Nice thread bump but I think the difference is that you probably had to pay taxes on what was written off, not what they got at auction. Basically if you owed 20k and they only got 5k, then you had 15k in income, not that you owe taxes on the 5k they made. You're basically taxed on whatever they wrote off.What people don't understand is if a vehicle is sold at auction from a repo it is classified as income. This could put you in a higher tax bracket. I volunteered had my Tacoma repoed while wife was fighting cancer then years later i get a letter from IRS i owe taxes on sale of my truck.
Bad credit can hit any one any time. My dad had stellar credit in the 90's then my mom got cancer. It started with skin cancer a she was in remission for a bit, then she got breast cancer that metasticised to bone cancer. My moms insurance wouldnt pay because they said it was a pre existing condition, while he fought the insurance my mom needed treatment so he had to pay cash, cancer treatment is very expensive so after draining his retirement and selling both of his rental properties he started falling behind on some bills which destroyed his credit, he had to make a descion pay for my moms meds of pay the phone. What would you do if this was your spouse or child? Would you call that a deadbeat? Before my mom got sick he had never missed a payment, in fact all the utility companies returned his deposit. One event can change you life completely, learn the facts before you judge.Originally Posted by dishdude
Now that's quite the story! I hate deadbeats, repomen and banks that extend credit at ridiculous terms to people that shouldn't have any credit...so everyone except you lost on this deal and I call that a win.
Honestly, blocking it in because they know it's gonna be repoed isn't cool, but I disagree that people shouldn't be offered credit. I have lousy credit but I haven't missed a single payment on my 2010 Escape.