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I had a friend who made payments on a Ford Exploder for 10 years. He was delivering pizza for Pizza Hut during this time. The interest rate was very high since he has bad credit.
One day the engine gave out on the highway. He sold the car to a junkyard for $500, and they picked it up from the gas station he had coasted into. He still owed on the car.
He told the financing company the situation, explained he had already paid for the car several times over in interest, and they forgave the remainder of the principal.
I took out a loan on a vehicle once even though I could easily pay cash for it. The interest rate was 2%, and I needed the cash for other financial goals.
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