Repossession Question

Isn't that the guy who can suck his own dick?

Never finance.
You're welcome.

>>17813961
>Buying cars in cash instead of using your cash on hand to make smart investments that will outpace the interest rate 10x over
I seriously hope you guys don't do this

>>17813968
bread on financial agreements and investment portfolio

>>17813950
Ever bothered to call your bank and work something out?

It's more profitable for the bank to get its full pound of flesh than try to repo it, so they'll almost certainly work something out with you.

>>17813991
Not really. Interest is always front-loaded so they make maximum profit. After a certain repayment threshold it's more profitable to repo something and resell it at auction than it is to work something out.

However banks are obliged to make reasonable arrangements if a financial situation changes or they're not following responsible-lending legislation.

>>17813961
Didn't exactly have 18 grand to drop at once at the time.

>>17813991
My bank was closed by the time I realized it had been two months of partial payments. I'm going in Monday morning.

>>17814036
>Didn't exactly have 18 grand to drop at once at the time.

Here's a wild idea

>save up money
>buy old car for 2 or 3k
>use remainder of budget to do initial fixes and then just do basic maintenance
>dont end up with debt like a retard

>>17814036
You didn't need a 18 grand car then.

>>17814054
>>dont end up with debt like a retard
>have no history of paying debt
>can't get a mortgage
oh well, not like owning property is a good investment or anything

>>17814059
>paying something off that can be taken away from you any moment since the place financing actually owns it

Funny, that doesn't sound like ownership if someone else owns it and can take it away from you.

Also if you need to take out a loan, maybe try taking out one that you're actually capable of paying back?

>>17814059
>parents never got a car loan
>i never got a car loan
>friends have never had a car loan
>never known anyone with a car loan
>have been able to get home loans just fine
gee thats weird huh

>>17814076
only people i know with car loans are poor people who live in government housing, not exaggerating

>>17814068
>if you need to take out a loan, maybe try taking out one that you're actually capable of paying back?
That idea is beyond OPs comprehension.

>>17814059
If you wanted to build credit you could have got a personal loan for a shitbox or a credit card to use exclusively for maintenance

Carrying a large balance, or any balance, does not improve your credit score. CARRYING A BALANCE DOES NOT IMPROVE YOUR CREDIT SCORE.

Neither does borrowing more than it seems you should (ie: maxing out your card even though you pay it back every time)

>car
>a good investment
HAHAHAH HEHEHEHE LOLOLOL. The only sound investments in the automotive world are dilapidated classics owned by people who don't know what they got and are open to tire kickers. And even then, the investment isn't the property, but the work you put in to restorign it.

>>17813961
Stop changing your fucking name to evade filters and bans

>>17814097
he said a house was a good investment

>>17814007
Generally its still more profitable for them to work something out then spend money on a repo, then figure out what to do with the car, then sell of the 3800 in debt they can't recover.

Some lenders, and dirt lots do make money of repos and that is their business, but I don't know of any major bank like that.

>>17814036
>I'm going in Monday morning.
Banks closed retard. Park at a friend's house until it gets worked out.

>>17813961
Stop fucking namefagging

>>17813968
>>Buying cars in cash instead of using your cash on hand to make smart investments that will outpace the interest rate 10x over

I like this meme.

>Friend wanted to finance a $40k (realistic) dream car
>Everyone (including me) convinced him to just buy a beater and save for 3-4 years until it costs $10-15k used
>He died 2 years later

I'm still against financing but every day could be your last, do things while you still can.

>>17813968
Bitcoins amirite? Im a bitmillionaire myself.
I'll just withdrawn them from my atm right n-
oh....

>>17814059
Owning a lot of real estate is a good investment, yes. Donald Trump knows this.
Owning one house, however, is not an investment. You don't know what the market is going to do and you'll be lucky to make back what you spent paying off and maintaining the house.

>>17814338
At the same time, don't make bad decisions because you could conceivably die tomorrow.

>>17814334
>i'm a wall street pro gimme five bucks in stocks and i'll make fifty grand

Yeah, sure. There's not a reliable investment out there that will outpace interest+extra insurance coverage until you start investing millions.

>>17814334
bread on financial agreements and investment portfolio