On the used car dealers

Reader comment on: Holly Petraeus, Regulator

Submitted by Lyle (United States), Nov 7, 2011 17:53

They behave the way the sterotypical used car salesperson does i.e. rip the customer off as much as possible. Perhaps more education of service personnel on avoiding ripoffs. But society has a tradition of protecting service members from predators. It is just like the LA times has a series of articles on the serial repossession used car dealers of LA, they make a loan they know will not be repaid, repo the car, fix it rinse and repeat.

Actually the lesson would be to teach everyone that the other guy does not care one hoot about you if they can rip you off they will do it in a second. This is all the way from used car salespersons to salespersons from Goldman Sachs (See the book F.I.A.S.C.O. on how they did it at Morgan Stanley).

So assume everyone is out to get you and proceed accordingly.

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The Future of Capitalism replies:

Re both the LA Times and Holly Petraeus's used car financers, remember also that some of their competitors in the car auto finance business — GMAC/Ally and Chrysler Financial — got government financing.

Other reader comments on this item

Title By Date
⇒ On the used car dealers
[w/response] [147 words]
LyleNov 7, 2011 17:53
Let alone the banks and tarp. [60 words]LyleNov 7, 2011 23:44

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