BeatTakeshi@lemmy.world to Funny: Home of the Haha@lemmy.world · 7 months agoFarmboy's lamentlemmy.worldimagemessage-square68fedilinkarrow-up11.18Karrow-down119
arrow-up11.16Karrow-down1imageFarmboy's lamentlemmy.worldBeatTakeshi@lemmy.world to Funny: Home of the Haha@lemmy.world · 7 months agomessage-square68fedilink
minus-squareDragonTypeWyvernlinkfedilinkarrow-up2arrow-down3·edit-27 months agoThat’s fair, because obviously the loan company also reimburses you the lost equity, right? No? They steal that? Or, rather, sell it for a fraction of the real value and then demand a total repayment of the loan anyways? I mean, you’d think they just take the collateral, correct? That’s the point of collateral. But that’s okay, because they’re the ones assuming all the risk in the situation, right?
minus-squarepearsaltchocolatebar@discuss.onlinelinkfedilinkarrow-up3arrow-down1·7 months agoMost car loans are upside-down the second you drive it off the lot. It takes a long time to get out of negative equity, so the vast majority of people who have their cars repossessed don’t have any equity built up.
minus-squarepearsaltchocolatebar@discuss.onlinelinkfedilinkarrow-up3arrow-down1·7 months agoYes, I’m a bootlicker because I understand how asset valuation and depreciation work.
minus-squareDragonTypeWyvernlinkfedilinkarrow-up1arrow-down2·7 months agoYeah, that’s the issue at hand, bootlicker.
minus-squarepearsaltchocolatebar@discuss.onlinelinkfedilinkarrow-up1arrow-down2·7 months agoWhat, you not understanding how finances work?
That’s fair, because obviously the loan company also reimburses you the lost equity, right?
No?
They steal that? Or, rather, sell it for a fraction of the real value and then demand a total repayment of the loan anyways?
I mean, you’d think they just take the collateral, correct? That’s the point of collateral.
But that’s okay, because they’re the ones assuming all the risk in the situation, right?
Most car loans are upside-down the second you drive it off the lot. It takes a long time to get out of negative equity, so the vast majority of people who have their cars repossessed don’t have any equity built up.
🥾👅
Yes, I’m a bootlicker because I understand how asset valuation and depreciation work.
Yeah, that’s the issue at hand, bootlicker.
What, you not understanding how finances work?