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Why do so many auto dealerships and banks want to repossess vehicles so early for hardly any reason?
29th May 2011
was reading in the news..how they will send a person with a tow truck to take your vehicle at the very first signs of not paying your bills on time and one time it was over the dealership saying that there was a dispute over the interest rates of the loan.
why they would gain from giving out a loan and then repossessing the vehicle? how common ?
and when became this way? and how in Britain vs USA? what many do after their vehicle has been repossessed and why?
please explain what you can
thanks for your answers!
Posted in: Auction FAQ | | Comments (2)
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The truth is that in the USA, bank really do not want to repossess your car. What they really want is the money that you borrowed from them. A repo is more often that not a losing proposition for the bank. They have to pay to repo the car. Then they sell it at auction and bill you for the shortfall. But if you had the money in the first place, you probably wouldn’t have defaulted on your loan. So they have to sue you, get a judgment and try to collect. Believe me…they would MUCH rather get you current.
Comment by Jay P — May 29, 2011 @ 6:38 am
Asking 3 times doesn’t help. The answer won’t change.
Comment by Common Sense — May 29, 2011 @ 6:38 am