You know what would be terrible? Terrible in a sort of dystopian, capitalism-run-amok sort of way? Imagine buying a brand-new, fancy, premium-grade car. From an automaker with a respected name. Like, say, BMW. This is a machine with some status! Let’s say it costs, oh, $61,500, and you’re paying, what, about $1300 a month? Something […]
In other countries than the US that distinction actually means a lot more. For instance, some countries will not allow a bank to repossess cars or houses once a simple majority of the loan has been repaid. In the US, you could be on the final 1 cent payment and the bank, from a legal standpoint, can foreclose on the whole thing if you fail to pay it. In realistic terms, it’s theirs until the loan is entirely repaid.