Bank Of America Not Denying Loans To Saab Buyers

Illustration for article titled Bank Of America iNot/i Denying Loans To Saab Buyers

GayWheels and others reported yesterday Bank of America is denying car loans to Saab and Isuzu buyers. We called the company for a statement and they explained they're actually still loaning money for buying Saabs. However, there is a catch.

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Julie Westermann of Bank of America told us:

We continue to finance discontinued models such as Saturns and Saabs, but expect borrowers to put more money down to account for the lower residual value of discontinued models.

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That's right, the bank isn't stupid. BofA realizes the plummeting value of the brand makes the likelihood of recouping the investment on a repossessed Saab 9-5 even harder.

Unfortunately, the auto loan eligibility requirement page on the BoA site still indicates Saab owners are not to be loaned to, but the company insists this is just a mistake.

Even with the higher down payment requirement, we're sure the news of loan availability will come as a relief to the seven people still considering the purchase of a new Saab.

[Gaywheels.com]

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DISCUSSION

Haven't you heard? BOA doesn't actually make money through loans.

They really make money through a combination of:

-Ridiculous fees for everything

-Taxpayer bailouts

In addition, they don't need any of that old-fashioned "customer service" crap to grow their customer base. No, no, BOA grows by swallowing up all the other, smaller banks.

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