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Discussion in 'Credit Talk' started by tonyd, Sep 16, 2003.
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The lender is entitled to receive the amount they lent to you to purchase the car, regardless of the car's current value if and when it's auctioned.
The consumer is the one who really takes the risk...
Otherwise, why would banks, finance cos, etc lend money?
I, personally, have gone through a repo. Had the lender trying to collect over 10K as a deficiency balance on a car 2.5 years old. The loan amount I took out was for a little over $16K. They sold the car for $3500- 2.5 years of $409 payments had made a $2500 dent in the principal.
What should be illegal is consumers being charged insane interest rates, effectively almost guaranteeing they'll default on the loan.
I have to agree with you there.
Take this example:
When we had our Tree business we had leased (hidden purchase, 1$ buy out at the end) a chipper and a bucket truck through a local leasing company.
They were cross-collaterized meaning default on one they can take both. I put down $12,500 on a 25k chipper. I put 3k down on a 43k bucket truck.
When our children died, we were current with our chipper but after a month we failed to make the bucket truck payment. After being a whole 3 weeks late he came with this guy wearing a coat that said "AGENT" LOL, and picked up both the truck and chipper! We immediatly filed a chpt13 BK to stop him from reclaiming the collateral which he was forced to give back. Through 3 chpt13 filings (dismissed for non-payment...dismissed w/o prejudice bc of objections...dismissed w/o prejudice bc Leasing guy had his motion to reclaim colleteral finally granted) no business equipment, no business we were forced to lose everything at that point.
He had the judge grant him a money judgment in the amount of 73k!
How do you pay for 3 years on a 4 year bucket truck payment of payments around 1700 a month....
500 a month payments on a chipper you already put 12,500 down on and still end up owing 73,000???
Trust me, when you get things on mediocre credit, your odds are stacked against you.
The problem with repos is there is no due process because they do the process.
When all that crap was happening to me and my wife, Ford came by and reclaimed their collateral.
We had three loans with them. We kept the 1999 f-250 and made all the rest of the payments on time.
We decided to let the 97' f-150 go back.
But we also had a 52k dollar 1999 f-800 chipper truck that they never picked up.
We kept it for almost three years before we finally called them and offered to sell it to pay off the debt.
They settled on that debt accepting about 8,000!
We had found a buyer for 25k!
What comes around goes around...
1*The lender is entitled to receive the amount they lent to you to purchase the car, regardless of the car's current value if and when it's auctioned
2*What should be illegal is consumers being charged insane interest rates, effectively almost guaranteeing they'll default on the loan.
1*Repo is a rip off as it denies you due process of law.
2*no clean hands here
THE END ** *** ** LB 59