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Many people finance expensive cars with no money down and are immediately underwater on their loan. In a situation like that, you can’t offload your vehicle eas
by hamandcheese 6y ago
Many people finance expensive cars with no money down and are immediately underwater on their loan. In a situation like that, you can’t offload your vehicle easily without also coughing up thousands to cover the difference between the car’s sell value (who is even buying right now?) and the cars loan balance.
- sct202 6y agoI had a friend who kept rolling the negative equity of his previous car loan on to the new one. It's pretty ridiculous what the deals will help you do now. He's since gone bankrupt.
- MattGaiser 6y agoThose kind of people are going bankrupt eventually no matter what.
- londons_explore 6y agoAuto loans should allow you to return the vehicle and walk away... They should be more "rent-to-own". In fact, in my opinion, all secured loans should be this - you should be able to hand over the security to the lender, and walk away without penalty.
- _jahh 6y agowhat happens if you crash it first it or ding it up or run it as an uber and have lots of trash passengers? you're talking about leases vehicles which already exist.
- quickthrower2 6y agoWell look at it this way: hiring a car is a thing. Avis etc. They sell lower excess too.