@BeatTakeshi to Funny: Home of the Haha • 24 days agoFarmboy's lamentimagemessage-square70arrow-up11.18Karrow-down118
arrow-up11.16Karrow-down1imageFarmboy's lament@BeatTakeshi to Funny: Home of the Haha • 24 days agomessage-square70
minus-square@[email protected]linkfedilink-1•edit-223 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@[email protected]linkfedilink2•23 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@[email protected]linkfedilink2•23 days agoYes, I’m a bootlicker because I understand how asset valuation and depreciation work.
minus-square@[email protected]linkfedilink-1•23 days 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?