It’s just a car. One of many for them. And if they take it back they’ll figure out what to do with it.
There is pretty standard process of what to do with such cars.
All part of the risk and you are paying for it through higher interest rate at the min.
Well, I am paying base mf so far.
Since this is now signed, I moved out of the Ask the Hackers section
if any fraud was used to secure the lease or purchase. The auto goes to auction. The difference of auction price and New selling price (MSRP) will be then the fraudulent person (buyer or dealership) responsibility.
Ok, so after having to read all the no funding BS….
Deal is funded at tier 1 mf. No credit, no us license. Enjoy
Sounds like we are back in NINJA loans of 2008 era😂
Good for you!
Credit score is totally unrelated to the financial capacity of someone. It looks like some finance companies and banks understand that, and are able to look at alternative indicators. I got chase approve me for a good credit card without much hassle too.
The whole world works without the credit score bs that US banks invented to take even more money from poor people, + keep people thinking that they need insane amount of credit and overspending in their lives. FICO score is just a poor KPI as a standalone measurement of the capacity of paying off debt. It just measures how good you did in the past, that is in no way a good indicator of how good you will do in the future.
European banks use Fico, however they also look at many other things to determine you are a good customer or not.
I could pay the car in cash anytime. However, it does not make sense for me at a 0.77% interest.
At the end of the day, Mazda knows there is no risk at all of me not paying, even if my FICO score says N/A.
They get their interests and I get my car, win-win.
Edit: Adding that saying this is a NINJA loan considering my household income is probably in percentile 95-99% in the US its just funny.
Most credit decisions in the US aren’t 100% score-based either.
FICO scores are strong predictors of future defaults, and measure one’s likelihood to repay according to terms in order to correctly price the loan to cover the risk.
Capacity to repay is measured in other ways, including assessing your current income and your existing credit obligations.
There’s an enormous difference between “taking more money from poor people” and pricing a loan to cover increased risk due to previously mishandled credit accounts.
Poverty doesn’t cause bad credit.
Taking out more obligations than one can repay as agreed does, and that behavior spans the full spectrum of economic classes.
The difference is in the scale of the dollars involved.
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