Repo

[5030]

wow, 129 comments loaded with opinion and not much else. Has to be a TBN record.

 

[sunandsand]

Observations on this long-running thread . . .

The majority of the opinions are to pay your bills or at least try darn hard. That encourages me, I'd be unhappy if the majority of the opinions here were ways to weasel out of the debt. It shows me that morality is alive and well on TBN, and not completely dead in this country, although sometimes it appears to be on life support.

No title on my tractor in Florida, I'm not even sure if Kubota included a UCC-1 in the package. No sales tax on agricultural equipment either. ("No, you can't claim a Porsche as agricultural equipment, sir . . . ")

Zero percent financing is tough to decline, especially in inflationary times when we get to pay back the lender in depreciated dollars.

Buy-here-pay-here car lots: Business associate of mine (now deceased) somehow wound up with a buy-here-pay-here car lot, he thought it would be fun (yeah, right) and was attracted by the ability to buy his own cars at the local Mannhiem auto auction (at one point he had SEVEN 80s vintage Eldorados!) and he also liked the idea of a 36% annual return on his investment.

He bought cars because they were "cute". He bought not one, but two Renault Alliance convertibles despite the fact that keeping one running for a week straight was considered the eighth wonder of the world. I told him, begged him to at least read Consumer Reports, and only buy cars that were rated as reliable, and avoid the ****boxes that made the customers unhappy and less likely to pay. He bought more Renaults.

Then there were the managers. Manager #1 hadn't done ten pushups in his life, and it showed. He inherited something like $100,000, and blew it all in three months on lap dancers on South Orange Blossom Trail in Orlando. He was devastated when he was out of money and they wanted nothing further to do with him. He quit.

Manager #2 had TV news anchor hair and bright blue eyes. Except after work the wig came off his very bald head and the tinted contacts came out. At least he was consistent - you didn't get what you saw on the car lot, or when you looked at him. He left town.

Business associate then asked me if I wanted to run it. I declined, I wanted nothing to do with this kind of scummy business, hustling junky cars to people who couldn't afford them at astronomical interest rates, guaranteed ten feet or ten seconds, sorry, not interested.

The guy eventually went bankrupt - which was amazing, because he had been in the money business for half a century and definitely knew his way around - but he didn't know the used car business and got burned.

As Mark Twain said, it is easier to stay out than to get out (which is not limited to business).

Best Regards,

Mike/Florida

 

[CincyFlyer]

I have no loan. Never did.

But - if I did have a loan - I have no reason to doubt what you say.

Nevertheless, here in Missouri tractors have no title.

MoKelly

They have not title, as in the piece of paper that goes with our automobiles and motorcycles. But title is held, when there is a loan. But good if you have no loan; it's when buying from others that we must be wary.

 

[MoKelly]

They have not title, as in the piece of paper that goes with our automobiles and motorcycles. But title is held, when there is a loan. But good if you have no loan; it's when buying from others that we must be wary.

Yep - “caveat emptor, quia ignorara non debuit quod jus alienum emit”.

MoKelly

 

[MossRoad]

Haec paulo porcellum ad forum abiit,
Haec paulo porcellum mansit in domum suam
Et assaturam bubulae hac porcellum
Nullam hac porcellum
Et hoc iam diximus paulo porcellum et vnanimiter omnes equitauimus per viam in domum suam.

 

[goeduck]

What language is that?

 

[sd455dan]

Yep

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.

Sounds like the same thing with people buying houses they could not afford before the last real estate bubble burst..
Sure X we can give you an adjustable rate mortgage and get you in that house you want. See these nice low payments... and the buyer doesn't read the rest of the paperwork and signs, then after the loan is sold and the ARM really goes into effect, they cry foul for their own laziness and lack of doing the required minimum due diligence.

ps. I think some tractors come with a Certificate of Origin , like dirt bikes.

 

[MoKelly]

What language is that?

Latin.

We used to have to learn Latin in Catholic school back in the day. Mass was in Latin.

Latin is a Classical language but, unfortunately, also a dead language.

MoKelly

 

[MossRoad]

My mom taught it to me when I was a baby in church in the early 60's. She'd translate what the priest was saying to English for me by whispering it in my ear. Mass changed in the mid 60's to english when I was 6ish years old. Just one day BOOM! everything changed. In the late 70's it was still an optional language to take in my high school. It was apparently useful to those in the medical field, and sciences.

 

[earljr59]

Here is a different spin I want to share . A friend of mine is a local tree trimmer. A local man had a very nice kubota with a loader on it. One of the 2501 L - 3901 L type, nice low hour tractor. Perfect for use as a clean up tractor. $15,000 was the agreed on price. knowing there is not a title, he took his friend who also helped him on jobs ( a county Deputy actually) out to our local DMV. They said about all he could do was have seller sign a bill of sale with his Deputy friend as witness. So he did this on sellers word tractor was paid for. He was working in town and a local retired state trooper who does repo work for local banks and car dealers stopped and said a bank an hour away in another state ( Evansville,Indiana ) had hired him. They had the loan on the tractor and he was to repo it. After their "talk" the repo man continued searching for the tractor. After exhausting all his options, my friend took his attorneys advice and took the tractor to our Local Kubota dealer to be returned to the Lien holder bank. And yes, he was out his $15,000.