Welcome to the North American Subaru Impreza Owners Club Friday January 30, 2015
Home Forums WikiNASIOC Products Store Modifications Upgrade Garage
NASIOC
Here you can view your subscribed threads, work with private messages and edit your profile and preferences Home Registration is free! Visit the NASIOC Store NASIOC Rules Search Find other members Frequently Asked Questions Calendar Archive NASIOC Upgrade Garage Logout
Go Back   NASIOC > NASIOC General > News & Rumors > Non-Subaru News & Rumors

Welcome to NASIOC - The world's largest online community for Subaru enthusiasts!
Welcome to the NASIOC.com Subaru forum.

You are currently viewing our forum as a guest, which gives you limited access to view most discussions and access our other features. By joining our community, free of charge, you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is free, fast and simple, so please join our community today!

If you have any problems with the registration process or your account login, please contact us.
* Registered users of the site do not see these ads.
Reply
 
Thread Tools Display Modes
Old 12-26-2014, 08:55 AM   #1
AVANTI R5
Scooby Guru
 
Member#: 73805
Join Date: Nov 2004
Default Rise in Loans Linked to Cars Is Hurting Poor





Quote:
The rusting 1994 Oldsmobile sitting in a driveway just outside St. Louis was an unlikely cash machine.


That was until the car’s owner, a 30-year-old hospital lab technician, saw a television commercial describing how to get cash from just such a car, in the form of a short-term loan.


The lab technician, Caroline O’Connor, who needed about $1,000 to cover her rent and electricity bills, believed she had found a financial lifeline.
“It was a relief,” she said. “I did not have to beg everyone for the money.”
Her loan carried an annual interest rate of 171 percent. More than two years and $992.78 in debt later, her car was repossessed.
“These companies put people in a hole that they can’t get out of,” Ms. O’Connor said.


The automobile is at the center of the biggest boom in subprime lending since the mortgage crisis. The market for loans to buy used cars is growing rapidly.


And similar to how a red-hot mortgage market once coaxed millions of borrowers into recklessly tapping the equity in their homes, the new boom is also leading people to take out risky lines of credit known as title loans.
Photo
Credit
They are, roughly speaking, the home equity loans of subprime auto. In these loans, which can last as long as two years or as little as a month, borrowers turn over the title of their cars in exchange for cash — typically a percentage of the cars’ estimated resale values.
“Turn your car title into holiday cash,” TitleMax, a large title lender, declared in a recent television commercial, showing a Christmas stocking overflowing with money.


More than 1.1 million households in the United States used auto title loans in 2013, according to a survey by the Federal Deposit Insurance Corporation — the first time the agency has included the loans in its annual survey.
Title loans are an increasingly prevalent form of high-cost, short-term credit in subprime finance, as regulators in a number of states crack down on payday loans.


For many borrowers, title loans, also sometimes known as motor-vehicle equity lines of credit or title pawns, are having ruinous financial consequences, causing owners to lose their vehicles and plunging them further into debt.
Driven Into Debt

Articles in this series are examining the boom in subprime auto loans.


A review by The New York Times of more than three dozen loan agreements found that after factoring in various fees, the effective interest rates ranged from nearly 80 percent to over 500 percent. While some loans come with terms of 30 days, many borrowers, unable to pay the full loan and interest payments, say that they are forced to renew the loans at the end of each month, incurring a new round of fees.


Customers of TitleMax, for example, typically renewed their loans eight times, a former president of the company disclosed in a 2009 deposition.
And because many lenders make the loan based on an assessment of a used car’s resale value, not on a borrower’s ability to repay that money, many people find that they are struggling to keep up almost as soon as they drive off with the cash.


As a result, roughly one in every six title-loan borrowers will have the car repossessed, according to an analysis of 561 title loans by the Center for Responsible Lending, a nonprofit in Durham, N.C.


The lenders argue that they are providing a source of credit for people who cannot obtain less-expensive loans from banks. The high interest rates, the lenders say, are necessary to offset the risk that borrowers will stop paying their bills.


Title loans are part of a broader lending boom tied to used cars. Auto loans allowing subprime borrowers — those with credit scores at 640 or below — to buy cars have surged in the last five years.


The high interest rates on the loans have enticed an influx of Wall Street money. Private equity firms are investing in lenders, and some big banks are ramping up their auto lending to people with blemished credit.
Propelling this lending spree are the cars themselves, and their centrality in people’s lives.


In most parts of the country, a car is vital to participating in the work force, and lenders are betting that people will do virtually anything to keep their cars, choosing to make auto loan payments before paying for just about any other expense.


The title lending industry, perhaps more than any other facet of subprime auto lending, thrives because of the car’s importance.
While people seeking title loans are often at their most desperate — dealing with a job loss, a divorce or a family illness — the lenders are willing to extend them loans because they know that most borrowers will pay their bill to keep their cars. Some lenders do not even bother to assess a borrower’s credit history.


“The threat of repossession turns the borrower into an annuity for the lenders,” said Diane Standaert, the director of state policy at the Center for Responsible Lending.


Unable to raise the thousands of dollars he needed to repair his car, Ken Chicosky, a 39-year-old Army veteran, felt desperate. He received a $4,000 loan from Cash America, a lender with a storefront in his Austin, Tex., neighborhood.


The loan, which came with an annual interest rate of 98.3 percent, helped him fix up the 2008 Audi that he relied on for work, but it has sunk his credit score. Mr. Chicosky, who is also attending college, uses some of his financial aid money to pay his title-loan bill.
Mr. Chicosky said he knew the loan was a bad decision when he received the first bill. It detailed how he would have to pay a total of $9,346 — a sum made up of principal, interest and other fees.
“When you are in a situation like that, you don’t ask very many questions,” he said.


Cash America declined to comment.
Rapid Expansion

Clutching handfuls of cash, a former Miss America contestant zips around in a red sports car, dancing and rapping about how TitleMax has “your real money.”
Commercials like these help companies like TitleMax entice borrowers to take on the costly loans. TitleMax, a brand of TMX Finance, is privately held — like virtually all of the title loan companies — and does not disclose much financial information. But a regulatory filing for the first three months of 2013 offers a glimpse into the industry’s tremendous growth.
During that period, the profits at TMX Finance rose by 47 percent from the same period two years earlier, and the number of stores it operated nearly doubled, to 1,108. The total volume of loans originated during the first three months of last year reached $169 million, up 67 percent from the same period in 2011.


TMX Finance, based in Savannah, Ga., wants to expand further, opening stores in states where regulations are “favorable,” according to a 2013 regulatory filing. Only a few years after emerging from bankruptcy in 2009, the company is enjoying an influx of cash from mainstream investors. Big bond funds managed by Legg Mason and Putnam Investments have bought portions of TMX Finance’s debt. The company also borrowed $17.5 million to buy a private jet.


The title lenders are seizing upon a broad retrenchment among banks, which have become wary of making loans to borrowers on the fringe of the financial system. Regulations passed after the financial crisis have made it much more expensive for banks to make loans to all but the safest borrowers.


The title lenders are also benefiting as state authorities restrict payday loans, effectively pushing payday lenders out of many states. While title loans share many of the same features — in some cases carrying rates that eclipse those on payday loans — they have so far escaped a similar crackdown.


In 21 states, car title lending is expressly permitted, with title lenders charging interest of up to 300 percent a year. In most other states, lenders can make loans with cars as collateral, but at lower interest rates.
Photo
The new boom in subprime lending is leading people to take out risky lines of credit known as title loans. Credit Dilip Vishwanat for The New York Times
Seeing the regulatory landscape shift, some of the country’s largest payday lenders are switching gears. When Arizona effectively outlawed payday loans, ACE Cash Express registered its payday loan storefronts in the state as car title lenders, state records show.


Lenders made similar changes in Virginia, where lawmakers outlawed payday lending in 2010. But title lenders were untouched by that law and have expanded throughout the state, drawing business from Maryland.
The number of stores offering title loans in Virginia increased by 24 percent from 2012 to 2013, according to state records. Last year, the lenders made 177,775 loans, up roughly 612 percent from 2010, when the state banned payday lending.


In Tennessee, the number of title lending stores increased by about 22 percent from 2011 to 2013, reaching 1,017.
That is a small fraction of the industry’s overall size, state regulators say, because only a handful of states keep statistics. Legal aid offices in Arizona, California, Georgia, Missouri, Texas and Virginia report that they have experienced an influx of clients who have run into trouble with the loans.
“The demand is there for people who are desperate for money,” said Jay Speer, the executive director of the Virginia Poverty Law Center.
Loopholes and Adversity

When Tiffany Capone suggested that her fiancé, Michael, take out a $10,000 TitleMax loan with a 119 percent interest rate, she figured it would be a temporary fix to pay the bills. But this summer, after Michael fell behind on the loan payments, the couple’s three-year-old Hyundai was repossessed.


“It had my child’s car seat in the back,” said Ms. Capone, of Olney, Md.
With their car gone, the couple had to sell most of their furniture and other belongings to a pawnshop so they could afford to pay for taxis to ferry Michael, a diabetic with a heart condition, to his frequent doctors’ appointments.


The hardships caused by title loans are being cited as one of the big challenges facing poor and minority communities.
“It is a form of indenture,” said Robert Swearingen, a lawyer with Legal Services of Eastern Missouri, adding that “because of the threat of repossession, they can string you along for the rest of your life.”
Video Play Video|5:19

The Remote Repo Man




The Remote Repo Man

As auto lenders reach out to those with poor credit, they are increasingly using starter interruption devices, technology that allows them to remotely disable a car, to spur timely payment.
Video by Sean Patrick Farrell on Publish Date September 25, 2014. Photo by By Sean Patrick Farrell on September 24, 2014. Photo John Gurzinski for The New York Times.

Johanna Pimentel said she and both of her brothers had taken out multiple title loans.
“They are everywhere, like liquor stores,” she said.
Ms. Pimentel, 32, had moved her family out of Ferguson, Mo., to a higher-priced suburb of St. Louis that promised better schools. But after a divorce, her former husband moved out, and she had trouble paying her rent.
Ms. Pimentel took out a $3,461 title loan using her 2002 Suburban as collateral.


After falling behind, she woke up one morning last March to find that the car had been repossessed. Without it, she could not continue to run her day care business.
Pointing to such experiences, lawmakers in some states — regulating the industry largely falls to states — have called for stricter limits on title loans or outright bans.


In Virginia, lawmakers passed a bill in 2010 that institutes some restrictions on the practice, including preventing lenders from trying to collect money from customers once a car has been repossessed. That same year, Montana voters overwhelmingly backed a ballot initiative that capped rates on title loans at 36 percent.


But for every state where there has been a crackdown, there are more where the industry has mobilized to beat back regulations.


In Wisconsin, it took the title loan industry only one year to reverse a ban on the loans that had been put in place in 2010. In New Hampshire in 2008, state legislators enacted a law that put a 36 percent ceiling on the rates that title lenders could charge. Four years later, though, lobbyists for the industry won a repeal of the law.


“This is nothing but government-authorized loan sharking,” said Scott A. Surovell, a Virginia lawmaker who has proposed bills that would further rein in title lenders.
Photo
Scott A. Surovell, a Virginia lawmaker, in front of a title loan lender in Alexandria, Va. Mr. Surovell has proposed bills that would further rein in title lenders. Credit Jabin Botsford/The New York Times
Even when there are restrictions, some lenders find creative ways to continue business as usual. In California, where the interest rates and fees that lenders can charge on loans for $2,500 or less are restricted, some lenders extend loans for just over that amount.
Sometimes the workarounds are more blatant.


The City of Austin allows title lenders to extend loans only for three months. But that did not stop Mr. Chicosky, the veteran who borrowed $4,000 for car repairs, from getting a loan for 24 months.


Last year, after applying for a loan at a Cash America store in Austin, Mr. Chicosky said, a store employee told him that he would have to fill out the paperwork and pick up his check in a nearby town. Mr. Chicosky’s lawyer, Amy Clark Kleinpeter, said the location switch appeared to be a way to get around the rules in Austin.


The lender offered a different explanation to Mr. Chicosky. “They told me that they didn’t have a printer at the Austin location that was big enough to print my check,” he said.
* Registered users of the site do not see these ads.
AVANTI R5 is offline   Reply With Quote
Old 12-26-2014, 08:57 AM   #2
AVANTI R5
Scooby Guru
 
Member#: 73805
Join Date: Nov 2004
Default

maybe after his 14 days in Hawaii the King can pull out his pen and take action.
AVANTI R5 is offline   Reply With Quote
Old 12-27-2014, 12:35 PM   #3
DJ 9iron
Scooby Specialist
 
Member#: 11349
Join Date: Oct 2001
Location: Punxsutawney, Pa.
Vehicle:
2011 2013 Peterbilts
White, Black

Default

Stupid people do stupid things. Desperate people do desperate things. Sometimes its hard to differentiate between stupid and desperate.
DJ 9iron is offline   Reply With Quote
Old 12-27-2014, 01:35 PM   #4
A W
Scooby Specialist
 
Member#: 265433
Join Date: Nov 2010
Default

Quote:
Originally Posted by DJ 9iron View Post
Stupid people do stupid things. Desperate people do desperate things. Sometimes its hard to differentiate between stupid and desperate.
Desperate times call for desperate measures.

Although I'm sure I saw the same article on autoblog.com, Avant, you really need to get into the habit of linking the source.
A W is offline   Reply With Quote
Old 12-27-2014, 02:18 PM   #5
AVANTI R5
Scooby Guru
 
Member#: 73805
Join Date: Nov 2004
Default

AVANTI R5 is offline   Reply With Quote
Old 12-27-2014, 02:42 PM   #6
FaastLegacy
Scooby Guru
 
Member#: 11671
Join Date: Oct 2001
Chapter/Region: SWIC
Location: Gilbert, AZ
Default

These title places take advantage of poor people for sure, but it's no secret that taking out a title loan at an insane interest rate is an epicly bad idea.
FaastLegacy is offline   Reply With Quote
Old 12-27-2014, 02:58 PM   #7
blubaru703
Scooby Specialist
 
Member#: 71380
Join Date: Sep 2004
Chapter/Region: International
Default

This just in! Poor people are desperate and stupid! More at 10.
blubaru703 is offline   Reply With Quote
Old 12-27-2014, 06:31 PM   #8
thill
Scooby Specialist
 
Member#: 377200
Join Date: Dec 2013
Location: North Pole
Vehicle:
15 WRX
Ice Silver

Default

It's also amazing to me how many of these types of people also have expensive cell phones and $100+ a month plans, expensive designer clothes, go out to eat all the time, and essentially live beyond their means.

I worked as a grocery store manager all through high school and college and you would not believe the clothes, cars, etc some people drive that are getting welfare and food stamp assistance. They also have no problem buying beer and cartons of cigarettes, steaks, seafood, etc...
thill is online now   Reply With Quote
Old 12-27-2014, 06:55 PM   #9
A W
Scooby Specialist
 
Member#: 265433
Join Date: Nov 2010
Default

Quote:
Originally Posted by thill View Post
It's also amazing to me how many of these types of people also have expensive cell phones and $100+ a month plans, expensive designer clothes, go out to eat all the time, and essentially live beyond their means.

I worked as a grocery store manager all through high school and college and you would not believe the clothes, cars, etc some people drive that are getting welfare and food stamp assistance. They also have no problem buying beer and cartons of cigarettes, steaks, seafood, etc...
Living beyond their means. Oh the irony.
A W is offline   Reply With Quote
Old 12-27-2014, 07:04 PM   #10
Uncle Scotty
Scooby Guru
 
Member#: 16200
Join Date: Mar 2002
Vehicle:
OK Houston
we have an Uncle

Default

Quote:
Originally Posted by thill View Post
It's also amazing to me how many of these types of people also have expensive cell phones and $100+ a month plans, expensive designer clothes, go out to eat all the time, and essentially live beyond their means.

I worked as a grocery store manager all through high school and college and you would not believe the clothes, cars, etc some people drive that are getting welfare and food stamp assistance. They also have no problem buying beer and cartons of cigarettes, steaks, seafood, etc...
yeah....these kinds of people feel that they are entitled to the same kind of lifestyle as people who make WAY more than they do and

and this causes lotsa problems

and makes lota sharks rich....and then the bubbiment gotta bail errybuddy out
Uncle Scotty is online now   Reply With Quote
Old 12-27-2014, 08:47 PM   #11
424wrx
Scooby Guru
 
Member#: 171948
Join Date: Feb 2008
Chapter/Region: Tri-State
Location: new york
Vehicle:
08 wrx vf52 swap
best et,12.6@108.7

Default

i like this little tidbit at the end.
TMX Finance, based in Savannah, Ga., wants to expand further, opening stores in states where regulations are “favorable,” according to a 2013 regulatory filing. Only a few years after emerging from bankruptcy in 2009, the company is enjoying an influx of cash from mainstream investors. Big bond funds managed by Legg Mason and Putnam Investments have bought portions of TMX Finance’s debt. The company also borrowed $17.5 million to buy a private jet.
424wrx is offline   Reply With Quote
Old 12-28-2014, 02:25 AM   #12
keepclam
Scooby Specialist
 
Member#: 120244
Join Date: Jul 2006
Chapter/Region: NWIC
Location: Everett, WA
Vehicle:
2006 Legacy SE Sedan
2006 Pilot EX-L 4WD

Default

Wonder what their interest rate was on the private jet.
keepclam is offline   Reply With Quote
Old 12-29-2014, 01:17 AM   #13
shikataganai
Scooby Specialist
 
Member#: 92634
Join Date: Aug 2005
Chapter/Region: RMIC
Vehicle:
2007 Land Cruiser
2013 LEAF

Default

Quote:
Originally Posted by keepclam View Post
Wonder what their interest rate was on the private jet.
Unlike these consumers, they most likely are facile with arithmetic.

No pity from me. As others state, there's much fat to be cut from the lifestyle of Americans, and turning to measures like the car title loans at these rates is just stupid.
shikataganai is offline   Reply With Quote
Old 12-29-2014, 02:06 AM   #14
Uncle Scotty
Scooby Guru
 
Member#: 16200
Join Date: Mar 2002
Vehicle:
OK Houston
we have an Uncle

Default

Quote:
Originally Posted by shikataganai View Post
Unlike these consumers, they most likely are facile with arithmetic.

No pity from me. As others state, there's much fat to be cut from the lifestyle of Americans, and turning to measures like the car title loans at these rates is just stupid.
there is a huge difference between 'fat trimming' and loan sharking

exploiting the masses.....which is why the masses are encouraged and subsidized as they are
Uncle Scotty is online now   Reply With Quote
Old 12-29-2014, 10:37 AM   #15
justincredible
Scooby Specialist
 
Member#: 83633
Join Date: Mar 2005
Chapter/Region: RMIC
Location: The Mountains
Vehicle:
2012 bright green
box

Default

If 171% interest isn't a good indication of a bad deal, I don't know what is.

Shortly after my divorce I was looking at a beater and was offered 8% and passed. Sometimes you have to get over the "I wants" and realize that you will have to tighten your belt for a while.
justincredible is offline   Reply With Quote
Old 12-29-2014, 12:21 PM   #16
shikataganai
Scooby Specialist
 
Member#: 92634
Join Date: Aug 2005
Chapter/Region: RMIC
Vehicle:
2007 Land Cruiser
2013 LEAF

Default

Quote:
Originally Posted by Uncle Scotty View Post
there is a huge difference between 'fat trimming' and loan sharking

exploiting the masses.....which is why the masses are encouraged and subsidized as they are
My point is that these consumers could trim the fat from the rest of their life such that they wouldn't need to turn to loan sharks when they mysteriously come up short.
shikataganai is offline   Reply With Quote
Old 12-29-2014, 12:31 PM   #17
blubaru703
Scooby Specialist
 
Member#: 71380
Join Date: Sep 2004
Chapter/Region: International
Default

Quote:
Originally Posted by shikataganai View Post
My point is that these consumers could trim the fat from the rest of their life such that they wouldn't need to turn to loan sharks when they mysteriously come up short.
Poor people gonna poor.


There are reasons why these people are poor, and a lot of it isn't tied to factors beyond their control. Some poeple just make all kinds of bad choices in life. They need to learn to live with them, but in an entitlement society I guess it's just too hard.
blubaru703 is offline   Reply With Quote
Old 12-29-2014, 01:31 PM   #18
godfather2112
Papi Chulo
Moderator
 
Member#: 53794
Join Date: Jan 2004
Chapter/Region: NWIC
Location: Seattle
Vehicle:
.... OT Supplement
Testing Division.

Default

Quote:
Originally Posted by blubaru703 View Post
Poor people gonna poor.


There are reasons why these people are poor, and a lot of it isn't tied to factors beyond their control. Some poeple just make all kinds of bad choices in life. They need to learn to live with them, but in an entitlement society I guess it's just too hard.
I agree with this mostly. There are some who are born into a bad situation and the problem just progresses beyond their control. For those people, I feel bad for. However, there are people who just wont reduce their want expenses. They need to shop at the mall instead of target or wal-mart, they spend more on ****ty food, liquor, activities, etc.

Hell, I make a pretty good income but i'm looking to get out of my 1 bedroom oontz pad in Seattle and rent a room from someone so that I can pay off what little student loans I have and save $1500 a month to get ahead / invest. I'm looking to sell my car and buy something cheaper that has a payment of only $250. Essentially i'm trying to cut every damn costs I can so that I can pay off my loans completely, and start having a very positive cash flow every month. It sucks, and its not fun. But the short term pain is worth the long term gain.

I've known several people who took out these insane loans to pay off their CC's or to pay bills. However, they just start putting money back on the CC or other useless crap. For those people, I have no pity for. They are true idiots who need to keep buying new ****. **** em.
godfather2112 is offline   Reply With Quote
Old 12-29-2014, 08:19 PM   #19
Uncle Scotty
Scooby Guru
 
Member#: 16200
Join Date: Mar 2002
Vehicle:
OK Houston
we have an Uncle

Default

Quote:
Originally Posted by shikataganai View Post
My point is that these consumers could trim the fat from the rest of their life such that they wouldn't need to turn to loan sharks when they mysteriously come up short.
the fact that the .gov allows this kind of loan sharking to happen.....and we have become such a 'bling-bling-balla-balla' society and 'living large' is soooo00000oooo encouraged and proper personal financial responsibility is NEVER taught in ANY public school that I have ever heard of....

what do these facts tell YOU????
Uncle Scotty is online now   Reply With Quote
Old 12-29-2014, 09:29 PM   #20
daveyboy
Scooby Specialist
 
Member#: 35419
Join Date: Apr 2003
Default

I am pretty much a "let people do what they want no matter how stupid."

But these predatory lending outfits piss me off.

I use to work for a consulting company. I also knew a guy that had a "check loan" business at the same time. I mentioned to my bosses (partners of the firm) how ridiculous the profit margin was on check loans and how much of the risk is absorbed by a third party

After hearing that, those greedy bastards wanted me to start doing the leg-work for setting up a few in the region of one of our major consulting clients--an Indian (Native American) Tribe.

I told them that part of our job was to increase the prosperity of the tribe--and subsequently the members--and that this would be preying on the dumb and the desparate of our customers. They looked at my like I had 3 heads and said, "this is no different than an ATM machine."
daveyboy is offline   Reply With Quote
Old 12-29-2014, 11:19 PM   #21
xdnbc
Scooby Newbie
 
Member#: 127611
Join Date: Sep 2006
Chapter/Region: VIC
Location: Vancouver,BC
Vehicle:
2007 STI Ltd
Silver

Default

Maybe the financial desperation is a result of a poor education system, a growing spread between the highest earning 1% and shrinking middle class, a situation where about 50% of senators eventually work for private corps they were "monitoring", massive advertising that now is tailored to individual lifestyles using massive data collection, tv cartoons and kid shows that encourage buying stuff so they can feel worthy, and a fantasy that we are all entitled to all the stuff real Americans have within the "American dream". Hey- aren't we number one!

Not a surprise that the state and federal governments won't regulate those "loan sharks" any more than they will regulate credit card companies, brokerage houses, or the ability of LARGE corp. and billionaires to "invest" in US political elections and legislative lobbying. People behave according to what they "think" is rewarded. Of course, perception of risk may not match reality. Take a look at what we are up against: http://www.ipsos-na.com/products-too...nt-survey.aspx

Last edited by xdnbc; 12-29-2014 at 11:32 PM.
xdnbc is offline   Reply With Quote
Old 12-30-2014, 09:44 AM   #22
samagon
Scooby Guru
 
Member#: 26859
Join Date: Oct 2002
Chapter/Region: TXIC
Location: undisputed COMBAT! champion
Vehicle:
of TXIC
I also like (oYo)!!!!

Default

The people who enter into these kinds of loans, they need to have their cars repossessed. They have demonstrated just how dumb they are and really, do people that dumb need to be on the streets driving?
samagon is offline   Reply With Quote
Old 12-30-2014, 12:43 PM   #23
4wdwrx
Scooby Specialist
 
Member#: 72042
Join Date: Oct 2004
Chapter/Region: South East
Location: Sunshine
Vehicle:
2002 WRX impreza
WRB "Blue Mammoth" Return

Default

I don't think it is a matter of low education. It doesn't require more than common sense to understand. I think it is the lack of consequences... the desperate people (I say desperate, not poor) are already on the edge, so there is nothing to lose anyways. They are not worried about their credit nor even paying back the loan. It is unlike borrowing money from the mob, unless there are people coming everyday to their homes threatening their life to pay back, they don't have nothing to lose.

Not that I don't think it is unethical, but business is business... Credit, loans, ... etc. It is smart business.

School teaches ethics, but i've come to see ethics is used to hold people back.

Wealthy business owners don't use ethics, nor do the people who have nice things and collect food stamps. Us middle class are the suckers who pay all the taxes and work all day. We are the ones following rules/ethics. We are bunch of suckers. (my theory)

Last edited by 4wdwrx; 12-30-2014 at 12:53 PM.
4wdwrx is offline   Reply With Quote
Old 12-30-2014, 01:05 PM   #24
shikataganai
Scooby Specialist
 
Member#: 92634
Join Date: Aug 2005
Chapter/Region: RMIC
Vehicle:
2007 Land Cruiser
2013 LEAF

Default

Quote:
Originally Posted by Uncle Scotty View Post
the fact that the .gov allows this kind of loan sharking to happen.....and we have become such a 'bling-bling-balla-balla' society and 'living large' is soooo00000oooo encouraged and proper personal financial responsibility is NEVER taught in ANY public school that I have ever heard of....

what do these facts tell YOU????
These things tell me that people need to think for themselves. Being a responsible adult is the responsibility of said adults. The government can't change cultural values, for better or worse.
shikataganai is offline   Reply With Quote
Old 12-30-2014, 09:03 PM   #25
Uncle Scotty
Scooby Guru
 
Member#: 16200
Join Date: Mar 2002
Vehicle:
OK Houston
we have an Uncle

Default

Quote:
Originally Posted by shikataganai View Post
These things tell me that people need to think for themselves. Being a responsible adult is the responsibility of said adults. The government can't change cultural values, for better or worse.


these people can NOT think for themselves...they are the plodding, bleating masses who are being used as cattle by those who are in power and the 1/2%'ers to remain in power and rich

this is self evident.

its ALL about the few controlling the many for the purposes of the few.

and its working AMAZINGLY WELL...which is also glaringly apparent
Uncle Scotty is online now   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -4. The time now is 12:06 AM.


Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2015, Jelsoft Enterprises Ltd.
Powered by Searchlight © 2015 Axivo Inc.
Copyright ©1999 - 2014, North American Subaru Impreza Owners Club, Inc.