Other than a loan shark, who would be crazy enough to loan $ to the tune of 140% of the value of what is being financed?
140% of the value of the car may be 80% of the price paid.
Dealers didn't have cars on the lots and were jacking up prices above MRSP, especially on luxury vehicles. Had a Mercedes dealer in Houston try to get an extra $12k over MSRP after I had my car totaled from an accident. It was ridiculous, but they were selling at that price markup...just not to me.
Same as houses. People had that the extra money for downpayment which would get them a bigger loan, or even just a loan. My realtor lost two potential sales after the first rate hike because buyers couldn't qualify. If a 1/2% disqualifies a person from a loan, then they had zero buying that house in the first place.