Repo

[MoKelly]

The lawyer told me you would have to do a lien search in every county in every state with every possible version of the owners name you could think of.

John Doe

John A Doe

John B Doe

J. Doe

Etc etc etc

When it comes to legal stuff.....there is the way you think it should be and, to use a legal term......

it is what it is........pay me.

Well - that’s not easy! I guess at least you can do one on the county the guy lives using the name on his driver license.

MoKelly

 

[BX23S-1]

OP has only made one post, no follow up.

Yeah i don`t think he/she will be back. I`m guessing he/she didnt like what they were reading in the comments & replies to their question.

 

[Varmintmist]

Ok then tell me two things how financial institutions still finance 6+ figure thngs with double digit interest rates when the debt to income ratio is so upside down? How do people think they can afford expensive material possessions then actually get p-off when it gets repoed? I'm sure most have fallen on hard times but
have lived in there means so survived without hits on there credit. I wish they taught a better personal finance class in highschool so kids who's parents that don't care about paying bills on time might actually learn something and be a little more financially responsible. It's amazing what an average person can responsibly afford with good credit and very low or non-existent debt.

They lend at double digit interest rates because the debtor has garbage credit. They make their money up front, then sell the loan. As long as the debtor makes (pulling num out of butt) 20% of the payments where the entire payment is interest, they dont lose.
How do people think they can afford XXX? Because they were brought up being told that debt is OK for everything and when they take the loan they are told that they can afford the payment. Being able to afford the payment has nothing to do with being able to afford the item, but they want it and were told by other people who havent got a clue that they deserve the toys because they can take on air. When they find out that no one owes them a thing, they get get angry. College debt, EG.

 

[fishheadbob]

This original poster made one dumb post 13 pages ago. We certainly have run with it though.

 

[jjeff]

They lend at double digit interest rates because the debtor has garbage credit. They make their money up front, then sell the loan. As long as the debtor makes (pulling num out of butt) 20% of the payments where the entire payment is interest, they dont lose.
How do people think they can afford XXX? Because they were brought up being told that debt is OK for everything and when they take the loan they are told that they can afford the payment. Being able to afford the payment has nothing to do with being able to afford the item, but they want it and were told by other people who havent got a clue that they deserve the toys because they can take on air. When they find out that no one owes them a thing, they get get angry. College debt, EG.

I understand what your saying it was mostly a vent of me getting p-off seeing folks that make good money live irresponsibly, when other people struggle to make a mortgage payment. I knew of a few people that defaulted on student loans, doing so has more consequences than defaulting on a car or tractor loan imo you do not want to owe the federal government money.

 

[rademamj1]

This original poster made one dumb post 13 pages ago. We certainly have run with it though.

The OP may indeed be a long time forum member, but created a new account just for this one post. I agree with you, the members have throughly discussed tractor loan defaults and recommended some very good advice. Hope the OP found some useful information. I know I learned alot.

 

[cbjustdooit]

I had a friend that moved out of state for a new job, just in time for the company to go belly up.
He spent everything he had in the move. He took a 2 year old boat with him that he was making payments on...fell 2 months behind, and the bank kept calling. In our state the bank cant touch it until it goes 3 months. The bank then took his next payment and applied it to the current month, allowing one payment to hit the 3 month mark. They Repossessed it, and somehow lost it for 2 years before selling it at auction. Someone used it until it was completely trashed, putting over 1500 hours on it, then they sold it at auction for under $1000.00... he was still on the hook for the $36,000 note.

Find a way to pay your bills, or come to an agreement with the bank soon.
The house always wins.

 

[kenmbz]

OP was only on once, just to do this post and never came back.
Wonder if they even saw any of the posts.

 

[hube2]

OP was only on once, just to do this post and never came back.
Wonder if they even saw any of the posts.

If did change notification settings they the OP got the first response in an email and that was about it..... that is if this wasn't someone that created a second account just so that they could post this questionable topic.

Overall, I'd have to agree with most of what's been said though. Contact the lender, they really don't want to deal with repo'ing something any more than you want it repo'd. The only time this is not going to be the case is when they can potentially sell it for more than what you owe, like a house.

Yes, you could end up paying the difference.

A little story. When I was young I bought a car, then I lost my job and could not pay for said car. I told the bank to come and get the car, which they did. They sold it for 1/4 of what I owed and they filed a "judgement" on my credit and turned over the difference to a collection agency that hounded me for years. This "judgement" made my credit rating crap for a long time. These types of things will be removed from your credit after time, usually 7 years, or at least that was the case back then. When I was back on my feet I slowly paid off the collection agency, however, and here's the kicker, every time I made them a payment it extended the time that the judgment appeared on my credit to 7 years from the date of that payment. In the long run I would have been better off to tell the collection agency to go pound salt and they would never get their money, but I was raised better and believe in always paying my debts.

It's been 30+ years and things may have changed since then.

Before I gave up the car I had actually worked out a deal with the bank to just pay the interest and it was not affecting my credit at all. While I would have ended up paying much more than the original loan this way it would have cost me far less in the long run than it eventually cost me. Not only the money but the fact that I was unable to get any credit for a very, very long time.

Ahh, remembering the stupid things you did when you were young.

 

[MoKelly]

If did change notification settings they the OP got the first response in an email and that was about it..... that is if this wasn't someone that created a second account just so that they could post this questionable topic.

Overall, I'd have to agree with most of what's been said though. Contact the lender, they really don't want to deal with repo'ing something any more than you want it repo'd. The only time this is not going to be the case is when they can potentially sell it for more than what you owe, like a house.

Yes, you could end up paying the difference.

A little story. When I was young I bought a car, then I lost my job and could not pay for said car. I told the bank to come and get the car, which they did. They sold it for 1/4 of what I owed and they filed a "judgement" on my credit and turned over the difference to a collection agency that hounded me for years. This "judgement" made my credit rating crap for a long time. These types of things will be removed from your credit after time, usually 7 years, or at least that was the case back then. When I was back on my feet I slowly paid off the collection agency, however, and here's the kicker, every time I made them a payment it extended the time that the judgment appeared on my credit to 7 years from the date of that payment. In the long run I would have been better off to tell the collection agency to go pound salt and they would never get their money, but I was raised better and believe in always paying my debts.

It's been 30+ years and things may have changed since then.

Before I gave up the car I had actually worked out a deal with the bank to just pay the interest and it was not affecting my credit at all. While I would have ended up paying much more than the original loan this way it would have cost me far less in the long run than it eventually cost me. Not only the money but the fact that I was unable to get any credit for a very, very long time.

Ahh, remembering the stupid things you did when you were young.

I’m not so sure you were stupid for trying to do the right thing.

What I learned was the laws/rules were made by people who were stupid and failed to understand how things should work in the real world. Their rules made doing the right thing hurt the very person doing the right thing.

How does that make any sense?

MoKelly