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let's have a discussion!
One of my coworkers bought a brand new Ford F250 truck 2 years ago. He was paying on it, but got behind, then stopped paying completely. Ford has a policy where rather than repossess the truck, they filed for a wage garnishment. So now this employee has $500 taken out of his check each month to go towards the truck, which has a balance of 18,000 on it. He complains to me about them 'taking his money' all of the time because I do payroll. Well, it's a federal wage garnishment, I have no choice.
So what do you think about garnishment over repossessing?
I feel like it's the best way to keep our economy going. If things are repossessed and don't sell, then Ford loses a lot of money, sending it into the auto industry melt-down again. And why should this employee get a brand new truck for 2 years, not pay on it, and then just have it repo'd with no consequences (maybe a hit on his credit?). Obviously people can try to cheat the system by working under the table jobs, or not working at all, but it seems like most employees with a job value their job and realize that there are 100 people lined up behind them to snatch it up.
I'd love to see this type of system with underwater housing loans people walk away from, but it seems like you can file bankruptcy and not suffer the long-term debt that follows... I hate that. I'm so freaking financially responsible and it's not hard, I just live within my means...
Re: let's have a discussion!
The only problem I have with garnishing wages is if that man is trying to support a family and is taking home less than what he needs to feed/house them. But it all comes down to living within your means. If you can't do that, then don't buy the fancy new truck. Opt for a used one.
Do I even make any sense right now? lol
Yes, you do! And there's actually a federally imposed rate that we can't garnish more than xx% of his net pay, so it changes weekly (hourly employee) but since his work situation hasn't changed, and he was approved for the truck loan in the first place, I feel like he should be paying.
If you lose your job/layed off/ etc. then you can work with the company for a reduced payment or maybe a break I think, but to just decide you're not going to pay anymore... ugh!!!
I'm for it as well. Grow up & act like an adult. Its ridiculous how many people think you can just ignore responsibilities without any consequences.
I'm totally okay with this, but I'm pretty heartless.
If nothing else, surely the paperwork that he signed mentioned this, no? If he didn't want to take on the responsibility including wage garnishment, don't buy a Ford. Buy a used car from a dealership that doesn't have this in place. But he didn't, so in DP's words - tough noogs.
I really think consumers need to be held more accountable in general. End of story for me here is that he signed paperwork agreeing to this. Why is he surprised/angry now?
I couldn't agree more. It ticks me off that I'm financially responsible and work hard to save and others just go out and buy stuff they know they can't afford with the mind set "oh, they'll just come take it back if I can't pay for it". It's so frustrating.
Totally agree with this!