The banks may want to work out some kind of incentive to ensure that the cars are repossessed in a re-sellable condition or else a lot of people just might trash their cars before they let the repo guy come tow it away.
After all, what's to lose?
I think the dealers and the Mfr’s have screwed themselves.
last year i went to trade in my car and get something new (end of lease). At that point dealers were putting 5-10K “dealer mark ups” on top of retail and not discounting from sticker.
I asked them what the expected NADA Blue book value of a 3 year old $10K dealer mark up was and i would be paying 100-200/ mo for this.
They said, they had it ALL figured out and they knew how to roll that into the trade in price later so nobody took a hit.
I did not buy it then. and did not buy a car.
After all, what’s to lose?
That debt is still collectable. It eventually ends up in a court room either by the original creditor (capital one rarely sells their bad paper and activity tries to collect) and you’ll end up with a judgement and garnishment unless you are good at attacking the chain of custody on the debt.