The biggest monthly expense for many people such as
Americans.
Often can be financial traps for poorer people, as predatory car loan companies have been charged with collaborating with sleazy car dealers to increase loan principals. (The total loan amount)
Car loans often start off "cheap" to pay but monthly and finally increase to an astronomical cost for the buyer, often higher than what the car is worth.
Also, people
may have their car stolen or totaled, or lack insurance and without gap insurance they
still have to pay the loan.
Finally, car loans are a very
common reason for people's cars to be repo'ed/impounded.
I got myself into a really bad situation. I just got an expensive car loan for a car that isn't
even that new or reliable. Now I have to
work overtime for a year or two to
dig myself out of this situation and that loan company is trying to find every reason to impound my car!