Major Hayden 🤠 on Nostr: They also bought a car during the pandemic because their older one had issues. ...

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.