Don't Ever Do A Voluntary Repo! - Lehto's Law Ep. 47 

18:26 isn't that voluntary repo?

Funny how they repo cars so quickly just so the bank can lose a lot of money on it. In a lot of situations they would be better off working with the customer on it.

I didn't pay my church's exorcist bill and you guessed it.. I was repossessed. Thank you for the video 🤓

my son purchased a used car and only had 4 months when he lost his job. He turned the car in. The dealership was great about it. They redid his paperwork, changed it to a 4 month lease and sent him on his way, No dings on his credit. What an awesome way to do business! (They did end up with 4 new tires from the deal. )

I did a voluntary repo during my divorce. I called the lender and told them what was going on with my divorce and they came and got it and auctioned it for more than i owed them and they sent me money that i use on some legal fees. And the lender listed it as paid in full on my credit report.

I can honestly say i cannot wait for them to come repo my SUV. I filed chp. 7 bankruptcy and while it was going on my vehicle went to crap, blown engine seal, transmission going, rotors need replacement, heater core and a lot more. I just got a letter from the bankruptcy court saying they approved mine and my wifes case and I am waiting for the official paper saying the case is closed. I have my new car getting delivered Friday and my score is up 120+ points already

I remember one of my college professors telling us to never buy a new car much less finance any car because the depreciation is so high that as soon as you sign a loan agreement it's already worth less than the amount you owe on it. If the car gets totaled in a wreck the insurance will only pay market value to the lender and you will still owe the balance and have nothing to purchase another car with. Buying cars on credit is a trap for young people and poor people that plays on their vanity. Paying interest on cars and high full coverage insurance keeps people poor or in debt.

I had a car repossessed, I was maybe 2-3 payments behind, I called several times, and I was able to catch up on the payments, I sent them a check, it cleared, and 2 weeks later they still repossessed it. The lender says, sorry we already put the repo order in, but your payment will be deducted from the balance, previously they said once I was caught up on the payments they wouldn't do that. I was able to go and get personal items out of the car. Some time went by, I didn't get any correspondence from the lender, more time goes by, and I get a settlement check in the mail, It was around $700 I don't remember the exact amount, but it was from a class action lawsuit against the lender and aggressive repossession policies. As far as I knew it was resolved. Somehow I am getting letters from a debt collector for what they say I owe on the car almost a decade later. They decide to sue me in small claims court, I file an answer, I show up, they don't. I guess they hoped I wouldn't and most time the judge will default the judgement to them. 2 months later they sue again, I repeat the process, they don't show up, I ask the Judge to dismiss with prejudice, she makes a note of the request, and says if they do this again, they will. After the second time they didn't show up, I didn't receive anything from the debt collector again, it wasn't on my credit report. Back then I think some lenders decided they could make more money on a repo, this one got too greedy. Somehow the debt collector bought a debt that no longer existed and was trying to intimidate me into paying it.

1) remove any sentimental feelings towards the car. 2) forget about the morality of paying your debts. The bank doesn't care about you. Same for the car salesman, dealership, repo man, etc. You are just a number and a means to make their profit. Without consumer protections they'd lock you in a debtors prison until you died or paid. 3) research your state's laws regarding foreclosures, repossessions, wage garnishment, levies, liens, and civil court judgements. 4) crunch some numbers and leave your feelings and guilt out of it. Forget about what anybody else thinks about it. If bankruptcy is the only way out, do it. Don't feel bad. It happens. There are sure some lessons that could be learned to prevent it again. 5) a car is a means of conveyance. Allowing it to become anything more costs money.

Take the car to Detroit and wait for it to get stolen.😀

A word of warning to people that are behind on their car payments. It would behoove you to remove personal property from the car if you are behind. Its only a matter of time before they will repo. Granted you may still get your personal property returned to you but I would not chance it. Impound yards are not always the most secure places.

You can also contact the bank and explain the situation. Get an extension on the loan, get the interest frozen and settle on a new payment plan you can afford. Any reasonable lender will work with you to ensure they eventually get their money back.

Even better do not ever ever get a loan especially to buy a car. Do what you can to afford the car that you need and not the car that you want. Pay cash for the car. This will save you a ton in the long run on interest you will have extra money to save to buy the car you want later (again with cash) and never have to owe anyone. Remember to borrower is a slave to the lender!

I've heard more than a couple of people who were surprised to find that even after their car was repo'd, they still owed the bank for the balance the bank couldn't recover from auction or sale.

Chapter 7 solves it all...2 years later excellent credit and still get loans

Interesting approach. I've had three (potential) repos. The first one I drove to the bank, dropped off the truck (and the keys), got a lawyer, and paid the "amount due," (around $3600 - it was a lot back then). The lawyer was pretty sharp and earned his fee with a single phone call. The letter I presented to him came from the bank's lawyer, and it stated the "amount due" in order to "settle." My lawyer said to the banker, I'm presenting you the amount you demand. They complained about attorney and other fees, but he stood on what the note demanded. The bank accepted it and there were no more issues. The downside of that one was that I'd just been laid-off from a job (a very nice job), and I used funds from employee profit sharing and savings to pay off this debt. It was a painful thing to do, when it would be nicer to have that money to pay rent and buy groceries. The second one was a boat - same job, same layoff. I found a buyer for the boat and got the bank to take back another loan for the balance - they agreed and I paid that one over time. It still cost me around $2,000. The last time, it was a beautiful little Camaro - Z28. I bought it for $14,000 and when they finished at the auction the bank only got $7,000 for it. I complained about that - it was only a year older. In the last case, I didn't care about the credit hit (but I did care about a judgement), and the bank's lawyer wouldn't make a deal with me. I said, "If you don't make a deal with me, you won't get a dime." He said, with the bank's rep standing there, practically in shock, "We'll take our chances." The next month I declared bankruptcy and the case was dismissed. Every one of these incidents I had lost a job, and had no way of paying. My last real job, my (former) boss suggested that I get a new car (now that I had a new job). I've made that mistake before.... He didn't seem to like the old junky-looking pickup truck I was driving (I don't buy new cars anymore). I said, "I'll buy a new car when I have the cash for it." These days, I don't go anywhere near new cars. There are plenty of decent used cars you can buy at near-auction prices, and I only buy for cash. I've learned my lessons, but they've been hard. I lost a lot of money to banks and car salesmen. It's best to stay away from banks and new cars (trucks, and boats) altogether. Since then, I've bought and sold several cars, trucks and boats - all with cash. I don't have any new cars, trucks or boats, but if you lose your job again, and all you need to pay for is rent and groceries, life is good.

This is why I just pay cash for a used car. No payments.

No doubt. Mine got involuntarily repo'd. Sold at auction for $3k less than I owed, and started hounding me for the difference. Managed to avoid contact with them for over 7 years so it dropped off my credit. Young and dumb, man.

We scrimped, and saved to keep and pay off our truck. The day we paid it off was in person at the buy here, pay here lot. we took the title to the tag agency in town and a week later we had a verified clear lien free title in our important papers file. the truck is 14 years old, we went from full coverage to a low enough insurance payment to insure our other paid off car that needed repair. We have 2 paid off cars and our mechanic is our best friend. The level of freedom is wonderful.

Bought a 1970 Nova in 1972, nice used car. 3 Year Loan, I paid 2300.00 plus interest. I paid on it for 2 yrs and 6 months, I was riding in a car and got T-boned by a Doctor going to his fathers funeral with wife and 3 small kids, he drove a Large Cadillac, I was in a VW Bug. My arm got busted between the shoulder and the elbow into 30 pieces, by the drivers head slamming into it. So now Im out of work, and I had a good job, I was 19. I called the finance company and explained the situation. They told me dont worry about it and they would just stretch out the payments, how nice of them I thought. Well as you already guessed, they repo the car 2 months later. I said O-well they all lie, what could I expect. So I called my Brother to get a ride to the bone doctor, he asked what happened to your car. I explained best I could. He said didn't you buy that cheap policy when you bought it, in case you were ever hurt and could not work, I said I have no Idea. So I said let me check the contract. Sure enough I had bought the Ins when I bought the car, WOW, I was elated. This was 2 days after they grabbed it. I went to the bank and they showed me to this guys office, and I explained the situation, my arm was in a cast from my shoulder to my finger tips. He looked at me from behind his oversized desk. and said " Sorry We Cant be responsible to file a claim for you", and we cant return the car. Now normally Im a easy going guy, someone you can laugh and have a beer with. Im not sure what happened, his office was on the 11th floor, and he sat with his back to the large plate glass window. I got up and chased this guy around his desk determined to throw him out the window to see if he could fly like Superman, Im 6ft 7 he was 5ft4, He weighed 300 Im sure, I came in at 185. I was escorted out of the Bank by Toy Cops. I never got my car back . And to put a cap on this long ass story, my Lawyer settled all his cases quickly due to losing his son from cancer, for pennies on the dollar. At the time I was making 160 a day. I was out of work because of the accident for almost 2 years, I lost everything except my topless dancer girlfriend, what a angel. So The doctor and hospital got payed 30,000 total ( forgot to explain, I almost lost my arm), I lost 263 days of work, totaling 42,080 in wages, pain and suffering was off the charts literally. In the end I received, if you can believe a check for 2,000 dollars. I only know the story because I happen to run into the lawyer years later in a high end bar, he was very drunk, and explained what happened. He said Sorry. Now the up side.....My arm only ended up with a slight default, and my golf game improved over time, alot. It was only money and money cant ruin your life, only you can do that. I just love to type, sorry. Now thats my rep o story, the car had a 327 4 speed, cragar mags , Bahama Blue, hope somebody enjoyed it. Often wonder what would of happened if I would of caught that fat ass slob, I wanted to use his weight to launch his body out the window. Im guessing thankfully I didnt catch him, for him and me. My Lawyer sat on the Attorney Oversight Panel in the State of Florida for many Years. What could go wrong with Credentials like that behind him. Everything Brother Everything. Trust no one even your Lawyer. Thank you Mrs Weiss for making me promise to learn how to type, 55 years ago, Im getting there slowly !

This is why I don't ever finance a vehicle... It's the biggest waste of money ever. $15,000 for a asset that never increases in value unless you go out and bury it in the desert somewhere and have someone dig it back up 100 years later... And that's only if it was a popular car during its time... I run down to craigslist, find a $500-$1000 vehicle that runs/doesn't run, throw $500 at it, and run it till it requires another $500 for a motor or something. Trash it, get $50-$100 back from the recyclers... Wash, rinse, repeat... Seriously, WHY would I want to buy a car just to become a nice money generator for a bank????

You telling me it's not a smart idea to finance a Hellcat for 144 months? Well that's just ridiculous Mr. Law man

I actually beat them on this. I walked from a new vehicle, and didn’t have to pay any more money. The truck was for a business, 2 months old the transmission went. Took it in for repairs, they failed to repair the truck in 4 months. I gave them the keys, no sorry throw the keys at them, when I found out chev still hadn’t started the replacement part production and it was estimated that it would be at least another 3 months before I would get my truck back. Went to court they had to refund all my money, as well as eat the truck. My argument was it was a company truck I couldn’t continue to make payments if I couldn’t use the truck to make money to make the payments.

I actually did a voluntary repo and because the dealer broke the law. I didn't end up owing anything( they used fraudulent come on to sell the vehicle. New York State 1983 or 84 Toyota dealers) I had another car repo in 2001 (lost job hotel industry in Hawaii) the tow truck damaged the car in front of my eyes and camera. Luckily a good friend of mine that is a well regarded real estate and business owner witnessed the incident. The insurance company for the tow operator ended up totalling the car so I owed nothing. Must be the luck of the Irish✨🌈

These are the classes that need to be taught in high school meanwhile we are getting taught all of these classes that we will never use in life

Lost my Chevy Silverado years back after the tech bust. Amazingly, it sold very well at auction and the bank cut ME a check for about $750. Could have knocked me over with a feather. Gift horse and all that - but I really needed that cash!!!

Thank you. This is pertinent to my current situation and was very helpful. I was thinking seriously of walking away from car. After watching this video, I was able to open my car loan mail and found it wasn’t as bad as I thought. Finance company appears to have done what I asked and I am actually current on loan with only $90 in fees! Yeah!!! Thank you and thank you again!

"But it gets worse!" Great advice for the financially ignorant. One of the first rules of money: Never go into debt...esp. for a depreciating "asset". Never buy from a dealer. Buy what you can pay cash for from a private owner and PAY to have a good mechanic do a PPI before shelling out a single dollar.

What makes this all sickening is that the "money" was "created out of thin air." I have never bought a car on payments. Always CASH. Someone has to buy new cars for there to be used cars...but it's not going to be me.

I watched this for entertainment purposes, but was pleasantly surprised and learned alot. Thanks Steve!

Shit life happens man people lose jobs get divorced all kinds of shit happens hell if you can't afford to keep it then let the bank have it Life goes on it's not the end of the world

One of my favorite videos, I love when people say they can walk away from their loans so easy. It makes me chuckle

As a banker, I would have jumped at the chance to have the customer sell the vehicle and I would also have offered to refinance the remainder of the loan. If the bank doesn't offer it, then ask. The interest rate could easily be half that of a credit card, and you won't have to pay the cash advance fee that you'd have to pay to your credit card. IF YOU HAVE PROBLEMS YOU SHOULD ALSO TALK TO THE FINANCIAL INSTITUTION. They might be able to lower your payment amount to keep you in the car. By the way, it would also be likely that bankruptcy would be better than having your car yanked. Believe it or not, it's better to have a bankruptcy on your credit report than a repossession with an unpaid balance.

Another feature of vehicle ownership here is the ability to perform retroactive transfers via the Internet. I had a car stolen, stripped, and abandoned, only to be towed and stored for far more than the remaining hulk was worth. A retroactive transfer to the towing company solved the problem, as this way, they were charging ME for towing and storing THEIR own hulk - which would never stand up to scrutiny. At minimum, this would immediately stop ongoing storage charges. In fact, it complicated the situation beyond their ability to resolve to their advantage, so both the hulk and the charges disappeared - after some threatening messages.

I worked at a credit union. It was pretty common for people to just go into the lot and steal wahtever they could off the repod cars. Tailgates, tires, brake pads, gas caps etc.

excellent info, thanks Steve. wish all kids in high school could see this. love your videos - educational and entertaining.

I gotta add this video to my playlist for credit repair, I help people doing that and you explsined it correctly, love it thanks

Excellent advice i say it from experience. In the case of a major breakdown i have found if you go to whomever holds the lean. They will often help get the repairs made and tag on the extra cost onto your lein. I have had to do this twice 9nce on a Ford Explorer and once on a dozer i had bought. Of course you have to have been making your payments on time if you fall behind they are not inclined to help. Jus5 go to them and say something major happened and i am stuck between making payments or fixing whatever it is. Most times they dont want to deal with the above described process and will just help you fix it and you just continue making the payments.

Thank you for the golden advice. I wish everyone in this position would listen to this.

Man, this is cold. Not sure how many times I heard, "it get's worse."

Great show, as someone who’s been buying cars at dealer auctions for 20 years, repo cars bring every bit what they are worth. If anything, they might sell for more than on Craigslist. Dealers pay top dollar because they can’t afford to drive all over looking at cars for sale and they make the money on financing, not the sale anyway. Wealthiest used car dealer in Detroit sells all his inventory at auction to buy here, pay here dealers. Those dealers make their money by selling overpriced cars to people that have bad credit.

Great advice! I can try helping others by spreading this video now. Pure Gold I would say.

Sir, you are a national treasure. I have learned quite a bit from watching your videos. Please don't stop making them.

Keep it short and simple, FILE FOR BANKRUPTCY!!!

Seems as though the saying " Debt is dumb, cash is King." May have some validity.

I had a car and I voluntary gave it to the bank.. they sent someone to my door he picked it up I gave the keys etc. they sold it at auction and I owed like 7K. I did not have work could not find a job etc. I got a big tax refund from the IRS so I went and bought another car paid cash and have the pink slip to it. So a few months later i get a letter in the mail and it is a lawsuit. Someone has filed a class action against the lender that I had. I read it carefuly andf it was going to be settle the case. You had two options, take them on yourself and pay your own lawyer etc. Or just do nothing to be part of the settlement. I choice to be part of the settlement. So the settlement was for any balance on that care is to be zeroed out thus not owning anymore and to clear the credit report or they cant put a repo on your credit report. It was they were doing something illegal on the repos involuntary and voluntary Repo's SO this one worked out and I have own my cars since then free and clear.

I gave the car back. Guess what I filed bankruptcy. I'm so glad I did. And now I can save $3000.00 and pay cash for a car

You've got me looking out for the repo man, and my truck payment isn't due for 2 weeks lol.

I've been watching Steve for awhile now and I was surprised by this classic. What a gem of a video! I just watched a video with the same story about the repossession that moved the owned vehicle into the street. Go figure.

Keep in mind some states don't allow for the charging of any other fees once the car is repoe'd. Florida for instance, once they take the car it's considered even, no extra repo or auction charges are allowed.

Great info Lehto! I lost my job a long time ago and had a car note. As a result, I quickly informed my lien holder. In returned, they restructured my contact by giving me two months payment free and added two months on the end.

That's why I pay cash upfront for my used cars. I bought a 3yr old Chrysler 300c srt with 50k miles for $21k. New it was $52k. Now it has 210k miles and runs great as my daily driver. Just save up.

I had a car repo about 34 years ago..I had other issues going on in my life...I was no longer working full time. I worked off the books for a while and I did not get a bank account for many years or work full time...They tried after 10 years after my repo to get money, and I told them the statue of limatations has past..I did not hear from them since. I now have perfect credit score and have a successful career . I own a house and nothing is no longer on my credit report..I was able to get by not having to pay

Great information. Thank you for posting.

Well, let me say this to all you young people, don't buy new cars they are are to expensive for you to own ,you'll have to make the payment plus get full coverage in insurance and a high registration fee every year. Plus because of your lack of credit history your probably not going to get a very good interest rate.

Happened to me I became homeless. Lender did a charge off that was on my credit report, but found out that they had actually gotten a judgement due to a garnishment on my wages. The judgement was for $3300.00 plus interest at 34% interest a year. I now am being garnished for a total of $6600.00.

You can always repair your credit down the road. You either wanna mess your credit up temporarily or stay losing your money on an expensive shitty vehicle ⚖️

I've had 3 repos in a row and haven't been sued for any of them. The loans are insured so the loaner gets paid then sells the debt to collect more money off of it.

My dad sent me this video. Very interesting! Thanks for doing what you do.

Love your channel and ran a tow company that contracted with repo company. Your correct about tow companies 100 percent but i ran a tow company for an honest guy. I did the repos and i have many stories. Never cut locks but did go on properties. We lost our contract because we were honest. We worked for majestic and got a flat fee 140 thats all. Even if it sat in our lot for 2 weeks. The police know who towed it but are told to tell them call lender. People know cops and soon we had people coming to our location. They were telling us that the tow fee was a couple hundred bucks and storage was everyday. We let people know as long as the car was in our lot the only cost paid was 140. So we lost our contract. Tow companies do go through cars and I'm sad to say steal. I've fired guys for that. I did a police tow when in our yard getting registration i found 3 400 hundred bucks. Police document said nothing of value after their inspection. The money was weekend receipts for restaurant they managed. Clear see through bag with amounts. Gave to police supervisor. Another time stolen car same thing 10 envelopes of cash. Last example repoed a car used my expertise to jump an electronic entrance system got into the garage got the car. This was a repo high five. Found out it was an elderly woman who called for her belongings including a walker. Im going to hell for this one. Talked to her and said I'd bring her stuff personally. The whole time I'm thinking going to hell. Meet her, she hugs me and says she went to dealership to inquire about a car walked out owning one. Never could afford it. Always behind in payments, insurance high, and cost of parking space. She didn't know what to do. I told her don't pay anything just forget about it your in your 80s

car financing is a waste of money...just buy something older cash and be done with it.

Mr. Lehto, I find your column on this channel quite enjoyable & informative. Keep up the good work! I think your life before you became an atty gives you a depth that many lack. One thing I would like to see is someone who would take on the appalling state of our education system.

Thanks for the advice! Also, I just went to Amazon and bought your e-book... looking forward to reading it.

Get a cheap beater that you can afford and don’t buy what you can’t afford. I eliminated that problem by paying cash for my cars. When you have that paid off car then setup a car savings account and make monthly payments to that account and when you have enough then pay cash for your next car. What he’s talking about is a bad trap. Do not let yourself become a victim of the banks.

Obviously what i get from this is what I've been thinking my entire life, don't ever buy a car from any dealership esp from a used car dealership! You get ripped off the moment you sign those papers! Thinking of buying a new car, well the value of that car depreciates once you drive it off the car lot and your stuck paying full price of that vehicle! The entire automotive sales system is totally based on GREED! Best advice I've ever heard, " take a mechanic with you and buy a used car from a private party. " and do your research on which car your interested in.

Just file bankruptcy and go to court over it and negotiate. Any fees etc will be determined by a judge. Stay legal. All this talk about what to do just makes people desperate. Desperate people are tempted to do illegal things. Bad credit isn’t the end of everything. Get an attorney and file bankruptcy. If car not working, surrender it under the bankruptcy. It will be better in the end than getting overwhelmed and doing something illegal or worrying oneself into bad health, i.e. heart attack, etc.

My brother did Chapter 7. Three months later went to the bank and borrowed a quarter million for a house that he eventually lost years later. I have never been even close to late on any payment. Paid off many cars and a house with perfect precision. Needed to get a mortgage for a house. Bank treated me like I was a criminal with a 850 credit score. Put me through hell to get that mortgage. When I brought up my brothers situation they said he was treated different because the bank knew he had no debts because of his bankruptcy. Moral to the story is don't be conscientious. Don't be concerned about being credit worthy. It's just an Albatross. Declare bankruptcy every 7 years and the banks will love you.

Great advice. Also works for your house and mortgage payments. Sell your stuff before the Bank takes it and sells it for you at the cheapest price imaginable! And you will still owe money after the Bank gives away your stuff. :)

Had this issue 5yrs ago during my divorce. Called up Toyota and they said take the car to a Toyota certified car dealership and drop off the car and the keys. They then sold it at a Toyota auction, and this actually worked out good, as Toyota's has such good resale value. I was left with a balance, BUT it was significantly lower than if I just let them take the car. Note, everyone at the dealership kept telling me they don't except cars in this manner, that's when I pointed out the Toyota certified sign and sat my keys on his desk and walked away.

Lawyers laughs are scary

All good advice. I have a friend who works in a bank. He started in the repo section - cars, boats, etc.He would get calls from people whose car had been repoed the night before. Looking to pay to get their car back, they had the money no problem. My friend would have to tell them he doesn’t have the paperwork yet, call back in an hour. But he always thought why didn’t they just pay in the first place if they had the money! There were those calls and then the angry ones!

Most reputable repomen use a stinger, not the stereotypically tow truck with a hook and sling. This lifts the vehicle by the wheels to avoid most body damage. If the drive wheels are on the pavement, it may cause damage to the transmission and/or engine during the tow. They try to avoid this, but it cannot always happen. I used to work collections and the answer to "The car got totaled/blew up" was "don't care, we loaned you money, not a car, pay up".

Steve, I really like your vids and your style,Wish I could afford you should I ever need a lawyer. On this vid I believe you over thought it or over complicated it . Keep it simple I have done the walk away, stopped paying,used the car till I no longer needed it,(couple months) then told them were the car was. THE TRICK IS: be prepared to go chapter 7. Now, being the SQUARE, that you must be in your profession,you think OMG no more credit, no car nothing its the end of the world. Nothing is further from the truth. A year and a half later I was getting pre approved credit cards in the mail and within 3 years had an excellent credit score. They are sooo eager to get you back into debt!!

Never get a loan. Debt is a terrible thing to have over your head. I never had debt in my life. When I couldn't afford a car, I rode my bicycle or took the bus.

I took my upside down car back to the dealer I purchased it from. I put the keys and the ownership in the drop box with a note. That was 13 months ago. Never heard a word, not against my credit rating either. Maybe just got lucky or because it is Canada.

I buy used and I pay cash. The only long term loan that I have is my mortgage and even that was way below what I could have bought based on my income level and debt to income ratio. I have two credit cards with very low limits and I keep it that way. Life is good!

After it is auctioned, they should allow you to buy it for what the dealer offered... What's pathetic, they don't allow you to sell a car that you are upside down on, but they will sell it at auction for 1/2 of what someone would be willing to pay.

That's why my favorite camping and shooting locations are constantly getting littered with brand new shot up and burned out cars. People destroying them, reporting them stolen and letting the insurance company deal with the banks.

I went through this twice. NEVER PAID THEM A CENT. After 5 years it dropped off both times. Ive purchased 2 cars and a house since lol. However ive never been taken to court. I never answered any call or letter they ever sent me. I guess i was lucky lol

Steve, I honestly 'discovered ' RU-vid because of the pandemic!! I love seeing my favorite 'influencers' older videos! You, sir, have changed very little in 5 years!! Tell us your secret! Please!! Peace

I live in Colorado, and remember Tim.Masters as my lawyer was good friends with David Lane. So happy he was able to be freed. I came across this video because I did a Spot Aggreement at Echo Park. on a used 2016 Suburu Crosstrek. It had 8000 miles on it. Was told my payments would be 365.00 a month thru Bellco. But after I had car a week or so, it changed to 440.00 thru Ally. But on the first day, I smelled fuel in cabin, transmission ( CVT) seemed to get stuck in wrong gear often, cheaply made interior, ie Visor broke off, stuff like that, sensors went bad, anyway, thru a series of devastating financial events, I am now pretty much jobless except food delivery, and homeless, living in car with my dog who has PTSD from horrific abuse, health issues. And at end of December, in spite of putting 4 payments at end of loan , I will be 3 payments behind. If I lose car, I lose my shelter, and my dog. Which is only family. I already trashed credit, got it up in the 800's but now it's really bad. Do you have any advice?

My mother in law 80 years old lost her husband . They owed money on this newer Honda, about three times what it was worth. We called the lender and told them to pick it up. In Arizona they couldn't do anything about it. Sure they put something on a cradit report. Think about it for a minute she's 80 years old lives with her daughter on social security. She surely doesn't need any more loans. It's been a couple years now and the banks have done nothing. they got the colateral for the loan and that's all they are ever going to get. The lender may have insured the loan against death of the borrower. It was the best option for the mother inlaw!

Excellent legal advice Steve!!!

File bankruptcy. It's not a big deal and its cheaper than other alternatives.

I have been to one of those auctions in Conroe, TX, even if you win the auction the Bank or Dealership can retract the vehicle. I got lucky and got a 2004 Youkon Denali XL, Every Option with a little over a 100K miles for $2300. There was a huge bag of Lady's shoes and other random things like a NO Contact Repo.

Interesting channel! SUBBED! Very good job explaining things! 👍

GREAT INFO........THANK YOU !!!!!

Solid info! Thank you!

You're amazing Steve!!! Just left you a voicemail✔☺🎉

Thank you so much SIR!!!! You helped me SOOOOOOOOOOOO much :)

When my dad passed away we sold the truck back to the dealer. We lost 7 grand on it, but it was better than dealing with a repo.

After High school I switched from one Honda to another. I went to my insurance company and told them and evidently they thought I was there for a quote. 6 months later after paying my insurance I got in an accident on my 21st birthday. I called my insurance company and they paid for the truck that I hit. I was young It happens. The adjuster came to my house to do an estimate on my car.. He noticed I a different year of Honda than on record. The company refused to pay for my car even though they paid the other guy and I was making payments. So I did a voluntary Repo. 12 years later my paychecks were being garnished. This lasted for almost 2 years. It was horrible.

This really helped me thank you for the Video!

The best solution while not always possible is to buy a car you can afford without taking a loan on it. I'm 45 years old and have never had an auto loan in my life and no I am not well off. The newest car I've owned was eight years old, the most I've ever paid was $7,000.00 for a 2002 Chevy Tahoe that I currently own, it had 88K miles on it when I bought it in 2011 and now has 195K miles on it and still going strong even though I use it very often to two a trailer for my business. Only fools and people with too much money buy new cars. I've put very little in my car as far as maintenance goes. Aside from routine maintenance, oil changes, grease, brakes etc. I've had to change the wheel bearings, ball joints and fuel injectors and that's about it, they too are really maintenance items. A friend of mine bought a top dollar Dodge one ton dully a few years ago for 68K and just the maintenance every year to keep the warranty is ridiculously expensive. I get it that not everyone can work on their own cars but even considering that buying a used one at a third of the cost of a new car usually will save you a huge amount of money in the long run.

I did one , i also filed a complaint with the usa comp controllers office for predatory lending . (Motorcycle) they jumped the interest rate from 8 % to 23 % I asked them to lower back to 8 , they refused .

a lot of great information. thank you. late on a title loan and just dont have the money and they are trying to get me to sign to change date and add more daily interest. im going to try and sell it right away for the loan amount.

I knew a guy, way back then, who once he knew he couldn't make the payments on his high performance vehicle, he swapped the engine with an old one before the bank took the car back.

Lesson I learned here, dont let it be reposed, simply burn it for the insurance, LOL,

What about walking away from a house (giving the lender the keys). I know it happened a lot in So Cal in about 1994, though I guess it doesn't happen often. Probably happened in 2009 too.

I voluntarily turned in my brand new Jeep because I was headed for divorce and a BK. BK solved all the problems you're laying out, screwed up my credit for years, hit rock bottom after the divorce, but the voluntary repo was no problem.