Despite all of this,
subprime customers don't have to settle for the first lender that will provide credit.
The short answer to these questions is no, but there are a million reasons
why subprime customers feel differently.
As I mentioned earlier, we are very proud of what we're able to do for
the subprime customer.
And
subprime customers, with scores of 500 — 600, use 77.2 % of their available credit.
Equifax says that more than 50 million consumer loans worth more than $ 189 billion were made to
subprime customers, and 68 % of the money ($ 129.5 billion) went to people wanting car loans.
These in - house lenders are known to take advantage of the desperation of
their subprime customers by jacking up interest rates and charging ridiculously high down payments — all on top of potentially charging as much as two - to - three times what the car is actually worth.