Car Repos are exploding because used car prices are exploding. Miss your payment by one day, and in the past the finance company would probably let it slide or penalize you a few bucks.
Now they'll snatch your ride and flip it for more than the outstanding loan value, and pocket the difference.
And still charge you for the interest........
Now they’ll snatch your ride and flip it for more than the outstanding loan value, and pocket the difference.
Not here in MN we won’t.
If I sell a repo for more than owed I have to give the difference back to the idiot I repo’d it from.
“Car Repos are exploding because used car prices are exploding. Miss your payment by one day, and in the past the finance company would probably let it slide or penalize you a few bucks.”
You have it backwards. I suggest you to read the article.
I guess the moral of the story is only buy what you can afford....