Ontario Man Misses Car Repair Loan Payments and has Car Repossesed

[you&me]

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While I believe you, that statement is horrifying. Are there really that many people who simply don't keep up with their payments?

No, delinquency rates are in the low 2% range, but have been steeply trending up for a while and expected to be as high as 3% by the end of the year or Q1 '24... That represents almost double the rate from about 24 months ago and would put it into "historic highs"...

So no, 2-3% of cars off the road won't really make traffic a breeze... but shit's not looking good.

[Twin_Cam_Turbo]

The amount of vehicles I buy from people who are years into loans with zero or negative equity is frightening.

[rage2]

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he got a flat tire and when he couldn’t afford a replacement ...

So .. from saving a $300 tire, to now $5k?

And I assume he just bought the car? thus still owe $42k?

I think the intent of the article is to highlight how poor people always gets higher financial burden and dig deeper holes when you’re broke.

What I would like to see is the Venn diagram for poor people and stupid people.

[Sugarphreak]

I don't know what the problem is

He just needs a car repair repossession loan

[bjstare]

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I think the intent of the article is to highlight how poor people always gets higher financial burden and dig deeper holes when you’re broke.

What I would like to see is the Venn diagram for poor people and stupid people.

[Xtrema]

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I am sure there are plenty rich people with inherited wealth are stupid.

[bjstare]

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I am sure there are plenty rich people with inherited wealth are stupid.

I'm sure you're right, but that's not what he asked for. haha

[Xtrema]

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I'm sure you're right, but that's not what he asked for. haha

lol, can't read.

[Masked Bandit]

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That was my initial reaction too, but I've seen some genuinely smart people make some really dumb financial decisions.

[flipstah]

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That was my initial reaction too, but I've seen some genuinely smart people make some really dumb financial decisions.

Book smart vs street smart

[bjstare]

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That was my initial reaction too, but I've seen some genuinely smart people make some really dumb financial decisions.

Ah but then are they really actually smart? I say no.

[gwill]

I must be reading things differently then most. Sounds like a good business for a loan company if the car is collateral on a tiny ass loan.

Very little risk.

Who gets paid out in this scenario first between the dueling loans?

[max_boost]

Yes yes car sales , extras , 4 square dream right here
This is how you can sell car stuff , doc fees, insurance stuff and make $200k
This is why Canada is also amazing

[KrisYYC]

I have a feeling this guy owns a Supreme shirt or other accessories. I just have a feeling

[corsvette]

Bought a repo’d 2015 Ram 2500 a few years back. Had a brand new hemi put in by a dealership. The bill for the engine was $8,3XX, owner took some loan out for that. The bank did the repop on it, I always wondered who got the cash- bank, or repair loan company? Do they split or is the repair loan guy left with zip?

[ThePenIsMightier]

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Ah but then are they really actually smart? I say no.

Street Smartz, Bitch!

[rage2]

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I have a feeling this guy owns a Supreme shirt or other accessories. I just have a feeling

I’m offended.

[Xtrema]

[jutes]

Sweet base model lexus.