@BeatTakeshi@lemmy.world to Funny: Home of the Haha@lemmy.world • 27 days agoFarmboy's lamentlemmy.worldimagemessage-square70fedilinkarrow-up11.18Karrow-down118
arrow-up11.17Karrow-down1imageFarmboy's lamentlemmy.world@BeatTakeshi@lemmy.world to Funny: Home of the Haha@lemmy.world • 27 days agomessage-square70fedilink
minus-square@DragonTypeWyvern@midwest.sociallinkfedilink-1•edit-226 days 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-square@pearsaltchocolatebarlink2•26 days 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-square@pearsaltchocolatebarlink2•26 days agoYes, I’m a bootlicker because I understand how asset valuation and depreciation work.
minus-square@DragonTypeWyvern@midwest.sociallinkfedilink-1•26 days agoYeah, that’s the issue at hand, bootlicker.
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?