Reality: if you can’t afford to eat, the BMW has to go.
notfromhere66 on
That is absolutely terrible news for all affected. Having a repossesion on your credit is just as bad as a foreclosure or bankruptcy. It stays on your credit report for 7 years. The worst part is that if the lender sells your car for less than what you owe, you may still be responsible for the “defieciency balance”. Whereas bankruptcy and foreclosure is a legal process and discharges those balances.
birdpix on
Its going to seem like the reprorama during 2008 housing crisis. Car Ioans have been made to a lot of questionable borrowers, and prices are soaring.
It’s only a matter of time until the repo tow trucks start cruising like sharks.
nopulsehere on
With people financing 84 months? You’re underwater from the start. New cars are expensive. Even beater ones. I understand that people have to go this route. Then you get a person who doesn’t understand financing. With a junk rate? It’s going to be a disaster. Average car payment is 700-1000. Add rent and everything else? Not looking good. I mean you have to get gap insurance now.
6 Comments
Article: https://www.cbsnews.com/minnesota/news/car-repossessions-rising
Reality: if you can’t afford to eat, the BMW has to go.
That is absolutely terrible news for all affected. Having a repossesion on your credit is just as bad as a foreclosure or bankruptcy. It stays on your credit report for 7 years. The worst part is that if the lender sells your car for less than what you owe, you may still be responsible for the “defieciency balance”. Whereas bankruptcy and foreclosure is a legal process and discharges those balances.
Its going to seem like the reprorama during 2008 housing crisis. Car Ioans have been made to a lot of questionable borrowers, and prices are soaring.
It’s only a matter of time until the repo tow trucks start cruising like sharks.
With people financing 84 months? You’re underwater from the start. New cars are expensive. Even beater ones. I understand that people have to go this route. Then you get a person who doesn’t understand financing. With a junk rate? It’s going to be a disaster. Average car payment is 700-1000. Add rent and everything else? Not looking good. I mean you have to get gap insurance now.
I’m one affected