# Welcome to the lucrative, predatory world of subprime car loans. (THE NEW BIG SHORT)



## Ca$h4 (Aug 12, 2015)

*"They Had Created This Remarkable System for Taking Every Last Dime From Their Customers"*

Why be a minimum wage Driver for Uber, Lyft or Gett, when you can start your own CAR REPO business getting work from Uber/Toyota, Lyft/GM and Gett/Volkswagen? Lesson 1, the man who started automobile subprime loans, Don Ross and Credit Acceptance. Catch the RIDESHARE REPO WAVE to the AMERICAN DREAM.
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http://www.motherjones.com/politics...-bubble-auto-loans-credit-acceptance-don-foss*


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## ChortlingCrison (Mar 30, 2016)

Makes you wonder if there's any ounce of integrity in the business world. George Carlins explains it all so well.


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## Ca$h4 (Aug 12, 2015)

*Uber is in the sub-prime auto business*

*http://www.houstonchronicle.com/bus...is-in-the-sub-prime-auto-business-7955561.php*


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## Another Uber Driver (May 27, 2015)

Allright, but what happens when tens of thousands of people do not pay for those cars? Whoever it is repops them, and suddenly there are tens of thousands of repopped cars sitting around on which millions are owed but the cars have a value of, at best, sixty per-cent of what is owed on them.

Do we have another financial crisis?

I noticed that Sun Trust is one of the banks getting mixed up in these things. Sun Trust stayed out of the sub-prime housing market.


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## UberNoobie58 (May 28, 2016)

My two cents (and maybe a little more):

I started devouring as much information as I could on this site beginning one week ago today. Did this in an effort to learn as much about the Uber world as possible before diving in feet first. Then I applied for Uber and a car loan via Uber's financing agent BAMA, just to see what might happen (I am currently on Social Security Disability and saw Uber as a means to get myself off of SSDI and back into the workforce.) The real world once again. Ah yes, this was my long-sought-after answer!

Back to the Uber / BAMA financing of a shiny "new" 2016 car! Whoppeee, I got approved for the loan! How, I have no idea, as I have a credit score in the mid-500s, but again, Whopppee!, I got approved for the loan!!! Granted, the lease financing rates were astronomical - ranging from $145 per week for a 2015 Toyota Corolla LE to $196 per week for a Toyota Camry LE Hybrid...Ah, but the best was yet to come....

At this point, I set out to learn as much as I could about securing the proper insurance coverage for my new Uber car.

Dear Lord....properly insuring an Uber leased vehicle...in New Jersey, no less.

I found that ONE insurance company - Farmers - sells commercial lease policies WITH the Holy Grail "RideShare endorsement" that one needs to properly insure their Uber vehicle. So I figured, this is it! I'm in! Surely, as I somehow was approved for the Uber / BAMA loan I'd then have no problem insuring it with the RideShare endorsement policy from Farmers, yes?

No.

Though I qualified for the PREDATORY financing loan from Uber / BAMA - who "ran" both credit and background checks on me (or so they said) -- Farmers Insurance shot me down immediately, because of my credit rating.

During my week spent here I've connected with some genuinely honest, hard-working people. I think this will be the only positive that I will take from this week-long folly.....communicating with the genuinely good and decent people who took their personal time to share with me their advice, guidance, suggestions, and experiences. I am truly grateful to you all.

I wish you all the very best.


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## UberNoobie58 (May 28, 2016)

UberNoobie58 said:


> My two cents (and maybe a little more):
> 
> I started devouring as much information as I could on this site beginning one week ago today. Did this in an effort to learn as much about the Uber world as possible before diving in feet first. Then I applied for Uber and a car loan via Uber's financing agent BAMA, just to see what might happen (I am currently on Social Security Disability and saw Uber as a means to get myself off of SSDI and back into the workforce.) The real world once again. Ah yes, this was my long-sought-after answer!
> 
> ...


Don't know how many have seen this, but it's a hoot...


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## Another Uber Driver (May 27, 2015)

As much as the TNCs want to write these leases, you would think that they would connect you with an agent or company who could sell you some insurance. It might be at jacked up rates with more profit for them, but, if your primary objective is the securing of the policy, you would think that they would want to help you achieve that.

When I financed taxicabs, the financier was only too happy to connect me with someone or something that sold a separate collision/comprehensive policy. (Taxicab insurance is weird in Washington. The law went into effect in 1938 and has changed little since then.)


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## GlenGreezy (Sep 21, 2015)

UberNoobie58 said:


> My two cents (and maybe a little more):
> 
> I started devouring as much information as I could on this site beginning one week ago today. Did this in an effort to learn as much about the Uber world as possible before diving in feet first. Then I applied for Uber and a car loan via Uber's financing agent BAMA, just to see what might happen (I am currently on Social Security Disability and saw Uber as a means to get myself off of SSDI and back into the workforce.) The real world once again. Ah yes, this was my long-sought-after answer!
> 
> ...


Uber leases cars in NJ?
When? Where?

People in NYC who don't own cars pay upwards of 400 a week for a car.


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## Ca$h4 (Aug 12, 2015)

VIDEO -- HOW RISKY ARE UBER'S SUBPRIME LOANS?

These so-called journalist-reporters and anchor can hardly hold themselves back from laughing about Uber's Leasing Program (Xchange). So called journalist reporters trying to be honest just Can't get to point of reporting specifically how bad Driver wages are and how bad the Leasing program really is. See it before it's taken down. Be funny if not so sad. Want to invest in some Car Loan Bonds ? -- call Goldman Sachs -- Google the number and ask for the sell side Bond department. If secretary puts you on hold, then tune in to the Home Shopping Network, maybe they are pedalling the bonds there.

*http://finance.yahoo.com/video/risky-ubers-subprime-loans-000353434.html*


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## Another Uber Driver (May 27, 2015)

Jamie Dimon is making comments about auto lending/leasing and how some banks are headed for trouble. He is a fine one to talk about bad sub-prime loans.

www.bloomberg.com/news/articles/2016-06-02/dimon-says-auto-loan-market-stressed-sees-pain-for-some-banks


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## Ca$h4 (Aug 12, 2015)

Another Uber Driver said:


> Jamie Dimon is making comments about auto lending/leasing and how some banks are headed for trouble. He is a fine one to talk about bad sub-prime loans.


Instead of making phoney rated Mortgage Bonds to con investors, now the banks are making phoney rated "Subprime Auto Loan Bonds." AWESOME as is said in the movie THE BIG SHORT. See "Mr. Chow scene" at about 4.05 on clip timeline. Screwing over people is fun.. AWESOME. Uber, Silicon Valley, Wall Street have same Grifter mindset as shown in the movie THE BIG SHORT.

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## BostonTaxiDriver (Nov 23, 2014)

UberNoobie58 said:


> My two cents (and maybe a little more):
> 
> I started devouring as much information as I could on this site beginning one week ago today. Did this in an effort to learn as much about the Uber world as possible before diving in feet first. Then I applied for Uber and a car loan via Uber's financing agent BAMA, just to see what might happen (I am currently on Social Security Disability and saw Uber as a means to get myself off of SSDI and back into the workforce.) The real world once again. Ah yes, this was my long-sought-after answer!
> 
> ...


I was approved by the Breeze lease months ago with much worse credit than your. They're crazy.

They even had a special group of out-of-insurers at the ready. Gee, I wonder why small ones, out of state.. And there is no legitimate ride share insurance in Massachusetts yet.

I didn't go thru but had I, would that out-of-state insurer have then realized my irresponsible credit, then denied me?


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## Another Uber Driver (May 27, 2015)

BostonTaxiDriver said:


> They even had a special group of out-of-insurers at the ready. Gee, I wonder why small ones, out of state.. And there is no legitimate ride share insurance in Massachusetts yet.
> 
> out-of-state insurer


By "out-of" insurers, I am assuming that you mean "out of _*state*_". Were these insurers issuing TNc policies, collision/comprehensive, only, or liability. Will the Commonwealth issue licence plates to a vehicle covered by a policy written by a non-admitted insurer? The District of Columbia and the Commonwealth of Virginia will not.


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## Ca$h4 (Aug 12, 2015)

*Morgan Stanley Analyst Fears the Movie The Big Short Has Discouraged Investors From Buying Risky Auto Loans*

*http://gawker.com/morgan-stanley-analyst-fears-the-movie-the-big-short-ha-1769547427*


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## JapanFour (Mar 8, 2016)

My parents tell me in the 60s and 70s we would make fun of this coporate manipulation and bullshit tactics that businesses from other countries would do.

Now america has taken that method and turned it into an art.


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## ChortlingCrison (Mar 30, 2016)

JapanFour said:


> My parents tell me in the 60s and 70s we would make fun of this coporate manipulation and bullshit tactics that businesses from other countries would do.
> 
> Now america has taken that method and turned it into an art.


That was the era "never trust anyone over 30", now it's don't trust anyone "over 20, and less then 50".


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## Ca$h4 (Aug 12, 2015)

ChortlingCrison said:


> That was the era "never trust anyone over 30", now it's don't trust anyone "over 20, and less then 50".


*Genes skip Generations as pe*r

http://www.quotegarden.com/generations.html

*Generation Gap Guide*

http://www.vanityfair.com/culture/2015/10/generation-gap-guide


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