Should I Burn My Car or Let it Be Repossessed?

Via a Karen DeCoster post titled More Crazy, Boom-Driven Behavior, we are alerted to the fact that more and more individuals, who received auto loans under the same auspices of subprime mortgages; think no credit, bad credit, no money, no problem loans; we learn that more and more individuals who purchased cars, which they really could not afford, are burning them, driving them into the Great Lakes which surround the State of Michigan, or into canals.

Authorities report a growing number of cars dumped in the Great Lakes, burned along remote New Jersey roadsides and driven into canals in California. The phenomenon is acute in Las Vegas, where sharp declines in tourism and construction have left thousands of workers unemployed and broke.

Last October, when I noted that Representative John Dingell (D-MI) and Senator Carl Levin (D-MI) were pushing for the Treasury to throw more money at the auto lending industry, in a post I titled Government Money for Bad Auto Loans, I stated the following in regards to this proposal.

Well, why would there be troubled assets in the auto finance industry, one may ask?  Would it have anything to do with this? Click on that link and take a look at the right hand column, or Google simply “auto loans.” The entire right hand column of that Google link is advertisements for “Bad Credit Auto Loans,” “Auto Loans for any Credit,” or “Bad Credit Easy Car Loan.” Are any of these offers sounding familiar?  Are not these ads mirroring exactly the type of pitch subprime mortgage lenders were making?  Do we really want to go further down that road, again?

Why are institutions continuing to loan monies to individuals who are rotten credit risks?  It is sheer stupidity.

The article noting the current wrecking of autos is titled Signs of Stress, Fraud on Roadside.

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