“I’m Considering Filing Bankruptcy” – St. Louis Proves A Harbinger Of Things To Come For Subprime Auto Lending
by Tyler Durden
ZeroHedge.com
Jun 6, 2016
“Subprime lending is a calculated risk – we know that some of the customers won’t pay, we just don’t know which at the time the loan is made. With higher default rates come higher expenses, and higher interest rates are necessitated to remain solvent.” That’s a quote made in a statement by Midwest Acceptance corporation, who specializes in high interest car loans for subprime borrowers in the St. Louis area.
Stories like the one involving William Lesinski are becoming all too common in the St. Louis region. Lesinski’s story begins with taking out a ridiculously high interest rate loan for a car to be given as a graduation present for his son, and ends with his wages being garnished – beyond the amount of the court judgement.
The Rest…HERE
