Banks are bailed out - I lost my new car, could not afford, with that said...?The bank received money for the car for auction Then they will garnish my wages Plus if they wrote the difference off from the sale Does that mean the bank will make double on the car? The money they will garnish, plus what all banks received to pull them out of debt. |
Ha, on a bad day the banks make double profit.
Those theiving sunsabitches are the biggest crooks on the planet, well, perhaps tied with oil co. executives.
Sickening what they do to us, legally.
If the car was sold at a "short sale" auction. And the car did not bring as much as your original financial contract. ( what you agreed to pay for it) The dealer / bank, can by law,(and most likely will ) take you to collection for the unpaid balance difference.. Plus court costs and legal fees.
You signed a binding contract and didn't keep up your end of it, this is a breach of contract.
The bank bailout has nothing to do with this.
Your stuck... Sorry
Edit : As for the bank making double on the car. The bail out monies will have to be repaid . With interest. The money they collect from you will pay for the debt they incurred when you defaulted, somewhere along the line that money will help to pay back the bailout loan. So no. The bank will break even, in the long run at best.
Learn from this. Don't pay more for a car than you can afford to pay. Better off to save your money and pay cash for a used car.
