[Not So] Wild Ass Rumor of the Day: Banks Redlining Domestics?
I don’t like rumors that no one wants to substantiate, but I think this one is not of the Sasquatch-got-me-pregnant variety. The scuttlebutt: banks still willing to make new car loans are more so when the make is foreign. The meme has been traveling around for a while by net, got an unsupported mention on NPR this week and spurred me into making a few phone calls. Off the record, wink-wink, nudge, nudge, it’s easy to get you bought on a car from a company not headquartered in Detroit. In other words, the gangrene of bankruptcy has already set in. Now it’s a matter of how far the powers that be let it spread.