Ally Bank To Pay $98 Million For Charging Higher Interest To Non-White Borrowers

Consumerist ^ | December 20, 2013

[Jim from C-Town]

I have heard the same thing. I am a dead Beat in consumer finance speak because I spend thousands a year on credit cards, receive hundreds or even thousands in cash back and benefits, and I pay no interest for using their money.

I go so far as writing the cycle date on the back of every card and spend on a specific card the day after it cycles. I pay the balance online the day the payment is due and get forty five days of FREE money. The trade off is that I ONLY buy what I can afford to pay each month.

Anyone can do it. It just takes self discipline and a hatred of being in excess debt!

[Jim from C-Town]

Greed is extreme everywhere. Ever meet a union worker, a federal employee, or a televangelist. Greed is a part of the human condition.

The most greedy and self absorbed are often the people with the worst credit. They have a tendency to take more than they ever could possibly pay back. When they understandably fall behind and default, they complain about the person who was kind enough to give them the rope they chose to use to hang themselves.

[dragnet2]

Greed is extreme everywhere.

No it's not. You should get out more around reasonable regular Americans.

[Mears]

“Anyone can do it. It just takes self discipline and a hatred of being in excess debt!”

—

I even buy a new car every 8 or 9 years and pay cash.

People ask how I do it. I tell them it’s simple,just make a car payment to yourself every month——and save it.

I don’t do electronic banking,as you do,but I pay the bills right away. At my age it’s the best I can do.:-)

.

[Jim from C-Town]

If you deny that greed isn’t a problem the World over, you lead a very sheltered life.

I try real hard to be good, to be noble and generous. To be kind in spirit, but I know that I fail. We all do.

Greed is everywhere. We all have greed in us. That is not all together bad as greed is often the driving force for societal advancement. Few people toil under the self imposed lash for reasons greater than turning a profit. Without the profit, nothing else matters as the enterprise will fail.

With the greed for profit, much charity and benefit can be done.

All the greedy banks are ‘stock’ companies. The profits they make are distributed to the shareholders through dividends and increased stock value. Most Americans need that profitability even if they don’t know it. They have mutual funds, pensions, 401k’s and jobs that rely upon profit.

Not everyone can live off the government like elected officials and government employees. Even they require a profitable private sector to leech off.

[MaxMax]

So Whites with bad credit will not see a refund?

[Rodamala]

Coming soon... The 0bamacar.

[dragnet2]

Greed is everywhere. We all have greed in us. That is not all together bad as greed is often the driving force for societal advancement.

I wasn't referring to personal level incidents or behavior.

[Rodamala]

All this talk of greed... gentlemen... I offer you this.

[dragnet2]

I’d click on your link, but it would probably hack my stuff..

[Kickass Conservative]

Do they have the Auto Loan Client take a Selfie and send it with the Contract, or do they just charge more Interest on Contracts that don’t have Cursive written on them?

[dragnet2]

BTW, is that a pic of you on your profile?

If so, which one are you?

[Kickass Conservative]

I deny it, unless you have a “Godfather” situation where either your Signature or your Brains will be on that Contract.

A Credit Union near me is charging 1.99% for a 60 Month Term New Car Loan. The local Banks are at 2.99%.

They aren't in Business to lose money or enhance somebody"s Lifestyle by defrauding their Investors and Stockholders.

I expect a comment like yours to come from an Entitled Liberal.

Remember, Banks were forced by the Government to lend to high risk Home Loan Borrowers. They have to minimize their Risk by charging questionable Borrowers higher Rates to mitigate their expected losses.

[dragnet2]

I’m jus pullen your leg....It’s all fun.

BTW, is Rodamala like a giant B movie reptile?

[dragnet2]

Remember, Banks were forced by the Government to lend to high risk Home Loan Borrowers.

What do you mean? Who really has the power and money? Politicians get bribes in all types of creative ways. Your representative non-representatives are at the bottom of someone's pocket. You wanna make waves?

[Secret Agent Man]

banks charge different interest rates on your personal credit scores and such. i can see where this can happen. good grief. it also depends on how you buy/lease the car. depending on the cash back or lower int rate choice, they could easily end up with a higher rate.

[Secret Agent Man]

further where does anyone have a right to a bank loan? how many good small businesses can’t get loans?

[RegulatorCountry]

They also charge a higher rate to roll closing costs into the loan, and lower rates if borrower pays for a buydown on the front end. This sort of statistic is meaningless as a measure of anything but doing your homework beforehand, general financial literacy and creditworthiness. Forcing lenders to loan at the same rates based upon racial considerations while ignoring actual metrics that have a bearing upon the matter will lead to nothing good. It will become more expensive across the board and harder to acquire if nothing else.

[Kickass Conservative]

Uh, I worked for one of the Largest U.S. Banks when the “Community Investment Act” was implemented by Carter.

I don’t do Conspiracy Theories. The Government caused the mess, the Banks did what they did to deal with it.

In the case of my former Employer, the $10 Billion Dollars they pledged was treated as an Advertising Expense. They knew full well that money would be pissed away.

[dragnet2]

I worked for one of the Largest U.S. Banks

In some venues that would be considered very commendable.