信用汽车:或者说我是如何学会停止担忧并爱上汽车贷款的

Nicholas Tucker Reyes, Spencer Headworth
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摘要

本文利用二十世纪初美国的行业出版物、当时的报纸故事和其他历史资料,解释了分期付款计划如何克服道德和商业上的顾虑,成为人们购买汽车的标准方式。汽车行业和金融机构的知名人士起初谴责赊销汽车的想法,许多银行也拒绝向有意购买汽车的人提供信贷。然而,相关的法律基础设施却对债权人十分有利,允许他们规避高利贷法,并保证他们有权在借款人拖欠还款时收回资产。当这些方面的法律所带来的牟利变得显而易见时,对赊销汽车的道德反对就在有权势的行为者之间形成了一种新的道德共识,即重视赊购汽车,只对那些拖欠还款的借款人表示不满。因此,法律基础设施的特点在功能上预示着关于赊销汽车的基本道德问题的争论已经得到解决。最终,以 20 世纪初建立的法律和道德基础为基础的借贷行为导致了次级汽车贷款公司的建立,其商业模式围绕着高昂的利率、高额的费用和积极的收回。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Credit Cars: Or How I Learned to Stop Worrying and Love Auto Loans
Drawing on trade publications, contemporaneous newspaper stories, and other historical sources from the early twentieth-century United States, this article explains how installment plans overcame moral and business concerns to become the standard way people bought cars. Prominent figures in the automobile industry and financial institutions initially denounced the idea of selling cars on credit, and many banks declined to extend credit to would-be auto buyers. However, the relevant legal infrastructure heavily favored creditors, allowing them to circumvent usury laws and guaranteeing their right to repossess assets if borrowers missed payments. When the profit-making that these aspects of the law enabled became clear, moral objections to the idea of selling cars on credit yielded to a new moral consensus among powerful actors that valorized buying cars on credit and concentrated disapprobation on just those borrowers who defaulted on their payments. Thus, the characteristics of the legal infrastructure functionally presupposed the resolution of the erstwhile debate about the fundamental morality of selling cars on credit. Ultimately, lending practices building on the legal and moral foundation established in the early twentieth century led to the establishment of subprime auto lenders whose business model revolves around exorbitant interest rates, high fees, and aggressive repossession.
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