# Santander | Investment Riches Built on Subprime Auto Loans to Poor



## chi1cabby (May 28, 2014)

*Investment Riches Built on Subprime Auto Loans to Poor*
*http://mobile.nytimes.com/blogs/dea...riches-built-on-auto-loans-to-poor/?referrer=*


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## Jeremy Joe (Jan 16, 2015)

The people who take these loans are insanely STUPID as well. If you play with fire, your hands get burned.

In the article, they mention one food stamp recipient by the name of Ms Payne who took out a $30,000+ loan to buy a BMW. Now, why on God's sweet earth would any sane person do that? I mean, come on, you can get for just $5,000 a decent used Corolla or Civic on craigslist - 8 model yrs old, single owner with less than 85k miles. Buy such a car, once your financial condition improves, upgrade.

These people take such stupid decisions, and expect us to feel sorry for them??? I agree, Santander is an opportunistic firm, but these people have only themselves to blame.


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## The Kid (Dec 10, 2014)

"Dane Carpe, of Creswell, Ore., lost his 2008 Dodge Charger when he could not repay the $17,116 he borrowed at a 23.74 percent interest rate"

He's ok, still has his shirt!


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## The Kid (Dec 10, 2014)

chi1cabby said:


> *Investment Riches Built on Subprime Auto Loans to Poor*
> *http://mobile.nytimes.com/blogs/dea...riches-built-on-auto-loans-to-poor/?referrer=*


Take a huge risk, grow fast. You may make billion$, but if you lose your to big to fail. Government bailout will save you. No downside.

Welcome to the new economy!


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## The Kid (Dec 10, 2014)

Jeremy Joe said:


> The people who take these loans are insanely STUPID as well. If you play with fire, your hands get burned.
> 
> In the article, they mention one Ms Payne who took a $30,000+ loan to buy a BMW at super high interest rates. Now, why on God's sweet earth would any sane person do that? I mean, come on, you can get for just $5,000 a decent used Corolla or Civic on craigslist - 8 model yrs old, single owner with less than 85k miles. Buy such a car, once your financial condition improves, upgrade.
> 
> These people take such stupid decisions, and expect us to feel sorry for them??? I agree, Santander is an opportunistic firm, but these people have only themselves to blame.


Just another case of the greedy taking advantage of the stupid. Like promising someone they can "MAKE" upto $5000 a month if they just get a new car.


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## chi1cabby (May 28, 2014)

*Uber Car Financing Presents Risky Bet to Drivers*
Teddy Nykiel (@TeddyNykiel)
http://www.nerdwallet.com/blog/current-events/uber-car-financing-presents-risky-bet-drivers/


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## Uberdawg (Oct 23, 2014)

chi1cabby said:


> *Investment Riches Built on Subprime Auto Loans to Poor*
> *http://mobile.nytimes.com/blogs/dea...riches-built-on-auto-loans-to-poor/?referrer=*


At one of the auto auctions I attend, Santander runs around 300-500 cars per month through. That is just one auction. Their repo rates are abnormally high.


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## chi1cabby (May 28, 2014)

Harry Campbell ( @The Rideshare Guy ) drives for Uber, Lyft and Sidecar and also runs The Rideshare Guy blog and podcast out of Newport Beach, California. Campbell says he knows several drivers who have checked out Uber financing, but none he has talked to have actually used it.

"For those that have looked into it, it really isn't a good deal because you're locked into Uber for so long and it's a couple hundred dollars more than a traditional lease," Campbell says.

@The Rideshare Guy could have easily directed the reporter to @uberpeople.net to speak with Drivers who'd used Santander Financing.
@painfreepc @yoursonlymine
@Jackie murphy @ILM❤️ISF @arklan and many other forum members have leased through Santander...


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## Actionjax (Oct 6, 2014)

I read through the contract from a business prospective in detail. It is a well written contract that completely covers Santander. The issue is not necessarily the contract but the rates that are being charged and the audience this is being sold to. I would say a similar contract with some good rates to a Cab driver this would be a great deal since rates don't bottom out at a moments notice. But an Uber driver doesn't have some of the same securities and the rates being charged as high risk loans it does not work out so well.

Even for a Taxi driver you get injured and your payments are due what's next. You loose your money earning potential. (Unless you take out insurance to cover those kind of things)


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