But don’t cars depreciate a lot? I get that this article is clickbaity. But I think with the elevated cost of cars the autoloan debt is still something to take seriously. Even the response of “its not a big deal, you can always go bankrupt” is pretty wild.
Not if they take the car for not paying lol that’s where the not paying part comes in. You just get bad credit. Not the end of the world like people make it out to be
But don’t cars depreciate a lot? I get that this article is clickbaity. But I think with the elevated cost of cars the autoloan debt is still something to take seriously. Even the response of “its not a big deal, you can always go bankrupt” is pretty wild.
You don’t even have to go bankrupt you can just give the car to the bank that has your loan. You’ll be fine. Just without a car lol
Not if you owe more than the car is worth, you’re on the hook for the difference.
Not if they take the car for not paying lol that’s where the not paying part comes in. You just get bad credit. Not the end of the world like people make it out to be
Then you can buy your own car at auction for pennies in the dollar. As long as you don’t need to get a new loan for 7ish years you are free and clear.
If someone can’t pay a $400 payment, they certainly don’t have the money to pay the car off. Something something blood from a stone.
This is what gap insurance is for (well, one of the reasons) although I’m aware that lots of people don’t get it.