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Open original source ↗Incredibly good and sad read.
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The lenders loan you a car at sky-high rates, sell the loan to Wall Street, then either stretch the payments so you keep paying interest or repossess the car. The buyer often loses the car and ends up deeper in the hole. The lenders still get paid. “…Talley still owes $9,230, after having paid nearly $13,000 over the last four years for a car that was worth $8,500 when she bought it. She now has until 2029 to pay off her loan….”
kshaughnessy2 ↗