>>3671733>t. doesn't understand credit.He'res your scenario:
Some nigger with poor credit gets all lusty over some used Chrysler 300 for 15,000 dollars.
He is given a loan for it 0 down, 15% interest. 84 months. "Low monthly payment". 289 dollars a month.
Now when you are making a loan payment the first thing that happens is the interest is added. 1 month at 15%APR is 1.25%.
So for the first payment of that 289 dollar payment 187 dollars of it is interest.
So you pay nearly 300 dollars, but your balance only goes down about 100 dollars. So at the end of the first year you're still owing well over 13,000 dollars. But have paid about 2000+ dollars in interest. And you've maybe put enough mileage on the car to knock the value down about a grand. Then the nigger stops making payment. The car gets repossessed. It's now property of the bank. The bank already made 2 grand off of you. You can't discharge secure debt (debt that is attached to an asset) in bankruptcy. The bank still owns the car. Usually if you've held on for a couple of years they'll just auction it off at whole sale and go after you for the difference. Banks aren't car dealerships.
If by some miracle the nog pays off the car he'll have paid nearly 100,000 dollars for a car that was "only 15,000". Obviously this scenario is the most profitable. But the bank wouldn't make a risky loan it cant' afford. Chances are something as predatory as 15% for a car would be doled out by a private finance company... it might even be partnered with the car dealership. In which case they'll just keep re-selling it on the lot.
