Look up the PDF file called The Nature of Money by Alfred Adask. Start at the bottom of page 59. The loan company takes the repo, sells it at auction, files the balance at the end of the year as a loss and then tries to sue you for the same loss, without a title. Guess what? If they don't have the title they can't take you to a court of law! Read the UCC codes!
This is a very good and basic demonstration of the whole "car repo and being sued for deficiency" of car dealerships and bank loans.I'm being sued right now for deficiency. I paid off half of what the car was worth, probably 3/4 paid off,not to mention i installed a newly used motor for 2700, brand new radiator for 300 and a new tire for 100. All that money down the drain and the bank just won't lay off and be happy with what they have after the repossession. makes me sick.I do need help here.
Look up the PDF file called The Nature of Money by Alfred Adask. Start at the bottom of page 59. The loan company takes the repo, sells it at auction, files the balance at the end of the year as a loss and then tries to sue you for the same loss, without a title. Guess what? If they don't have the title they can't take you to a court of law! Read the UCC codes!
lordonus 2 months ago
Now, a question to the "young couples". Why don't you buy used cars, repod, for example? You'd save thousands...
An owner of a 10 y.o. VW.
Katalupt 4 months ago
This is a very good and basic demonstration of the whole "car repo and being sued for deficiency" of car dealerships and bank loans.I'm being sued right now for deficiency. I paid off half of what the car was worth, probably 3/4 paid off,not to mention i installed a newly used motor for 2700, brand new radiator for 300 and a new tire for 100. All that money down the drain and the bank just won't lay off and be happy with what they have after the repossession. makes me sick.I do need help here.
Reeda1414 1 year ago
Best vid on Utube... run for prez...
LadyTai7 1 year ago
Very interesting. I'm considering what to do if it comes to not being able to make the payments next year. Glad I watched!
strategicatch 2 years ago