Car dealers telling hard-up borrowers to have their old cars voluntarily repossessed - Baton Rouge Business Report
I just learned about this from the Dave Ramsey show. Apparently some car dealerships are convincing customers to stop making payments on their car loans, a voluntary repossession, in order to buy a new car.
This is a bad idea for obvious reasons.
What do you guys think of this? Have you ever met someone who fell for this scam? How do you think this problem should be dealt with?
I'm of two minds about it. On one hand, I think anyone stupid enough to fall for this is kind of thing deserves whatever they get, but on the other hand I think that by NOT punishing the dealerships who are pushing this scam we as a society are kind of endorsing it. What do you think?
I just learned about this from the Dave Ramsey show. Apparently some car dealerships are convincing customers to stop making payments on their car loans, a voluntary repossession, in order to buy a new car.
This is a bad idea for obvious reasons.
What do you guys think of this? Have you ever met someone who fell for this scam? How do you think this problem should be dealt with?
I'm of two minds about it. On one hand, I think anyone stupid enough to fall for this is kind of thing deserves whatever they get, but on the other hand I think that by NOT punishing the dealerships who are pushing this scam we as a society are kind of endorsing it. What do you think?