RealWarrenBuffett@lemm.ee to News@lemmy.world · 1 year agoAuto loans could pose a bigger threat to young Americans than student loans. For the first time, the outstanding volume of auto loan debt just surpassed student loan debt.creditnews.comexternal-linkmessage-square87fedilinkarrow-up1267arrow-down114
arrow-up1253arrow-down1external-linkAuto loans could pose a bigger threat to young Americans than student loans. For the first time, the outstanding volume of auto loan debt just surpassed student loan debt.creditnews.comRealWarrenBuffett@lemm.ee to News@lemmy.world · 1 year agomessage-square87fedilink
minus-squareRagingRobot@lemmy.worldlinkfedilinkarrow-up5arrow-down1·1 year agoYou 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
minus-squareThetimefarm@lemm.eelinkfedilinkarrow-up6arrow-down1·1 year agoNot if you owe more than the car is worth, you’re on the hook for the difference.
minus-squareRagingRobot@lemmy.worldlinkfedilinkarrow-up6·1 year agoNot 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
minus-squareXtallll@lemmy.blahaj.zonelinkfedilinkEnglisharrow-up2·1 year agoThen 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.
minus-squareCADmonkey@lemmy.worldlinkfedilinkarrow-up6·1 year agoIf 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.
minus-squareSomeRandomWords@lemmy.blahaj.zonelinkfedilinkarrow-up2·1 year agoThis is what gap insurance is for (well, one of the reasons) although I’m aware that lots of people don’t get it.
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.