I knew that auctions do not “yield the value of the car” but that is a place to take a chance on a car that you normally could not afford. as long as you are able to do your own repairs. love your videos, always an education in the system.
I have years of experience in credit. I was conducting credit training for trade creditors and taught the use of security agreements. I advised the class not to read the security agreement because if they did they could not in good conscience require your customer to sign it.
I actually have known people that took out a loan on a car and thought making the payment was an option, then they could not understand when they went outside in the morning and the car was not there.
That "overnight sensation fee" can be brutal. With the exception of some shady buy here, pay here places, normal lenders never come out ahead by repossessing a car. As much as you don't want to talk to them, and knowing they are going to try and make you feel bad, talking to them can slow down the repo. Send them something, even if it is not your full payment amount. Ask them to waive some late fees. They are more eager to work with you than you think they are when that jerk calls you to intimidate you. Offer them whatever you can and more often than not, they will at least attempt to keep you in the car.
When I was a kid I had a repo in my early 20s. The attorneys for the finance company we're 15 minutes late. I filed a motion to dismiss without prejudice and that was that.
So after getting that letter stating that “hey you owe us this much xx,xxx after the vehicle was sold at an auction” can you setup a payment plan before they start taking legal actions like suing you? I’m asking because my childhood friends car just got repo.
My lender set up a payment plan with me. I payed $100 the day I found out my car was repoed and the rest of it 5 days later. I was lucky. But some arent as lucky
