Why buy a car you can't afford?

Gansan

Senior Member
First Name
Glen
Joined
Sep 13, 2017
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Location
San Diego, CA
Vehicle(s)
1999 NSX, 2018 Civic Type R
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My cousin is a used car sales manager, He has told me some insane stories of what people have done. Like trade a car in that they owe $15k on and the dealership gives them $9k and they throw that on the $6k on the used car and person takes out 7 year loan on a car worth $15k that is $21k loan with high interest..... Nuts!! He said the new used car will devalue faster than the loan. Hmm almost sounds like 2006 and the mortgage industry huh?? lol and on top of that they make $12/ hour lol He goes we can see these people coming and we love them. I actually think the bank is stupid for doing it but thats how it is .
I was about to write a comment on how that sounds exactly like the cause of the 2008 crash, and then I saw you were already mentioning the mortgages. lol Yep, that's exactly how we had the great recession.
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