It’s tax season baby.

I've worked in a Canadian bank and have had people who are entirely unworthy of having any credit go out and get $100,000 vehicle loans from dealerships(like 90+ days late on everything with debt service at 150% of what's acceptable). Sure, they're at ridiculous interest rates but I really think there's an underlying issue because these loans are downright wrong. If they'll give that kind of credit to somebody who is absolutely not worthy of any credit then that also means there are a large number of outstanding loans to people who are living on the edge of being credit worthy. Couple that perspective with the fact that car loans have been driving consumer debt in Canada for quite a while and I'm left hoping some very well-paid economist has a plan to make sure things don't get past the point of no return. What happens if the economy takes a downward swing? I'm assuming the dealerships will all go out of business rapidly and leave the banks with piles of used cars? I just can't imagine there will be a positive outcome.

/r/funny Thread Parent Link - i.redd.it