Quote:
Originally posted by Mark T. DeNucci, Sr.
With regard to LB's mom getting the loan to buy the Hummer for him. My wife spent 16 years working in consumer lending, specifically automobile loans, for a large regional bank. There is no way LB's mother would have received a loan from her bank or anyother bank if she were not LB's mother. LB's mother has never held a job and has been on public assistance for his entire life. In other words she is unemployed, owns no property that could be used for collateral, and yet she was able to get a loan for a $50,000 automobile, and not have to make any payments until 2004. My wife could not have gotten that type of deal and she was the head of the department's executive assistant. Let's get real about this case.
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Mark, when a bank makes a loan it does not care about past earnings except as a predictor of ability & willingness to pay off the loan. Obviously Mrs. James will have no trouble paying off a $50k loan, and in any event the car is collateral.