Lenders Suing Consumers Even After Repossessing Cars

This is nothing new . The bad thing is many of the salesmen falsified customers' applications to get loans accepted for cars they couldn't afford .
http://www.thetruthaboutcars.com/car-loanlease-fraud-making-a-bad-situation-worse/

 

It was only a matter of time.

Spend, spend, buy, buy....and now the piper comes calling.

What's next on the list??

Financed flat screen TV's ?

 

That's why I buy used cars and pay cash for them. Unless you put a hefty down payment down on a car, you're upside down on the loan as soon as you drive it off the lot.

 

That's the smartest thing to do! My last car was four years old when I paid $3600 cash for it. I drove that car 11 years and put almost 300,000 miles on it before I resold it for $500. It still ran good and the kid who bought it is STILL driving it today... two years later.

I will never buy a new car, they're just not worth the money.

 

My most recent purchase is a '92 camry that is in great shape. I finally have a standard tranny again too! At least I can get parts for it too.

Before that I had an '89 Probe (yeah, I know Ford), but the little sucker ran great. Only problem with it was I couldn't get parts for it anymore. Donated it to the fire station down the street to use for their rescue training!

 

You too huh?

I went to look at a "new" truck a friend of mine had for sell. He had a great price on it. We both almost cried when I told him I couldn't buy it, because it was an automatic.

Replacing 2 auto trans in one year, broke me from buying an automatic. Unless it's the "family" ride that sees a lot of open highway.

$2400 a pop.

If I could get a Lincoln Towncar with a standard. I would be all over it.

 

I buy used no payments to worry about thats for sure. I have an ole 78 Ford 150 4x4 all original parts ans shined up looks great. Sure gets me thourgh the snow and ice.