They also bought a car during the pandemic because their older one had issues. Dealers charged high markups on cars during this time and they paid over invoice for the car.
Well, now the bank calls and says "Your loan's LTV exceeds 90% and that's too risky. You need to pay down your loan today to reduce your risk or we will come get the car."
LTV = loan-to-value. If the car is worth $50K, the bank will only loan you $45K for it.
Major Hayden 🤠/
npub1t6…89yn3
2023-08-16 12:20:45
in reply to nevent1q…82fr
Author Public Key
npub1t643nlunlsnyzusxxrzrn8vfjsjg9t9emqjcv3fw3h225ckvstss389yn3Published at
2023-08-16 12:20:45Event JSON
{
"id": "910467879cb2b6c28c951157dba99f26e9c7a1979137346b763649138351180e",
"pubkey": "5eab19ff93fc2641720630c4399d89942482acb9d82586452e8dd4aa62cc82e1",
"created_at": 1692188445,
"kind": 1,
"tags": [
[
"e",
"c20902a73c509b3cdf17aea8503227868e993c24c0b725405eb8988a9b4ff622",
"wss://relay.mostr.pub",
"reply"
],
[
"proxy",
"https://fosstodon.org/users/major/statuses/110899261976295521",
"activitypub"
]
],
"content": "They also bought a car during the pandemic because their older one had issues. Dealers charged high markups on cars during this time and they paid over invoice for the car.\n\nWell, now the bank calls and says \"Your loan's LTV exceeds 90% and that's too risky. You need to pay down your loan today to reduce your risk or we will come get the car.\"\n\nLTV = loan-to-value. If the car is worth $50K, the bank will only loan you $45K for it.",
"sig": "9aea8bcd206dc7f2216e60ce7e3da42a0a5f94aaddc92356a957cde33ca0781122844fa0125b57bed134e85f916eb4a9ebcbfe6f958029cb0b460e1a0b278543"
}