August 16, 2016 – Earlier this month, English HBO comedian and commentator took aim at the subprime auto industry with some accurate, but perhaps unobjective insights into the financing practices of some “Buy Here Pay Here” used car dealers.
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That’s where he gets off course. No one is putting a gun to these people heads. Rate is the result of mitigating risk and these are high risk loans and therefore, high rates are appropriate. He even mentioned the 30%+ loss rates. That exceeds the actual rates he slams. He also doesn’t mention the money the dealers put into repairs and reconditioning before they sell them on the street again. There are 100 pennies in a dollar and they all need to be accounted for!
Guess it is the cars fault the debtor did not pay for it lol…. what a joke!!! He sounds like he has had practice in the recovery industry and has been a debtor himself seeing as how it is always our fault (well 98% of the time anyways).