As opposed to most solicitors who only represent fine, upstanding citizens.
I don’t drive, and have little but passing interest in cars. But I find it hard to believe given the current climate and public opinion that 2008 will be anything other than a howler for new car sales.
The rain falls on the good and bad alike. Unfortunately abuse of the market by participants at the periphery affects everyone involved. In the case where a handful of solicitors have cast doubt over the integrity of the entire profession and affected law abiding solicitors and their clients. It often leads to new burdens (usually more regulation) whose costs must ultimately be carried by clients in higher charges and service providers through lower profit margins. Case in point is the aftermath of Enron, Tyco and Worldcom and others which lead to the Sarbanes-Oxleyact.
Anybody who increases their mortgage in order to buy a car must be mad. They end up taking 25 to 35 years to pay off the mortgage but the car is a depreciating asset that is usually only kept for 3 or 4 years. Perhaps some people do not do their sums and believe that if it is only going to cost them €XXX per month then they can afford it. However, if they multiply the numbers out they will get an indication of how much it is really costing them.
The same psycology is used by these companies offering “consolidation loans” because they extend the loan period and this makes the repayments sound affordable to the poor unfortunate who takes them.