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.
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.
My truck got repossessed but ot was either truck or house. It was a 24 month lease with 16 months owed and haven't heard back from ford credit yet. How do i figure out what i owe? I am in Michigan.
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.
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.
Hi. Thanks for the video. Can anyone tell me if there will be a difference in how bad my credit is damaged IF I recover the vehicle after being repossessed versus if I just pay the deficiency? I co-signed for a truck- there is still a balance of 40K- two missed payments. Ally Bank. Thanks
what if there was a substantial amount of items in your car that were worth decent money and the lender never sent any correspondence about it at all. they never mentioned it in anything they sent me? im from NJ btw
Genuine question I had my vehicle repossessed and said I would make bi weekly payments to get caught up I had 7 months of missing payments to catch I lost my job and tried to call the bank I told them about the situation and then said I could make 2 payments in one month after that I was charged 1000 dollars out of my account so I am concerned that I was wrongly repo’d for this because I had just put insurance on the vehicle again as well
I have a campervan in which I am upside down. I have been consistently about two weeks behind for over a year now. Well. I had a major medical event. Which has really messed with my finances. So as of the 18th of this month I will be two car payments behind. However I have a way to get the payments caught up very quickly. And my financial situation will dramatically improve in about 8 weeks. I will have a second pension that will start on the first of the month in 8 weeks But they do not need to wait 8 weeks for me to get the payments caught up I am asking them to allow me to make an extra payment for the next two months. Then after that my income will double. I called them on the tenth of the month this month, the second delinquent payment is due on the 18th. They told me I would have to call them back on the 19th So, I will call them on the 19th. But they would not say at the time I spoke with them on the tenth if they are going to agree to this or not. My goal after I resolve this is that I want to get the payoff amount down so that I can sell it. Hopefully they will go along with this.
Question: If I "buy" a car with a $40k loan, and make the first payment, but not the next 4... I fully understand how the lien holder can take the car and resell it. But, what if I "buy" a car with a $40k loan, been making the minimum payments for 70 months, and don't pay the last 2. How is it able to be repo'd and resold when it's practically $50 away from being paid off? Is it still able to be repo'd and resold or does the lien holder have to take something else of value about equal to the amount outstanding? Honestly, if I was a bank, I'd be happy to approve loans to people who make 1 to 5 payments and then default so I can keep selling that item again and again and again... if it happens right, I could get paid 5x what it was worth.
They give you the chance cash out whether that is to pay your remaing balance on the loan or to just pay on your past due you just have to add the repo fees that include the towing, storage, and lawyer fees. So no they wouldn't just take it and sell it unless you couldn't afford to pay up to date or buy out the remaining total
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
This is sad, who would have the money to go to an auction if they couldn’t make the payment to begin with😮
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.
I was chatting with my mechanic the other day, and I asked about the cars he has sitting for a while. The owner decided oil was just an added expense.
I had 11 extra large cucumber shaped toys and several bottles of lubricant in the trunk that were never returned
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.
My truck got repossessed but ot was either truck or house. It was a 24 month lease with 16 months owed and haven't heard back from ford credit yet. How do i figure out what i owe? I am in Michigan.
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.
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.
Hi. Thanks for the video.
Can anyone tell me if there will be a difference in how bad my credit is damaged IF I recover the vehicle after being repossessed versus if I just pay the deficiency? I co-signed for a truck- there is still a balance of 40K- two missed payments. Ally Bank. Thanks
That drinking game sounds pretty risky...
what if there was a substantial amount of items in your car that were worth decent money and the lender never sent any correspondence about it at all. they never mentioned it in anything they sent me? im from NJ btw
Genuine question I had my vehicle repossessed and said I would make bi weekly payments to get caught up I had 7 months of missing payments to catch I lost my job and tried to call the bank I told them about the situation and then said I could make 2 payments in one month after that I was charged 1000 dollars out of my account so I am concerned that I was wrongly repo’d for this because I had just put insurance on the vehicle again as well
Isn't it our signature that creates the credits? So zero exchange made between the lender and dealer? Someone gets double paid i feel like
Yep
I have a campervan in which I am upside down. I have been consistently about two weeks behind for over a year now. Well. I had a major medical event. Which has really messed with my finances. So as of the 18th of this month I will be two car payments behind. However I have a way to get the payments caught up very quickly. And my financial situation will dramatically improve in about 8 weeks. I will have a second pension that will start on the first of the month in 8 weeks But they do not need to wait 8 weeks for me to get the payments caught up I am asking them to allow me to make an extra payment for the next two months. Then after that my income will double. I called them on the tenth of the month this month, the second delinquent payment is due on the 18th. They told me I would have to call them back on the 19th So, I will call them on the 19th. But they would not say at the time I spoke with them on the tenth if they are going to agree to this or not. My goal after I resolve this is that I want to get the payoff amount down so that I can sell it. Hopefully they will go along with this.
Question:
If I "buy" a car with a $40k loan, and make the first payment, but not the next 4... I fully understand how the lien holder can take the car and resell it.
But, what if I "buy" a car with a $40k loan, been making the minimum payments for 70 months, and don't pay the last 2. How is it able to be repo'd and resold when it's practically $50 away from being paid off?
Is it still able to be repo'd and resold or does the lien holder have to take something else of value about equal to the amount outstanding?
Honestly, if I was a bank, I'd be happy to approve loans to people who make 1 to 5 payments and then default so I can keep selling that item again and again and again... if it happens right, I could get paid 5x what it was worth.
They give you the chance cash out whether that is to pay your remaing balance on the loan or to just pay on your past due you just have to add the repo fees that include the towing, storage, and lawyer fees. So no they wouldn't just take it and sell it unless you couldn't afford to pay up to date or buy out the remaining total
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.
Banks don’t lend money, they’re in the business of purchasing your securities
can't you just exchange the original note they are supposed to have on file for the vehicle? don't both parties get made whole that way?
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
If you were with bank of America you would not be lucky
16:30 if I had a nickel in the cup holder, can I get my Nickelback?
Stop giving blank endorsements. Look it up ASAP before your next car.
Shouldn’t owe any repo fees, you/I didn’t hire them