Since the 60s, John has been a Mustang-Man, and there is nothing he craves more than that gleaming Shelby on the showroom floor. But he is a victim of the 09 subprime housing crash where he lost his job, his house and his credit, though the bankruptcy court allowed him to hold on to his vintage Mach-1 and his heirloom 44-Magnum.
He is fortunate enough to have landed a lower-paying job that barely pays his rent. But now that his old Mach-1 has RIPed (rusted in pieces), his salivating over that gleaming Shelby has grown torrential. Then last week he got soaked.
It was by the wave of SUBPRIME CAR LOANS sweeping the country, with 6.5 million new cars now in the grasp of people with credit as bad as his. When he heard that his bank would accept hard assets as down payment, he put down his last $500 plus his prized 44-Mag, and drove the throbbing Shelby home. It was a 5-year loan at 21% compound interest, but he couldn't care less while glorying behind the wheel that controls 500 horses.
Banking stats project that 25% of those holding subprime car loans will default and have their cars repoed. If John loses his current job, he would be among them. But then few of the 6.5 million consider themselves in this tragic minority. John has done it before, and he is doing it again.
http://www.indianexpress.com/news/car-loans-to-subprime-takers-on-rise-bankruptcy-filings-surge/1097766/3
Anthony Marr, Founder and President
Heal Our Planet Earth (HOPE)
Global Anti-Hunting Coalition (GAHC)
Anthony-Marr@HOPE-CARE.org
www.HOPE-CARE.org
www.facebook.com/Anthony.Marr.001
www.facebook.com/Global_Anti-Hunting_Coalition
www.facebook.com/Anthony.MarrII
www.youtube.com/AnthonyMarr
www.HomoSapiensSaveYourEarth.blogspot.com
www.DearHomoSapiens.blogspot.com
www.AnthonyMarr13.wordpress.com
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