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Why do so many auto dealerships and banks want to repossess vehicles so early for hardly any reason?
25th 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 (4)
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They get a down payment from you – they get a few payments from you – they get the
interest from you – -then they repossess the car – find another likely candidate sell the
car again – get another down payment – get another few payments, get some more interest
so what have they lost – really nothing – just more money with the same old car -
The banks write off the old balance you owe and the dealership puts through the new
buyer to the same bank – they get some money also (again)
Comment by KlemKiddleHopper — May 25, 2011 @ 4:14 am
When a lender repossess a car, they normally sell it at auction for whatever they can get. They then sue you for the balance of what you borrowed against the car. Your obligation to pay the loan, does not end when the car is repossessed. It ends after you satisfy the original loan, regardless how little the car sold for at auction.
Comment by gosam777 — May 25, 2011 @ 4:14 am
Because the longer they delay, the less their security is worth.
Not like a mortgage where the security increases in vbalue.
Comment by wizjp — May 25, 2011 @ 4:14 am
4 times now. Enough.
Comment by Common Sense — May 25, 2011 @ 4:14 am