Does anyone remember the "home equity" craze leading up to the subprime debacle of 2007/08? I guess not! Now, the banks are promoting the equity in your car as a source of funds that one can borrow against.
Just look at that charming couple in the above picture. Why are they smiling? Well, after using up their home equity loan and taking out a reverse mortgage, they found a new source of spending in their cars. Wow! We continue to learn nothing from history. This "cash out auto loan" is not going to end well, at all!
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