Bad advise

[TexasFreedom]

You won't believe this article. It's a pay site, but you can see enough.

One new car dealer told a customer who can't afford their current car payments to just stop making the payments, let the lender repo the car, and they can finance her to buy a new car! Talk about crazy...

https://www.wsj.com/articles/dealer...advice-just-stop-paying-your-loan-11581762601

 

[DrHenley]

Car salesmen will say anything.

 

[bigpaul]

even if its repossessed you still owe the money, at least I think that's how it works here, not that I have any experience of this.

 

[Maverick]

even if its repossessed you still owe the money, at least I think that's how it works here, not that I have any experience of this.

Same here Paul

 

[TexasFreedom]

Bp, Mav, "you can't get blood from a turnip."

It will take them 3-6 months for them to catch up with her & repo it. Yes, her credit will bottom out, but they still love to loan money, it'll just be a 29% note. The old note will never get collected unless she wins the lotto. But she won't be able to afford those new payments either, but she'll have that car for a few months as well & likely won't get another shot. But as Doc says, car salesmen are their own sort of lowlifes. He'll get his commission.

 

[BillMasen]

Different credit and debt laws in the UK, Defaulting on a car loan in the UK can see you lose your home and assets.

 

[KateMTx]

This is the worst advice ever. Car sales people are the only thing worse than lawyers.

 

[TexasFreedom]

Kate, I call your lawyer and raise you a democrat official!

 

[Helen Back]

My mother in law lives in Coffeyville, Kansas. I told her she should go get a full exam at the ER and not pay. I told her to just keep saying "no hablo englais" and it will work just fine.

 

[Kevin L]

You won't believe this article. It's a pay site, but you can see enough.

One new car dealer told a customer who can't afford their current car payments to just stop making the payments, let the lender repo the car, and they can finance her to buy a new car! Talk about crazy...

https://www.wsj.com/articles/dealer...advice-just-stop-paying-your-loan-11581762601

Any used car salesman who says something like this is profoundly unethical.

That's on par with the sales phrase that I can't stand: "If you can't aford it, that's ok. Just finance it......"

People wonder why we're having so many social problems.

 

[KateMTx]

Kate, I call your lawyer and raise you a democrat official!

Way too many of them ARE lawyers.