In the second of a three-part series on “Buy Here Pay Here” dealerships, used car lots that target subprime borrowers with easy credit and triple the national average interest rates, the Los Angeles Times looks at how private equity firms have flocked towards the growing industry, lured by 38% margins. [More]
"Buy Here Pay Here" Dealerships Investigated
By October 31, 2011
The Los Angeles Times has an excellent investigation into the national “Buy Here Pay Here” auto dealership phenomenon. These used car sellers purposefully target bad credit borrowers and offer them what no one else will: the chance to buy a car on credit. All they have to do is agree to 20-30% interest rates, a price well above the car’s Blue Book Value, and aggressive repo practices if they fail to pay up. But it’s not a big deal if they don’t. Borrower failure is baked into the business plan. [More]
Credit Checks For Job Applicants May Be Illegal
By March 2, 2010
According to a survey of human resource folks, 60% of them say they are now running credit checks on potential hires. But there’s a new movement in several states — and one bill stuck in Congress — to make it illegal for a company to run such checks, because detractors claim they are hurting people from getting jobs during the recession. [More]
"An 'Illegal ETF' Destroyed My Credit. Can I Go To Small Claims Court?"
By August 4, 2008
“Jurgis” writes,
Capital One Will Ruin This Guy's Credit One Way Or Another
By June 25, 2008
Joseph is having problems paying his Capital One card, mainly because Capital One keeps making it hard for him to pay it, and then reports his payments past due after they’ve cleared the bank. Now he wants to know what he can do to remedy the situation.
