QFTEvery time I see this sh!t it pisses me off to no end. What the hell does it accomplish? Not only are you destroying a perfectly good asset which you could otherwise sell, but now the owner will have a large debt burden because he will have to pay for the car and he will be less able to contribute to our consumer driven economy. Or he defaults on the debt, which is a loss for the underwriting bank, the bank will then be less able to lend to someone else since the loss on the loan will go against it's capital base.
The assholes who write these laws should be required to at least take an introductory course in economics. Obviously this one case doesn't really affect anything, but in aggregate, the lack of thinking that goes into this policy making DOES affect things.