Ford announced today that it will "look beyond credit scores" in making decisions on financing new car purchases as a way to "increase sales". Think about that. A major car manufacturer is going to push sales by selling cars to people with poor credit. That sounds a lot like banks giving home loans to people with poor credit. Sure, the size of the loans is much smaller when the subject is cars, but the concept is the same. Does is make sense for Ford to lend money to people who may not be able to pay it back?
This kind of news makes me worry that the lessons of 2008 were not learned.
This kind of news makes me worry that the lessons of 2008 were not learned.
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