Monday, February 11, 2008

Auto Loan Defaults Newest Financial Meltdown

Maybe when I wrote about the subprime mortgage problems and alluded to buying more car than you can afford, I should have kept my mouth shut.  Apparently, that's exactly what's happening.

Of course, in this case, it is pure fraud - inflating income to qualify for financing.  The question is who is at fault - the seller who put down an inflated income, or the buyer who signed the lease knowing the figure was wrong.

I think they should live in adjoining cells for a few months.

cbs5.com - Auto Loan Defaults Newest Financial Meltdown

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