Lary Ellis (Top)

If a major car maker goes bankrupt, do all the people who are making payments to them just stop paying?

My guess is the financing end of the big corps would still be alive enough to collect on all those cars. Still....an interesting thought........

ramlovingvet

Fat Chance LOL

12valve@heart

Actually, it's the other way around. If all the people stop making payments, a major car maker will go bankrupt.

madhat

Wouldn't help me any... I went through the bank.

Totallyrad

I got mine through Chrysler. Not a chance I'd get that lucky.

Checkmate

I'm sure the courts would make sure the money kept coming in.

redpoint5

Loans are considered assets to a company. When a person or company files for bankruptcy, the assets do not disappear. The loans would likely be sold to another company, and your payment obligations would then be owned by the new party. Besides, dealerships are usually the middlemen in the finance market, who earns a commission for selling you the financing on behalf of a finance company.

Wouldn't it be nice to say "hey, if you guys have stopped making your payments, then I'm going to stop making mine"!