Britain's preferred car-loans are incomprehensible financialized garbage: what could go wrong?

You might.
My mother once recounted with amusement the story of the husband of a friend who apparently bought a second hand Royce* for £300 (this is a long time ago). It made funny noises so he took it to a garage who told him a service would be £400. He paid. They told him it needed £2500 of work. He scrapped it, £700 down and somewhat wiser.

*Rolls was just the salesman, Royce was the engineer.

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