vader1

My dad has a friend who has not done that well for many years. He got all depressed because he has had no work, his wife is a serious beyotch and he has no money. I met the guy on one of these trips my dad organizes to go see Notre Dame football games. (yeah they suck, I know) So my dad tells me he had lunch with this guy and he just drove up in a new Sky turbo.


Anyway, the guy has a 50th high school reunion coming up. He wants to go and not feel like a loser so he goes to a Saturn dealer thinking there is no way he will get financing and bingo they give him a new Sky redline and out the door he goes. He told my dad he that he did not lie about anything, they asked him if he had any income and he works as a salesperson for a medical insurance company but draws no salary. The company felt sorry for him so they gave him a job that is commission only and he has not sold anything in several months. He has done this for the last year and a half and made virtually nothing. They supposedly live off his wife's small income and she refused to sign onto the loan. Not sure of his credit rating, it can't be great.

I don't know if this was a bank or if it was GM financing but I am stumped.

Are car makers so desperate they will give a car to someone who says "I have no income?"

Do you think the dealer fudged stuff at the expense of GM just to move a car?

Or are struggling banks still handing cash to people with no ability to pay.

My dad feels sorry for the guy and said "Oh just let him have his brief moment of glory before they reposses it." But I don't know how that makes a depressed guy feel better when they come take his new car and he traded in the rust bucket he used as his means of work transportation. I don't get people.

QUIKAG

Hey, when you got nothing what can you lose?

JettaGT

who knows what the real story is. could be the financing company or he may have told the dealer a different story then what he told your dad

X4DLuvOfSpeedX

Maybe he DID lie on his application, and then to your dad. That would make a lot more sense than a dealer financing a hot-selling model to a deadbeat with no income during a credit crunch.

Chris S

Actually, financing is supposed to be harder to get these days due to the subprime credit crisis. I wonder if the dealer fudged the #'s on the credit app to get him approved?

vader1

[QUOTE=Chris S,Sep 15 2008, 01:03 PM] Actually, financing is supposed to be harder to get these days due to the subprime credit crisis.

Axel6

They'll give him financing but the interest rate will reflect the fact that he is a high risk borrower.

Ask him what his rate is. I'm sure it's more than 8% for a 60 month loan.

Sabre

Driving up in a Sky to his 50th reunion would make him feel less like a loser?

I don't want to be rude since I don't know the guy, but many times, people at their 50th reunion will be showing up in Bimmers/porsches, etc. A Sky isn't really what I'd call a status symbol.

That being said, it probably is like you say... the dealer pushing to get the car sold. Maybe they don't care if it gets repo'd as long as they got the sale?

vader1

You know my dad had once told me a story that was the opposite. He said at his ten year high school reunion people were renting Caddy's to look mack at the reunion. He said the 20 yr nobody cared anymore. They showed up bald and fat in station wagons, were not concerned about appearances and just wanted to see how everyone was doing. Everybody had grown out of trying to impress people from high school.

I guess this guy is just feeling so bad about his situation in life that he has to show SOMETHING. I guess he feels bad he has been out of school for 50 years, does not have a pot to pee in and is still "working" at 68. If that was my situation I just would make an excuse to not go instead of having a car reposessed just to put on a show. Or just go and say "Things have been tough." If they are friends they wont care. If they are not your friends why do you care anyway?

I just missed my 20 yr because I was leaving for vacation and had a 5 am flight, but I was gonna drive my wagon. I saw the photos of the gig though and yeah, everyone was getting fat and bald.

UmarS2K

Some people actually like the looks of the Saturn Sky Red Line, so . I actually like the looks of it, too, but I know what you mean.