Posts Tagged ‘Hal Ethington’

Without Credit, and Clueless

October 3, 2009

j0309203“What do you mean I don’t qualify for a loan? I can easily make the monthly payments. My motor home was just repossessed a few weeks ago.”

Ever hear something like that?

David Damron, owner of Chaparral Motorsports in San Bernardino, Calif., has — many times. “People got some excess cash, so they think they can finance,” he told me in August. “And they seem to have somehow forgotten about the two repos. It’s unbelievable the amount of people that are coming in filling out credit apps that are in the high 400 scores and wanting to know why they couldn’t get financed because they’ve got the cash flow now because they’re obviously not having to make the payment on the boat or the car or the truck. They don’t understand.” (more…)