Thursday, August 27, 2009
Exotic Car Loans
Credit Union Times broke a story about an exotic car loan program operated by American First Credit Union in Orange County, California.
American First CU had an indirect lending relationship with Lamborghini of Orange County and had made loans through the dealer for three to four years.
The article references a lawsuit where American First Credit Union is suing a member who defaulted on a 2008 Lamborghini Gallardo, and owes nearly $226,000 plus interest
“For those with loads of disposable income, Gallardo has to be on the sports-car shopping list,” says the Arizona Republic. The manufacturer’s suggested retail price is between $185,000 and $225,000.
Additionally, American First CU is suing Reality TV star Simon Barney, who stars along with wife Tamra in The Real Housewives of Orange County, over a delinquent exotic car loan for a 1989 Ferrari.
Lamborghinis, Ferraris. Is this what the credit union tax exemption is meant to subsidize?
I really don’t believe that the tax exemption should go to finance exotic car loans for those individuals with loads of disposable income.
This is simply outrageous.