Quote:
Originally Posted by Pharmacist
Well, that's exactly the thing. They don't have to clean the car or take off the miles or whatever, with 8 grand down, and 2 grands monthly payment, I won't ever be upside down on the loan. Even if worst case scenario happens, and I default, they can just wholesale the car as it is and get more than enough money to settle the loan and bit more.
And no, I've only been licensed since last December. I just graduated last summer.
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I'm totally on your side man, from your perspective it is a douche move on their part. You'd figure the 8k and a fat monthly would satiate the bastages but when it comes down to it, it's all about risk management. You've done what u are supposed to do, unfortunately the housing crisis has impacted every other lending practice in the WORLD. Greed begets greed and now the borrowers are forced to deal with the repercussions. Personally, I've lost about 2 brand new 370's in the worth of my Condo 5 miles from the nations capital. It is what it is. Take your 8k and ability to pay 2k a month in car payments and buy a condo or townhouse or home and you'll laugh at us car freaks in 5 years when you can buy a 911 cash while we're still modding our 370's. I certainly understand the desire to have this NOW, but you are in a unique situation, take advantage young man.