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I asked myself that also but its the article singling her out and I would question that also but she represents them in Washington so it makes sense for them to single her out.
The OP quoted the article for their title.
The article I get to a point because they are Miami based and she represnets a district not that far north of Miami, though I question why they didn't mention any of the other members of Congress in the Miami and South Florida area, some of which also voted for the bill as well. Regardless my point with the OP remains, if he feels as strongly about this piece of legislation as he seems to, (which he is certainly entitled to) why focus the comments on just one member of Congress when 3/4 of the House voted for it
The Reforming CFPB Indirect Auto Financing Guidance Act that Wasserman Schultz voted for would basically let lenders and dealers ignore Consumer Financial Protection Bureau rules that bar dealers and auto finance companies from charging unsophisticated borrowers who are mostly minorities hundreds of dollars more in excessive interest and fees on car loans regardless if the car buyer has excellent credit.
p.s. My payment history is perfect over the past 14 years and I have no FICO score. So exactly what is the use of payment history?
Why are you focusing strictly on Wasserman Schultz on this?? There were 87 other Democrats that voted for it. All 244 Republicans in the House who voted on this bill, voted in favor of it. The chief sponsor was Frank Guinta.
I disagree with there being no regulations BUT I still don't know what the problem is here.
Someone with bad credit will have a hard time buying a car. They can go to a buy here pay here and pay what is 20-70% and get a car or.........
As I note above I was in the car industry years ago. I saw this happen and this is how it often worked..A dealer sells 10 cars to people with great credit. Extremely low risk for the lender. The dealer informs a lender they have a good relationship with that they will send them all 10 if they also take the 11th with shakey credit.
Now this person may have been turned down elsewhere. Maybe the dealer charges an extra 1.5%. The person pays 4.5% as opposed to 3%. It sure beats 20% plus percent and shouldn't the dealer be able to make a little more for the extra work to get someone approved?
I question the concept; for all the number-crunching and algorithms employed by lenders, they still do a poor job of calculating risk.
I have 15-year-old bad credit that might never go away and have a perfect payment record over the past 14 years. Everyone outside conventional credit range is tossed into a garbage can with no attempt to sort out the risk levels.
Why are you focusing strictly on Wasserman Schultz on this?? There were 87 other Democrats that voted for it. All 244 Republicans in the House who voted on this bill, voted in favor of it. The chief sponsor was Frank Guinta.
The blog I quoted is based in Miami which is where her district is.
I question the concept; for all the number-crunching and algorithms employed by lenders, they still do a poor job of calculating risk.
That may be true. I won't argue against that but it seems to be a separate argument. I think the whole thing should be more open.
Quote:
I have 15-year-old bad credit that might never go away and have a perfect payment record over the past 14 years. Everyone outside conventional credit range is tossed into a garbage can with no attempt to sort out the risk levels.
Some places are dismissing certain things that once weren't. I know that the local credit union will ignore medical bills that weren't paid.
The blog I quoted is based in Miami which is where her district is.
I get that (though the blog for some reason ignored the other Miami metro members of Congress that voted for it). Regardless, you still seem only focused on her and nobody else as evidenced by your posts even after the ones that mentioned all the others who voted for it. In post 20 for example you again mention Wasserman Schultz voted for, why not say the bill 3/4 of the House voted for? Why not say the bill every single Republican voted for? Why not say the bill Congressman Frank Guinta was the Primary sponsor on??
FTR, I'm not saying you are wrong for being against this bill, nor am I defending Wasserman Schultz's vote. This is the first I have heard of it so withholding Judgement until I know a little more, but if anything I probably lean against it and agree with you on it. My main point was about soley going after one member of Congress for it (and not even the main sponsor), without mentioning anything about or going after anybody else when so many others were in favor of it as well.
That may be true. I won't argue against that but it seems to be a separate argument. I think the whole thing should be more open.
Some places are dismissing certain things that once weren't. I know that the local credit union will ignore medical bills that weren't paid.
it's becoming common to ignore or discount medical bills in making credit decisions.
my credit issues are health-related but on the INCOME side rather than the BILLING side and nobody cares about that. (health collapse led to abrupt total loss of income and lengthy hospitalization and unable to return to work for over a year.)
If you can't figure this one out your don't deserve to own a car.
AH but the dealers are selling cars to these people and laughing all the way to the bank!
hypocritical at best, eh?
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