Subprime car loans coming to Japan?
September 9, 2007
By Ken Worsley
Granted, defaults on car loans will never add up to amounts anywhere resembling mortgage defaults (on a per contract basis), but this still seems like an awful idea, given the current climate and lessons that should have been learned:
Consumer financing firm Orient Corp. has formed a credit guarantee company jointly with Itochu Corp. to provide a new type of automobile loan to those with poor credit histories.
Basically, if you fail Orient’s credit test for a loan, they will serve as the guarantor of the loan and bump up the interest rate.
Filed Under Automotive, Banking
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[…] unknown wrote an interesting post today onHere’s a quick excerptGranted, defaults on car loans will never add up to amounts anywhere resembling mortgage defaults (on a per contract basis), but this still seems like an awful idea, given the current climate and lessons that should have been learned: … […]