It might be proven that those customers had lower credit scores which result in higher interest rates. But no matter, they are a protected class and banks are forced to give them lower rates regardless.
Odd, those with less money, those who've hit hard times and their credit scores took a hit, are charged more.
Would it not make more sense to just lend them less and give them a break on these loan shark interest rates? It seems charging those on the lower ends of the ladder higher interest rates is down right punitive.
I'll be called anti-capitalist, but its my opinion what the banks, credit cards companies and lenders charge for loans and interest rates is criminally obscene.
That is the only reason they paid higher rates. They had lower credit scores and ratings.
My wife and I went from a family of two with a six figure income to a family of seven with an income of less than fifty thousand dollars and STILL have a top notch credit rating. Why? Because we only borrow money we can afford to pay back and pay all our bills on time.
Too many people think they are owed loans and low credit rates because they just do. If you have bad or no credit, you should be thankful anyone is willing to lend to you at all at any rate of interest.
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.