Ben Eisen

speaker

1,467 appearances 35 recordings 1 series first heard Jul 2017 last heard Nov 2024

Ben Eisen’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Why Some Car Dealers Tell Borrowers to Stop Making Payments · 18 Feb 2020 podcast

That said- When you bring a repo man into the matter, it puts a chill down people's spine, I would imagine.

WSJ Your Money Briefing · Buying a Car: Some Dealerships Inflate Borrowers' Income · 31 Dec 2019 podcast

Well, what we're finding is that this is a practice that can happen without the buyer really ever knowing anything about it.

What happens when you buy a car and apply for a car loan to go with it is that the dealer is oftentimes the one filling out the application.

You give them the information, they fill it out, and you sign it before it goes off to the lenders for approval.

But

You know, there's just such a lack of information about how this all plays out that sometimes when the buyer doesn't have enough income to buy the car, it does get fudged by the dealer.

And I think that speaks to sort of a larger issue here, which is that within the whole chain of buying a car here, everyone sort of has an incentive to get the sale done, right?

The lender wants to make the loan.

The dealer wants to make the sale.

The buyer wants to take home the car.

And it can lead to something like this without appropriate safeguards in place.

Well, generally speaking, that's the responsibility of the lender.

The lender is the one that approves the loan.

That's sort of a third party in this transaction.

And they want to make sure that everything is correct before they lend their money to a customer.

But one of the things that is being done less these days is income verification.

But would that be a credit check?

No.

That would be different than a credit check.

Those things are separate.

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