Hacker Newsnew | past | comments | ask | show | jobs | submitlogin

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.


I 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.


Auto 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.


what 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.


Well look at it this way: hiring a car is a thing. Avis etc. They sell lower excess too.


Those kind of people are going bankrupt eventually no matter what.




Guidelines | FAQ | Lists | API | Security | Legal | Apply to YC | Contact

Search: