Flynrider
Phoenix,#2Consumer Comment
Sun, May 08, 2011
If I'm reading this right, your defintion of the term is a lender who does not trust you, who must charge you an outrageous interest rate and must put a GPS on the car. That's actually the definition of a sub-prime lender. What that has to do with the car dealership is beyond me. Your credit is in the toilet and sub-prime is your only choice. That's not the car dealer's fault. Try to get financed at any dealer and you'll likely get the same options.
"now that the economy is bad the preferred customer is the one with excellent credit. "
No kidding! Actually, that was the case even before the economy was bad. People who pay their bills on time do not have to put up with sub-prime lenders.
coast
USA#3Consumer Comment
Sun, May 08, 2011
Jim
Orlando,#4Consumer Comment
Sat, May 07, 2011
You fully admit you have bad credit. Because YOU gave YOURSELF bad credit, YOU do not qualify for prime financing. When and if you establish a documented positive history of paying YOUR bills on time, then YOU will qualify for better APR because YOU will no longer be viewed as an increased risk for default. The only reason a lender would require a kill switch is to protect the security for the loan...the car. If you have resolved to make every payment on time, then they can put 100 kill switches on the car and it won't matter! However, if you are of the mindset that making payments on time is "optional", then yes, you'll be fearful of what they might do.
This isn't a matter of "respect". Its all a matter of giving you what you want...financing for a car...while protecting the lender against the increase chance of default a subprime borrower brings.
Since you are so-o-o concerned they may use a kill switch, then perhaps your resolve to make your payments on time isn't intense enough to bring you out of sub prime status.
And, no, I don't work for them.