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When someone is totally upside down on a car that later gets totaled, it's bad.........
By:  P. Briscoe (Non running-dog anti-imperial anti-Bush unapologist name-changer; 22620)
Posted on: 04-12-2019 09:50.
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Because the balance on the note is way higher than the insurance payout. And it becomes "unsecured--" there's no longer any collateral for the bank to repossess so they go full-on commando after the rest of the money, seeking court judgments, garnishing wages, etc. Meanwhile the poor schlub can't get new financing and has no money to buy replacement wheels and ends up having to get a total beater for cash. Then the car breaks down and they are late for work and lose their job.

This situation primarily affects poor people--with bad credit to begin with-- who fall prey to predatory finance terms from scumbag used car dealers. I've heard tales of people paying up to 30% interest in these cases.

Edited by P. Briscoe at 4/12/2019 9:51:45 AM