Did he have a legit car lot or just wrote the contract for every car he sold?. I'd imagine that 2003 KIA had to have been a colossal shit-box by repo #6 LOL.
I looked at getting into the sub auto market after a friend bought a house with the money he made off of a few cars. I just couldn't bring myself to be part of it. I just felt like I was taking advantage of people in bad places. I'm not knocking people that do it, I just didn't like the feeling of being like a slum lord.
Maybe she thought the kid in the car was a form of "repo prevention", apparently not. They are treading in dangerous waters though, kinda hard to not see a kid in a car seat and going through and taking the car anyway might be kidnapping charges. They are entitled to their collateral back on a defaulted loan but not entitled to take a kid along for the ride!.
A year and a half later, Lee fell behind on her payments and filed for bankruptcy. So she was relieved when the dealership called and offered to make her loan more affordable. The sales manager even promised to throw in a free smog check. Lee, 35, drove back to Repossess Auto on a rainy Monday evening, handed the keys to an attendant and sat down with the manager.
Moments later, she said, employees parked four cars tightly around the Ford, blocking it in.
There would be no new deal. Lee's car was being repossessed. She and her children waited in the rain until a friend could drive them home.
Lee, who described that night as “one of the worst experiences of my life,” had stumbled into the bare-knuckle world of Buy Here Pay Here used-car sales.
Schwarz recalled the first sale he made to a Buy Here Pay Here dealer, in 1997. “He had a loaded .45 on his desk, a trailer and six cars on a gravel lot,” he said.
Tiffany Lee, the single mother who works for the UCLA Health System, went to Repossess Auto in 2009 seeking a second chance of her own.
She said she was thrilled to have a car and kept up on her payments for 17 months. Then she ran into trouble. After missing a third payment on her 2007 Ford Fusion, she filed for personal bankruptcy, which barred the dealer from repossessing the car. The $17,000 loan balance was her largest debt, according to her court filing.
Soon after, the dealership lured Lee back to the lot with the promise of easier loan terms, only to seize the car.
“One of our collectors tricked Ms. Lee to come into the dealership,” head collections manager Shirley Hampton-Crittenden later wrote in a court filing.
Better Business Bureau files show that over the last three years, eight other buyers have complained that the Hawthorne dealership used a similar ruse to repossess their cars.
In sworn declarations, Lee said that when employees blocked the Ford in with parked cars, two of her children were trapped in the vehicle for 30 minutes, “becoming increasingly panicked.”
The dealership responded in court papers that no one was in the Ford when it was repossessed.
Ali Awad, president of Repossess Auto's parent company, did not return calls seeking comment.
Lee got the car back after her attorney complained to the Bankruptcy Court. She also sued the dealership seeking at least $250,000 in damages.
The dispute was settled last week. Lee returned the car, and Repossess Auto forgave her loan. It also agreed to pay Lee an undisclosed sum, her attorney said.
Did he have a legit car lot or just wrote the contract for every car he sold?. I'd imagine that 2003 KIA had to have been a colossal shit-box by repo #6 LOL.
on a BHPH, isn't "repo" simply blocking in the car?
http://articles.latimes.com/2011/oct/30/business/la-fi-buy-here-pay-here-part1-storyb
skel, is this your buddy?
AliensBut why are they agreeing to buy a car that's worth $3K for $8K in the first place?
So I saw this a few days ago, and I'm massively confused.
So a buyer has bad/no credit, they probably deserve higher interest rates due to a greater chance of defaulting. But why are they agreeing to buy a car that's worth $3K for $8K in the first place?
Because they don't have $3k, but they can afford the monthly payment. Or at least think they can.
I should rephrase the question. Why are they buying a $3K car but agreeing for a loan that is $8K in actual principle?
I know a lot of the slimier salespeople will ask you "How much can you afford a month?" to try and get you to buy a more expensive car (or doing a higher interest rate, but longer loan). I usually respond with something on the lines of, it's irrelevant. I only care about the APR and cost of the car.
I should rephrase the question. Why are they buying a $3K car but agreeing for a loan that is $8K in actual principle?
I know a lot of the slimier salespeople will ask you "How much can you afford a month?" to try and get you to buy a more expensive car (or doing a higher interest rate, but longer loan). I usually respond with something on the lines of, it's irrelevant. I only care about the APR and cost of the car.
humm, dont you need paperwork from the bank to do a legal repo? you just can go around with a list start snatching cars can you?
i met a guy last weekend who was down for the weekend. His car was outfitted with these weird looking solar panels. He had 4 (2 on the front, 2 on the back). His job was to locate people who were late or were not making their car payments. He drove down a street and his computer picked up every car's license plate within a block. He showed me his computer screen. Crystal clear. The license plates he picked up were clear as day. When he came across a car that needed to be reposed, he called up the repo guy and he did the rest.
The technology is scary.
Ha, everyone will be preyed upon. It just depends on how many decimal places there are. Have you not seen the millionaire thief shows on tv? Public servants expecting 9% return annually? Stock buyers during the QEinfinity period? The old housing boom? The new GM financial making sub prime car loans? I lost $80K trusting someone that I had known for 15 years. Eff me.poor and stupid will be preyed upon.