there is a must read article or series of articles in the l_a_ times this week
if you haven't read this
this is this is gillette serb material
for sure
and easily series of articles on used cars
and uh... what better place to write that than here in los angeles their
legal really have an effective public transportation system and everyone dr
but uh... and help me here richard but the gist of it is if the focus is on
something called by here pay here
blocks
these were people go in
they look at the car
in some cases work bhalo use this is an example it's a mitsubishi with a hundred
thousand miles on it
andy
if you have crappy credit
this dealership will offer you alone on this car
at about twelve thirty percent interest
and ill design a monthly schedule for you to pay on that card and the payments
could be around five hundred dollars a month were three hundred ninety nine
dollars a month on a mitsubishi with say a hundred thousand miles on it and let
you drive off with that car and you pay them each month
the moment you default on one of those payments
they entice you back to the lot
and they say we're going to refinance your your loan
on this car since you can't afford it
and when you drive back in
take your car throw you out and make you walk home
and then it may sell that car onion
and again and again cars are being sold four and five times like this but they
are sexually
uh... loans
mortgages well not mortgages their car loans designed for people who can't
afford them these cars
and then they are deprived of the transportation that they were so
um... provided for by these lots at the same time
so it's another one it's like mortgage-backed securities but with with
cars is our right and what kind of yummy think it is a big system there's a
here's the uh... highly technical term for people who are involved in uh...
this business you referred to as
assholes
and uh...
model again denoted by the deal is this
e
susanna like asshole motorstorm wilshire
yes and i got scott shell of actually gusta mucho isn't really alone over
there and i know that for you know there was an old tex-mex songs if you've got
the
needed narrow i've got the camaro denied
that but here's the deal problem
this is very closely related to the electroplating on industrial where
if you think of it is a big system they marginalize certain people city make it
difficult for them to get credit and then they refer to them the bankers will
refer to them as the on banked and we wanna help beyond bank with these like
the horrible lonesome rip them off
they trapped them in a cycle it that they exploit them
and they've done studies that show that these kinds of auto loans for example
these kinds of all the long to discriminate very happily against
black people black people cannot hire interest rates and minorities waha races
and ethnicities
pay much higher interest rates then
white males or or you know a white people in general so there's a racist
element to this flat-out in the whole process
and if there's a huge role for the big banks and as you know these guys
their underwritten by j p morgan chase wells fargo and bank of america so what
you have is a nice fat system where ed
and j p morgan chase let's say remember there is a carry these bank forgetting
zero percent belongs
from the federal close to zero sometimes i get your one percent two percent three
percent willis dressing up to that if you ever uh... allegedly if you have a
good credit as a consumer you qualify for a zero percent loan no money down
come and get this new dodge truck
and you walk away with like a three hundred dollar payment on a brand new
car right but that that's what we're sort of bombarded with everyday day-in
and day out but the reality is
no very few people have that perfect credit score to get those yet but these
are people who are
who need basic transportation to get to their jobs that they're losing
and they're being
they're given a car they can't afford
that is the equipped with a low jack on it by the dealership so they can know
where you are phil connelly ralph first and take the car
we'll come to where you work in his ticket out of the parking and bear in
mind
if this is this system is being funded by the same bankers in the same economic
interests
we're making sure that we cut spending
on public transportation right so that they have to get a car so it is very
neat as system of slavery
it's gotten so that the i_r_s_ absolutely ruthless people the were
exploiting soldiers families in particular so they were
nestling ernestine whatever you want to say it around a military bases in this
country so that uh... you know soldiers families restore active-duty soldiers
would go out and be ripped off by these people exactly this way because we have
some tragically under pay our military in this country could care for it and we
have to give tax breaks to hedge fund managers so these people then exploit
the sentencing people by the way
then exploit the military and their families so much so that holly betrayals
david betrays his life
mated personal issue for her to go after payday loan auto loan in these people
who works for the military families because she was so
outraged by this so it's it's again if you think of it is a big system if you
think of it is
you've got these banks at the top holding all the resources
deciding who gets loans at what rate holding back the money sometimes just
making money off treasury department unanimous uh... t_-bills assault and
then the um...
then creating the system asserted
near like indentured servitude basically where these people have to work for
their debts and if they don't the car gets we sold and resold and resold we'd
know by
mill
accountability for it
and their outrage that there would be something like a consumer financial
protection bureau
and in fact man sixty senators including our own very liberal barbara boxer here
in california
signed a letter saying that these are regulars should be exempt from this