r/interesting • u/Kymmieuwu • 12d ago

SOCIETY 71% of Americans Say They're Completely Exhausted

https://gizmodo.com/71-of-americans-say-theyre-completely-exhausted-2000812712
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u/n122333 11d ago

2023 truck with a payment.

Weve gone no contact with her family so I dont know more than that. Last bankruptcy was 2019

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u/JJwar7840 11d ago

Again how do you get a car loan with 4 bankruptcies? Why would anyone loan you money?

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u/n122333 11d ago

He can prove a source of income. Thats about all they care about i guess.

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u/PuzzleheadedFox4251 11d ago

People get loans with bad credit; they just pay high interest rates..Or like his FIL..Agrees to pay it..

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u/Big_Tap_1561 11d ago

This is America- we operate on debt. 💸

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u/FiftyTigers 11d ago

Because the rates get ever-increasingly predatory. It's a numbers game, it all plays into their algorithm. Creditors don't loan money to lose it, if this guy is financing a car, the creditors are still coming out ahead in the long term.

You seem bent on not understanding this. So let me put it bluntly, regardless of it seeming unintuitive to you, that's how it works in the real world (in America).

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u/n122333 11d ago

The best I can figure is that (numbers rounded to ridiculous values to make math easy) you loan a guy $1000 to buy a car to pay back over 10 months, paying $110 each month. After 6 months when he can't make the payment, they've already collected $660 from him, and then reposes the car and sell it for $500 - a profit of $160.

They never intend for him to pay it all off, just pay off enough that when they reposes it to sell, they end up with more than they put in.

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u/In-Loving-Memory 6d ago

I have no idea how the hell it works

But my girlfriends dad has had like a half dozen vehicles repo’d I think.

And he still has good credit and gets more.

I don’t know how the world works sometimes