- Jul 5, 2012
- 20,123
- 4,970
- 280
The auto industry has ALWAYS sold cars on credit to SUBPRIME borrowers.
Anybody remember these lyrics from the song "Do you know the way to San Jose" in the MID 60s?
L A is a great big freeway
Put $100 down and buy a car...
Not entirely accurate. Auto dealers and the industry did not loan the money in the old days. It was still up to banks, though the sales manager at a dealership could often get financing for a customer with a phone call to his buddy at the lending institution.
Last edited: