Subprime Auto Lending

As subprime auto borrowers default, collection suits pile up in local courts, By Walker Moskop, June 6, 2016, St. Louis Post-Dispatch: “In August 2008, William Lesinski walked into a Car Credit City in Bridgeton and made a decision that would be far more expensive than he ever imagined.  Wanting to buy his son a car as a high school graduation gift, Lesinski put $1,750 down and drove off the lot in a 2003 Ford Mustang. The loan for the car was $11,367, and it carried 29 percent annual interest over nearly four years. His son would make the payments, but the loan was in Lesinski’s name…”

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