The Hidden Traps in Auto Loans

Many auto loans are designed to fail. Thomas Herndon investigates the dark side of consumer finance, that prioritizes profit over people.

[@mosca3]

Ten years ago I was buying a car and the salesman left before the purchase order was finished. He needed to go see "their Wells Fargo guy" that just arrived at the dealership. All the sales and finance people stopped what they were doing to go rub elbows with him. No need to hide who their real customers were.

[@cssexampreparation543]

He is absolutely right. A car lease always has additional costs in addition to the purchase price, such as processing fees, a down payment, monthly lease payments that cover taxes and depreciation, a refundable security deposit, which is either forfeited due to not settlement of lease or adjusted in the last payment and normal use and mileage restrictions. Through statistical analysis, one can readily learn about the successful and bad outcomes of car leasing. The ratio will show how financially literate the average American is in the context of a car lease settlement and whether there is any terrifying financial crisis lurking in the shadows, similar to what happened with the housing mortgage debacle.

[@adamfarkas7069]

Kudos to the DOP. The quality and feel of these images is excellent.

[@fellowcitizen]

"'Austerity' is another word for 'CLASS WAR'." Yanis Varoufakis "You call it a 'Silent Coup', I call it a 'Public-Private Partnership'." Kurt Metzger "Utter bankruptcy of Western policy." Alexander Mercouris Thanks! Please also interview Professors Steve Keen, Jeffrey Sachs and Michael Hudson.

[@AmazingDuckmeister]

Car dependency keeps poor people poor.

[@scotchtowerbibletractsocie8083]

$1000 a month. What's that? Oh I thought you asked how much more money I have every month since I've gone car-free. Oh and my rent is cheaper here in the city and the grocery store is a block away. Anywho have fun slaving away to pay for your means to an end. Ta!

[@qjtvaddict]

@@scotchtowerbibletractsocie8083OHHHHHHHHH

[@timmy-wj2hc]

Which kind of bozos still believe the market will "correct" itself?🤦‍♂️🤡🤣

[@oniongingertomato2216]

Market does correct itself. Just wait for like 2 centuries.

[@earthsystem]

Consumer Financial literacy depends on a consistent framework for loan documents, rather than a hodgepodge of trickery

[@qjtvaddict]

Yeah no thanks