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Stretchy_Cat t1_iujqrg4 wrote

It's totally legal. Don't reward these dealers by shopping there though. Part of my job is decisioning auto loan applications, and it's infuriating watching people sign up to pay $10k+ over sticker. Not every dealer is doing this, so give your business to the ones who are sticking to MSRP. You might need to do more research and drive a little farther, but it's worth it.

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TreeEleben t1_iujzopf wrote

I'm surprised banks will even give loans where the loan amount greatly exceeds the value of the collateral.

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silasmoeckel t1_iuk2y3y wrote

Looked at used car prices? Bought a car for my family 21,500 list and payed that with fee's etc 24k same car on carvana 27k with 1k miles. So going by resale value yup the collateral is worth it.

In normal times the car goes down 5k for driving off the dealer lot.

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