Auto payment defaults doubled last year and are expected to get worse. It is another financial meltdown waiting to happen similar to the crisis in the home mortgage industry, according to one consumer group. A CBS 5 ConsumerWatch investigation has found consumers locked into cars they cannot afford.
Oh, but wait. It gets REALLY good!
Vivian Snyder has strong credit and is not classified as subprime, but she is one of many consumers who can't afford the car she leased. Snyder drives a brand new convertible BMW with a MSRP listed at approximately $100,000.
Most consumers can't afford it, and neither can Vivian. That's because the monthly lease payment is $1,300. It eats up half her income which is a $2,500 disability check.
Yet, she got it at BMW of Fremont without showing a drivers license, pay stub, or any proof of income.
How did this happen? Apparently, her income was inflated by nearly 150%.
She got caught up in the excitement and said she told the salesperson about her $2,500-a month income. But, what ended up on the credit application was the amount she could be making if she was not on disability.
"He (the salesperson) put what he thought I needed to get qualified for the car," according to Vivian.
But CBS5 reviewed the lease application handed to Vivian as she left and compared it to a page from the same multi-layer document she retrieved days later.
Vivian's income had been changed once again - from $6,000 to $8,600 without her knowing.
She admits she signed the lease credit application with her income inflated.
Vivian has only a few options. She can plead with the finance company to release her from the lease or have the car repossessed, losing her good credit and a $30,000 down payment which consisted of her entire retirement savings.
Ok, so this woman went along with a lie on a financial document, emptied her entire retirement savings, and is LEASING a $100k convertible BMW?
How the FUCK are we supposed to feel sorry for this woman?
How are we supposed to be "concerned" about the incoming "auto loan meltdown" when people are buying cars that cost as much as a medium sized condo, or even a small home?
Oh, and there's video!
http://cbs5.com/video/?id=30793@kpix.dayport.com
My God, are people REALLY this dumb? To empty out your retirement account for a fucking CAR THAT YOU'RE LEASING!?!?!
What's even funnier, is that at the very end, they make a plea, saying "Vivian says she believes she's not alone". You mean to tell me there are more idiots like this out there? I guess the BMW sales people will be celebrating Christmas a bit early this year if that's the case.
Travis
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