1srelluc
Diamond Member
Tricolor Auto suspends operations, places majority of workforce on temporary leave
At the end of the workday on Friday, employees were told they'd be dismissed, not fired, and will learn by October 6 who might return to work.
news.dealershipguy.com
TAG, which also operates Ganas Auto and Ganas Ya, specifically targets members of the Hispanic community with little-to-no credit history, including "credit invisible" customers and potentially undocumented individuals.
For context: TAG lends heavily to individuals who use Individual Taxpayer Identification Numbers (ITINs) for tax filing.
- ITINs are tax processing numbers issued by the IRS to individuals ineligible for Social Security numbers.
- This includes undocumented immigrants, legal residents, and others excluded from traditional financial systems.
Of note: At this time, it's uncertain whether TAG's business disruption has been directly caused by immigration policies, but they are likely having some degree of impact on the company's core customer base.
Automotive Credit Corporation, another regional lender targeting high-risk, subprime borrowers, indefinitely paused new loan originations on August 7, citing "financial conditions."
So, it looks like Trump's immigration policy has exposed these predators for what they are.
I mean holy hell, 5 billion in loans out, mostly to illegals. Yeah I imagine they might have quite the cashflow problem this year as the cars are driven into Mexico as they self-deport.
So, the deportations are putting predatory lenders out of business. Sounds like a great bonus benefit. Plus the deportations probably take tons of uninsured drivers off the road.....More winning.
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