There needs to be a more comrehensive financial income checks.
http://www.usatoday.com/money/autos/2008-02-13-repo-man_N.htm
http://www.usatoday.com/money/autos/2008-02-13-repo-man_N.htm
Is the repo man coming after you?
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Part of me sympathizes with the banks that finance these marginal credit loans but I then do not have pity when they charged 18%-29% APR to begin with.
My daughter and her new husband have about the worst credit and yet still get a new car loan on a Grand Prix. Made a bet with my wife that it gets repo'd within six months.
Hootbro
My daughter and her new husband have about the worst credit and yet still get a new car loan on a Grand Prix. Made a bet with my wife that it gets repo'd within six months.
Hootbro
Have convinced myself the typical maroon who lets their car get repoed is the same maroon who can't figure out a simple repair or spot of maintenance... then impulsively buys a new or nearly new car on credit because their old one is flaking out... They ask the salesperson how much they qualify for, then blindly follow...
I have a friend that is a Repo guy. He's swamped with Volvo's, Mercedes and BMW's now since the bottom fell out of the Real Estate market.
It's like they think the salesperson is there to look out after their interests.
Who would have ever thought that may not be true? <-sarcasm
Who would have ever thought that may not be true? <-sarcasm
Originally Posted By: Hootbro
Part of me sympathizes with the banks that finance these marginal credit loans but I then do not have pity when they charged 18%-29% APR to begin with.
Hootbro
I don't feel bad for the customers. The customers put themselves in that position in the first place. Pay your bills and you won't have to worry about high interest rates.
Part of me sympathizes with the banks that finance these marginal credit loans but I then do not have pity when they charged 18%-29% APR to begin with.
Hootbro
I don't feel bad for the customers. The customers put themselves in that position in the first place. Pay your bills and you won't have to worry about high interest rates.
You would be surprised at just how 'Cash Poor' some people are who drive a BMW, Lexus, Volvo's, Mercedes, Audi....etc, etc.
Some repo men are so stupid, they take the wrong car.
Yes, it happened to my sister. She was living in a complex of duplexes, the brain dead repo guy takes the first maroon Subaru wagon that he sees.
She thought her car had been stolen. After the police checked the repo list, they noticed that a maroon Subaru had been reported as repo'd that morning from that complex, but with a different VIN. The police had to convince the moron that he'd taken the wrong car... and he tried to argue with them that he hadn't. How could have he verified the VIN number, then taken the wrong car?
After he was advised that his stellar stupidity was auto theft, and that my sister was pushing to have him charged with that, he promptly returned the car.
This idiot is a Darwin award winner in training.
Yes, it happened to my sister. She was living in a complex of duplexes, the brain dead repo guy takes the first maroon Subaru wagon that he sees.
She thought her car had been stolen. After the police checked the repo list, they noticed that a maroon Subaru had been reported as repo'd that morning from that complex, but with a different VIN. The police had to convince the moron that he'd taken the wrong car... and he tried to argue with them that he hadn't. How could have he verified the VIN number, then taken the wrong car?
After he was advised that his stellar stupidity was auto theft, and that my sister was pushing to have him charged with that, he promptly returned the car.
This idiot is a Darwin award winner in training.
Originally Posted By: LT4 Vette
You would be surprised at just how 'Cash Poor' some people are who drive a BMW, Lexus, Volvo's, Mercedes, Audi....etc, etc.
You wouldn't believe the number of people that have these huge houses, and not a bit of furniture inside of it.
Why? They dump all their money into the house, and then can't afford any furniture.
You would be surprised at just how 'Cash Poor' some people are who drive a BMW, Lexus, Volvo's, Mercedes, Audi....etc, etc.
You wouldn't believe the number of people that have these huge houses, and not a bit of furniture inside of it.
Why? They dump all their money into the house, and then can't afford any furniture.
Actually, that's not a bad move.
The house will appreciate.
The furniture will not.
The house will appreciate.
The furniture will not.
Well, I should say the house will usually appreciate
Might be the right time to go buy a slightly used vehicle. If things go well in my business I might be in the market for a economy pickup. Where do the repo's end up?
java--- Yep that's right, it don't always appreciate.
Here's a strange totally alien idea, how about save your money and buy the car you can afford with cash. Take my word for it, it is a completely different feeling when you lay down the cash.
As for the folks who have over extended themselves keeping up with the Joneses, greed will get you everytime. I do not feel sorry for them nor do I feel sorry for the bloodsuckers that got ten times more house than they can pay for.
Here's a strange totally alien idea, how about save your money and buy the car you can afford with cash. Take my word for it, it is a completely different feeling when you lay down the cash.
As for the folks who have over extended themselves keeping up with the Joneses, greed will get you everytime. I do not feel sorry for them nor do I feel sorry for the bloodsuckers that got ten times more house than they can pay for.
People need to be smarter about what they buy, but for some people repossession is just a normal, expected thing. Also, dealers kind of create the situation.
In Birmingham, AL there is a place that finances bikes...as in crotch rockets. People go get them in the summer, then when it gets to cold to ride, they just stop making the payments and the bike gets repossessed.
Around here you see commercials all the time that say "everybody rides" and "instant approval," or "everybody deserves a second chance." On Tryon St. they slap stickers that just say "$99" on the doors of new Suzukis luring people in by telling everyone they can afford a new car. The fact is that some people just can't pay for a new car, but dealers promise them everything all the while knowing they will be repossessing the car later (they have to know what's going to happen).
In Birmingham, AL there is a place that finances bikes...as in crotch rockets. People go get them in the summer, then when it gets to cold to ride, they just stop making the payments and the bike gets repossessed.
Around here you see commercials all the time that say "everybody rides" and "instant approval," or "everybody deserves a second chance." On Tryon St. they slap stickers that just say "$99" on the doors of new Suzukis luring people in by telling everyone they can afford a new car. The fact is that some people just can't pay for a new car, but dealers promise them everything all the while knowing they will be repossessing the car later (they have to know what's going to happen).
Originally Posted By: hi-miler
Might be the right time to go buy a slightly used vehicle. If things go well in my business I might be in the market for a economy pickup. Where do the repo's end up?
Start out with your local banks and Credit Unions. Some of them will list the repo's right on their websites. They aren't in the car business and don't really want them. If you can strike a reasonable deal with them, they'll send it home with you.
When I was in the market for the Silverado that I drive now, my credit union had a nice Sierra that they had repo'd. Only reason why I didn't buy it was that it had hail damage.
However, when I went to talk to them about it, I asked if I could drive it. The lady said sure, and handed me the keys and a set of Illinois license plates with the word "REPOSESSOR" on the top in big bold letters.
Let me tell you about the looks that I got when I was driving in traffic in that truck. Some folks looked at me like I was the grim reaper, and I was in town for a long holiday..... It was a fun afternoon.
Might be the right time to go buy a slightly used vehicle. If things go well in my business I might be in the market for a economy pickup. Where do the repo's end up?
Start out with your local banks and Credit Unions. Some of them will list the repo's right on their websites. They aren't in the car business and don't really want them. If you can strike a reasonable deal with them, they'll send it home with you.
When I was in the market for the Silverado that I drive now, my credit union had a nice Sierra that they had repo'd. Only reason why I didn't buy it was that it had hail damage.
However, when I went to talk to them about it, I asked if I could drive it. The lady said sure, and handed me the keys and a set of Illinois license plates with the word "REPOSESSOR" on the top in big bold letters.
Let me tell you about the looks that I got when I was driving in traffic in that truck. Some folks looked at me like I was the grim reaper, and I was in town for a long holiday..... It was a fun afternoon.
Its funny you should mention the large houses with no furniture. They just built up a big new subdivison up the road with $500k plus houses, I drove through there one evening to check it out and lights were on and they were empty, people were living in them. The garages were empty, nothing in them, a table and chairs in the windows and that was about it. Funny in a weird way, but the truth.
haha this is how one manufactures debt, puts people on their knees, unwittingly converting them to slaves and destroying an economy and it's currency. This is exactly how....
In the drive thru line this morning at Micky Dees the woman in front of me used a credit card for her coffee. We don't have $2 cash to pay for a cup of coffee ?
I've seen people get shut down at the ATM and then pull out a credit card for a cash advance. Best one was the guy with an Escalade that happen to. It was around 8:00 pm and the the Mac card, Visa and AMEX all said no dice when he tried to access money off them. Must hurt when it is a Friday night your dressed to go out for the evening with no cash and no credit to impress your date.
I've seen people get shut down at the ATM and then pull out a credit card for a cash advance. Best one was the guy with an Escalade that happen to. It was around 8:00 pm and the the Mac card, Visa and AMEX all said no dice when he tried to access money off them. Must hurt when it is a Friday night your dressed to go out for the evening with no cash and no credit to impress your date.
It amazes me that in the USA, a country founded on individuality, certain people have created some conformist code that if you don't own a certain size house, and a fancy car, you failed to be a good American citizen.
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I don't get it. People in the USA shouldn't be giving into those ideas.
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I don't get it. People in the USA shouldn't be giving into those ideas.
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