I googled buying a used car in the Boston area upon arriving here, and now I get ads like: “$0 dollar Down/Low Monthly Lease Payment. Bad Credit, No Credit, No Problem!”

Picture taken at the lot of a used car dealer – Boston area (Medford)

No problem for whom? Subprime car loans did not get much coverage in the financial crisis compared to bigger brother subprime mortgages. But the business model is similar, and it is partly based on predatory lending. This picture was taken on a car lot that I visited last week. Continue reading →