by CL follow (1)
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From the article:
"Rodney Durham stopped working in 1991, declared bankruptcy and lives on Social Security. Nonetheless, Wells Fargo lent him $15,197 to buy a used Mitsubishi sedan.
“I am not sure how I got the loan,†Mr. Durham, age 60, said.
Mr. Durham’s application said that he made $35,000 as a technician at Lourdes Hospital in Binghamton, N.Y., according to a copy of the loan document. But he says he told the dealer he hadn’t worked at the hospital for more than three decades. Now, after months of Wells Fargo pressing him over missed payments, the bank has repossessed his car."
I have no sympathy for the car dealer, nor for Mr. Durham. The car dealer committed fraud and deserves jail time. Mr. Durham stopped working from age 37, sponging off the rest of us for the last 23 years. He is also stupid beyond belief. Let him drive a Ferrari.
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http://dealbook.nytimes.com/2014/07/19/in-a-subprime-bubble-for-used-cars-unfit-borrowers-pay-sky-high-rates/?_php=true&_type=blogs&_r=0
What do you think? Will Auto loans collapse?
#bubbles