Actually I cut off the name and location of the dealership, thought I could get myself in trouble there. Really though, the ad is oxymoron personified: no credit check, no payments for up to a year, a $15K loan in addition to your car loan, payments cut in half... Just ask for Steve.
Are those $99 payments per week, or per day? After a customer delivers a cash payment, how long does it take the remote disable system to turn the car back on?
the u.s. government is currently investigating banks for going overboard on subprime auto loans. defaults are starting to become a concern.
The Bank of Steve is not a federally charted bank, so doesn't fall under federal jurisdiction. Anything of that sort would fall under the state attorney general's office, or the provincial equivalent. On top of that, while his victimsXXXXXXXclientele are highly profitable, they are also very high maintenance. Many must be serviced face-to-face on a cash-only basis. Each day, he probably must remotely disable several vehicles, and wait for customers to bring in the cash to have their cars re-enabled. Thus, these 'loans' cannot practically be bundled and re-sold on Wall Street as the banks do with other loans.
