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I was walking through the gritty but slowly gentrifying downtown core of the southern Ontario city that I live in with a friend today. We saw literally 7 different payday loan places. We were talking about how exploitative they are and she mentioned something that I was only tangentially aware of - no credit check car loans. I had heard the ads on the radio but I always buy cars used and in cash so I never had any direct contact even with a regular car loan.
According to her, the dealerships are able to approve anyone by charging usurious rates and overcharging for the car. When someone can't make a payment, they use the inbuilt gps to find it and repo it. It can't be that simple, can it? It seems like a foolproof way to make money. The car is a tangible thing that can be repossessed unlike a payday loan that can become a bad debt.
Can this be applied to other products that would be easier to stock? Laptops for the start of the school year? Tablets?
Also, it seems like an obvious business for someone with deep pockets to get into. Anyone have any experience in this area?
According to her, the dealerships are able to approve anyone by charging usurious rates and overcharging for the car. When someone can't make a payment, they use the inbuilt gps to find it and repo it. It can't be that simple, can it? It seems like a foolproof way to make money. The car is a tangible thing that can be repossessed unlike a payday loan that can become a bad debt.
Can this be applied to other products that would be easier to stock? Laptops for the start of the school year? Tablets?
Also, it seems like an obvious business for someone with deep pockets to get into. Anyone have any experience in this area?
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