@bing. I’m fairly certain the banks didn’t get wealthy simply allowing people to walk away from their car loans. Obviously the guy was upside down or he would have simply sold the car and paid off the outstanding balance. So the bank sold that vehicle at a substantial loss and then went after the borrower for the balance of the loan. No free rides from any banks I know of.
Mike
A vote for buying a used car. It will cost about 1/3 the cost of a new car. 2008 Fusion with 30k-50k might run $8-9k. Take the rest and invest it. You will never regret investing the money.
In fact, at 20, I’d just buy a basic $6k Honda and call it a day.
I heard that back in the late 1950s and early 1960s, banks had a lot of Renault Dauphines that owners walked away from and stuck the banks with the cars.
@Triedaq Those Renaults were the first biodegradable cars to come from France. They were so unrelaible (very weak electrics) and started rusitng on the dock at the Port of Entry. I can see many owners just walking away from them. The resale value was lousy as well.
A friend had the high performance Gordini version, and it mercifully died when it was sideswiped by a snow plow. The only good thing about the car was the Philips radio, which he took out and gave to me for my Dodge Dart which I had bought without a radio. It served well till the Dart was scrapped in 1978.