OK. Lets see how old you are. How is your memory?
Maybe this did not happen in your town, but in my town, everybody was busy buying new cars on the 36 monthly payments plan. Due to new car dealers' shady practices, the Truth in Lending Law took effect. Now you could see how much those low monthly payments were really costing you in extra interest over the life of the loan.
The general public likes to think it is smart, but with finance, the general public is usually dumber than a box of rocks. The system did not teach finance in grade school and high school. If you were a female, you took home economics and learned how to balance a check book. If you were a guy you camped out in shop classes.
Nobody was taught finance. The car dealers loved it. This was the time that Ford brought the Mustang to market. GM came in with the Chevelle, and the Camero. And SS 396. It could all be yours; Just signed on the dotted line and you now can drive off in your new Buick 455 Gran Sport. Perhaps you found a Pontiac GTO more to your liking. It was a nice party. For a while.
And then you started seeing this: A triple black SS 396 1969 Chevelle with white shoe polish in the the window. For Sale. Take over payments.
Nice looking Mustang moving down the street with white shoe polish in the window. For sale. Take over payments.
This kind of action was all over town. Even the low monthly payments were too damn much for the job you had.
For sale. Take over payments.
Anybody else remember this action in the late 60s ?