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"More than half of used car loans now carry loan-to-value ratios (LTVs ) above 120% — that means borrowers owe 20% more than their vehicle is worth…".
I just shake my head at car prices now along with their corresponding interest rates. I would never consider financing a vehicle at anything over 2.5%, but we now have people going 84 months at 7% plus. It's just mind blowing. The financial illiteracy one must possess to sign the line on a "deal" like that is incredible.
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