Mother Jones profiles subprime lending in the used car industry:
Credit Acceptance makes its loans knowing that a large portion of its customers won't have the happy endings advertised in the promotional materials. The company operates on the assumption that it will collect only about 70 percent of the money it lends out—which means it will end up repossessing an awful lot of cars and suing those customers for the balance. As Wall Street banks clamored for more securities built on subprime auto debt, Credit Acceptance pumped out ever more paper, boosting loan volume by 23 percent in 2010 and 30 percent in 2011. (Growth has been slower in subsequent years due to increased competition, notes the company's 2014 annual report.) In the meantime, subprime lenders have boosted their average interest rate on used cars from 16 percent to nearly 20 percent annually, guaranteeing that more customers will default and end up with punitive court judgments and garnished wages.[more inside]
An automobile dealership in Wheat Ridge, Colorado made the decision last Friday to post a billboard which asks if President Obama is a terrorist and if he's really an American citizen by birth. Part of the sign also references the recent tragedy at Fort Hood. The brainchild of Phil Wolf, owner of Wolf Interstate Leasing and Sales, the sign depicts a Bamboozled-esque rendition of the PUSA, with and without a turban. Protestors have gathered to display their dislike of the billboard, which even the shop's proprieter admits "may be a little scattered. It says several things. It brings us several questions and I think they got to be answered (sic)."
He's the spiritual grandparent of both Cal Worthington (very recently) and Crazy Eddie (previously). He's Earl "MadMan" Muntz, more than a successful car salesman, he was a carmaker, a television pioneer (who coined the abreviation "TeeVee"), car stereo pioneer (for the pre-8-track 4-track tape ), a Verb in Electronic Engineering Lingo, hero of Free Enterprise Land and ad icon in Napolean hat and red longjohns. [more inside]
Did anyone in the history of Used Car Dealerships ever go to greater lengths to get you to go see him than Cal Worthington and his Dog, Spot? Warning: video contains music that cannot be unlistened to & will haunt you to the grave. [more inside]