Hyperoverextended

Yahoo! Answers is good for at least half a dozen of these a week:

Yahoo Answers screenshot: If I am stuck in a car loan and can't afford the payments how can I get out of the loan early?

The gory details:

I have a 2014 mustang and the payments are 400 a month. I owe around 19000 on it. I need help finding a way to get rid of it as soon as possible. Thanks

If he’s lucky, he might get $14,000 for it, in which case he needs to scrape up $5000, sell the ‘Stang, and turn over the proceeds to the lender. Problem solved. It’s not the solution he wants, but it’s the solution that actually works.

Of course, there’s always Chapter 7, which has, shall we say, certain disadvantages.

But what bothers me is the blithe assumption that there’s some way to “get out of the loan early” without serious consequences. Life doesn’t work quite that way. (At least, it never has for me, and I admit to occasional bouts of presumptuousness.) Unfortunately, a substantial sector of automotive retailing is reliant upon luring people with no money into the showrooms.





3 comments

  1. jsallison »

    24 October 2016 · 8:03 pm

    My ‘one weird trick’ in that situation long ago was to eat hot dogs for a couple of years til I’d paid the balance remaining after it was sold at auction.

  2. ETat »

    25 October 2016 · 7:04 am

    If it works for Clintons, why not for him?
    The fish rots from the head.

  3. fillyjonk »

    25 October 2016 · 9:07 am

    Sounds vaguely like the “housing bubble” to me.

    I know people who – because they had some common sense – were appalled that the real estate agent they were working with were trying to sell them “more” house than they really felt they could afford, all on the grounds that it would “appreciate” and that adjustable-rate mortgages were “safe.” Luckily, as I said, these people had some common sense and listened to their gut and managed to qualify for a fixed-rate mortgage and also bought within their means.

RSS feed for comments on this post