I guess all the illegals driving the crappy mercedes haven't been paying huh? Wonder why?
"They don’t even negotiate. They just accept the price, the payment, the interest rate, and the trade-in value. They’re ecstatic to get a car. And they end up with a huge payment at a high interest rate, and given how strung out they already are to be subprime rated in the first place, that loan is doomed." POOR LIFE CHOICES YIELD POOR LIFE RESULTS. They don't GET the better deals because they've (in most cases) already fucked up their credit!! Why should they get the same rate that someone who doesn't default (e.g., isn't as much of a risk)?
This is the exact same problem as the Student Loans in default. Lenders take on 'high risk' clients, knowing there is a great risk of default. But the lenders are willing to get some sap like Sanders to 'forgive' all debts and give them money. Colleges are desperate to bring in 'hard luck' students, and don't care about default since they already have their money.
Do we blame the borrowers? I don't we can blame them completely. They are being relentlessly sold these loans, and rationale for taking the risk. Lenders know that they will still come out ahead. Just like the Clinton mortgage scandals. We need to rein in these lenders, and let them feel the pain.
[ lenders are still making new loans to risky customers and a portion of those loans will become delinquent too.]