Transportation
The Ugly Economics of Subprime Auto Loans
For many Americans, having a car means keeping a job in transit-barren suburbs and cities. Losing transportation could mean losing everything.
You could think of it as foreclosure for cars. Except that unlike foreclosure on a house, this can happen in an instant, triggered by a debt collector in a remote location with just the push of a button.
The New York Times told the story in an important article by Michael Corkery and Jessica Silver-Greenberg published last week. Car owners like Mary Bolender, who lives in Las Vegas, are discovering that their cars’ ignitions have been disabled when they've fallen behind on their car loans.