> Question: If an illegal alien has been working, paying taxes and paying down on his car loan but then gets deported, what happens to that loan?

We haven't been told what to think about this yet!!
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BAGGERS

Same as any other car loan - it goes into default and reposession for eventual resale.

You can bet the lenders are very aware of the risk of loaning money to illegals and they cover themselves in this regard.

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Executives who led Tricolor before it filed for liquidation, including CEO Daniel Chu, didn’t respond to requests for comment.

Founded in 2007, Tricolor has focused much of its business on the low-income Hispanic community in states such as Texas, California and Nevada. It previously estimated that over two-thirds of its borrowers were undocumented, based on their lack of Social Security numbers. By 2024, lending surged to about $1 billion, close to five times its volume in 2020, according to a report from Kroll Bond Rating Agency.

So Daniel Chu knowingly handed out loans to illegals, and got paid a fortune for doing so. He should be arrested, along with all the other execs involved, but won't be.

The 5x multiplier under the enemy xiden junta open borders is as disgusting as it is unsurprising.

The cars are likely all scrap anyway. Unremovable stench.

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How can you get a loan without a SSN?

Asking seriously.

Buy here Pay here.  They finance the customers' loan.  It's a very shady part of the business world. They probably do have a SSN but it is fraudulent.

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Buy here Pay here.  They finance the customers' loan.  It's a very shady part of the business world. They probably do have a SSN but it is fraudulent.

And their interest is like 25% and a cash down payyment required.    Theres always loan sharks out there.

Repo truck gets it and they sell it again to another retard.

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Yeah, that's the fraud part. "Where's Jose's loan paperwork? the Bank needs to verify our underwriting standards"

"That got lost in move last month."

It's all electronic now.

Before any funds are released, there are various credit and underwriting risk checks. The lack of SSNs for the loans was not hidden, so what were they using to mitigate risk? It seems like just the vehicle collateral would not be enough since vehicles depreciate so much once they are driven off the lot.

I doubt I could walk into a car dealer and get fininaced without an SSN, though.

So how did these illegals do it?

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It's all electronic now.

Before any funds are released, there are various credit and underwriting risk checks. The lack of SSNs for the loans was not hidden, so what were they using to mitigate risk? It seems like just the vehicle collateral would not be enough since vehicles depreciate so much once they are driven off the lot.

I doubt I could walk into a car dealer and get fininaced without an SSN, though.

So how did these illegals do it?

The car dealer writes his own loan to the customer.  The dealer has a proper loan with a proper bank.  The bank never sees the customer loan paperwork unless they are doing routine due diligence. Sometimes they get caught but that's the chance you take.

Stereo?

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Obviously, if the illegal is locked up in a detention center, he can't make payments on the loan anymore.

And if he's being forced to leave the US, he isn't going to care about his US credit history since he will be barred from returning to the US for 15 years.

So will all those vehicles have to be repoed? What if the illegal's loan has been packaged up and sold to investors?

https://archive.is/quc6t [Caution (Redirect)]

The sudden collapse of a Texas subprime car lender is sending shock waves from border-town dealerships all the way to the upper echelons of Wall Street, ensnaring giants including JPMorgan Chase and BlackRock and raising concern that pain in the multibillion-dollar market for bundled auto loans is starting to mount.

As a growing number of low-income borrowers have struggled to make their car payments, the bonds backed by those loans, known as asset-backed securities, or ABS, have begun to show cracks. And President Donald Trump’s push to deport millions of undocumented workers — many of whom borrowed legally from Tricolor and firms like it — is only adding to those pressures.

Executives who led Tricolor before it filed for liquidation, including CEO Daniel Chu, didn’t respond to requests for comment.

Founded in 2007, Tricolor has focused much of its business on the low-income Hispanic community in states such as Texas, California and Nevada. It previously estimated that over two-thirds of its borrowers were undocumented, based on their lack of Social Security numbers. By 2024, lending surged to about $1 billion, close to five times its volume in 2020, according to a report from Kroll Bond Rating Agency.

an illegal alien cannot pay taxes

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Incorrect. Using car sales as an example, an illegal who buys a car using a car loan has to pay the sales tax on the transaction as well as any state and local fees related to vehicle ownership.

You were implying income tax

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car Stereo?

fixt