stupid f**king choices. They know every detail and smile as they sign on the line for their asinine interest rate.
Because this:
Quote:
Originally Posted by LATB
Most car buyers are buying a monthly payment and the dealers know this. It’s not the dealers fault.
|
GSC3 seems to live in some dream world where dealers are villains taking advantage of these poor innocent people who just don't know any better. That's simply not true. The reality is that they are going to do stupid shit... because that's what stupid people do.