Are people really paying insane prices for used cars?

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You believe everything you see on the internet? If it's real and not just posted for views, it's going to be repo'd in 3 months so no, she ain't paying $289 a month for 84 months.
Are there states where you can just turn in the car, and not be liable for the rest of the loan? It's a $24k loan so it might actually be worth pursuing? In Ontario they can repossess and then still sue for the rest of the loan!
 
Are there states where you can just turn in the car, and not be liable for the rest of the loan? It's a $24k loan so it might actually be worth pursuing? In Ontario they can repossess and then still sue for the rest of the loan!
I don't know about that, but I suspect that the car was purchased at a buy here pay here place and the down payment covered the cost of the car. When it gets repossessed, they won't go after her because she doesn't have any money.
 
If a 25 year old Escort is all you can afford, how do you expect they will pay when they are sued for the rest of the loan?
I assume in normal times, the stealership is only trying to get a $6-7-8k loan for their $2k car and never bothers to sue, $24k makes it worth maybe doing some digging for assets?
 
You believe everything you see on the internet? If it's real and not just posted for views, it's going to be repo'd in 3 months so no, she ain't paying $289 a month for 84 months.
It's quite possibly fake, or real. Seems I saw something very similar with same dealer locking in a guy on a 10 year old high miles Charger for something like $500 per month for 84 months. I cannot recall the details but it ended up being $100,000 or something crazy.

Anyway, if this dealership collects payments for a year or three he wins, anything above that is gravy. Won't be anything to repo in a few years anyway, not worth the tow.
 
Old G bodies and Fox Mustangs are up there.

You are not buying a decent one for 5. If you thought you could get one for 3 you are frankly clueless...
About 3 years ago, these (and a lot of other cars that are now insanely priced) were in fact in the $5k range. The point of this thread (and many others down the line) is the insanity people expect.

FYI, that Monte Carlo has been sitting for at least a month with no takers, so the market is speaking. It's overpriced. I've only seen it moved once in the month I've noticed it, and that's not even a guarantee someone test drove it. Could have been the owner moving it.
 
There was a notoriously shady used-car dealership chain out my way that had this in the purchase contract: if the car was repossessed, it would be sold at auction. The former buyer would owe difference between the auction sale and the amount that had been left on the loan + accrued interest. And typically the auction amounts these cars would sell for were lowballed. Imagine that.

Example: you bought a car, and it was repossessed with you owing $10,000. The car sold at auction for just $2,000. You still owed the $8,000 difference, even though the dealer had taken it back in its possession before sending it for auction. And courts backed up that dealer, because the contract was valid.
 
A local dealer here has had a 1991 Buick Century sitting forever at like 20 grand, it was a utilitarian vehicle in it's day just because someone never used it and it's still in minty condition doesn't mean it's worth anything, the person who originally bought it should have just drove it instead of letting it sit for years, Also I wonder how long before finding an oil filter for one of these becomes impossible since they used that special cartridge filter that goes up in the oil pan that was only used on the 88-92 "Tech IV" transverse mounted Iron Dukes.
 
There was a notoriously shady used-car dealership chain out my way that had this in the purchase contract: if the car was repossessed, it would be sold at auction. The former buyer would owe difference between the auction sale and the amount that had been left on the loan + accrued interest. And typically the auction amounts these cars would sell for were lowballed. Imagine that.

Example: you bought a car, and it was repossessed with you owing $10,000. The car sold at auction for just $2,000. You still owed the $8,000 difference, even though the dealer had taken it back in its possession before sending it for auction. And courts backed up that dealer, because the contract was valid.
This is common throughout retail. If I buy a big screen TV on payments, they repo it, and get peanuts through whatever resale avenue they pursue, I'm still on the hook for the difference. The dealer doesn't have to put a lot of effort into getting top dollar.
 
This is common throughout retail. If I buy a big screen TV on payments, they repo it, and get peanuts through whatever resale avenue they pursue, I'm still on the hook for the difference. The dealer doesn't have to put a lot of effort into getting top dollar.
But buy-here pay-here type places don't really repo cars and auction them, they like to sell the same car over and over again, collect the down payment and fees, maybe a few months of payments and then take the car back and do it again to someone else.
 
Anyone who repos something doesn't have a fiduciary duty to the reposessee. Same if someone auctions out a storage locker. If the buyer wants to control the situation they can try to sell the car themselves before it gets repoed and work the difference out with the lender, in accordance with the contract they both signed.
 
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