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Its just a reflection of the tightening credit market... the previous market was way too liberal, so this is just the pendulum swinging back to a more realistic level. What you are seeing is a good thing.
Its just a reflection of the tightening credit market... the previous market was way too liberal, so this is just the pendulum swinging back to a more realistic level. What you are seeing is a good thing.
We are not selling homes here...the contracts are rarely over $2000. I guess every business has to suffer because of fraudulent real estate loans.
http://www.thehealthymom.com/wp-content/plugins/more-smilies/maidacollection/dunno.gif (broken link)
We are not selling homes here...the contracts are rarely over $2000. I guess every business has to suffer because of fraudulent real estate loans.
http://www.thehealthymom.com/wp-content/plugins/more-smilies/maidacollection/dunno.gif (broken link)
I wasn't talking about real estate loans, I was talking about consumer loans. The consumer loan market has been way too liberal (even before the real estate market became that way). Both markets needed to tighten up and consumer has been the bigger problem over real estate.
I've always thought that "Instant Financing" and similar BS should be illegal.
The practice gave rise to a lot of identity thefts.
There are a lot of folks that believe its borders on being a predatory practice. The credit is so easy to get and the rates are generally very high (take an 0% offer and miss the payment terms and see what the rate is)... the less wealthy and less educated can get caught in these and end up with a lot of really nice stuff that they can't afford. Sometime investigate the collection rates, repossession stats, and write-off volumes for these retail loans.
What is "instant financing"? Is it like a "rent-to-own"?
Instant Financing provides instant credit decisions at the point of sale for big ticket items. While you are in the store finishing up your purchase decision they make the credit decision on the spot. Almost as easy as paying with your credit card... just give a few pieces of personal identifiable information and a couple of key strokes and a couple of seconds later the sale is made and you have a credit limit and loan.
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