I just got back from my dealership and the repo man was there dropping off 4 Street Glides from a trailer. From what I was told this is a common regular event there. They drop the bikes off at the dealership to get the things reset so they can start them. I guess they need new key fobs too. After the dealer gets them running again like from the factory, they pick them up to take to the auction. The guy told me that some people buy these bikes knowing they can't afford them and then just ride them for a few months before the repo man comes and gets them. I wonder what they get for these bikes at the auction?

 

Same for cars, boats, homes, well, you get the idea.

I work for a financial firm and we see that all too often...plain and simple it's fraud.

Then others complain that they are getting raked over the coals with respect to high interest rates and fees...if they can get credit at all.

But not to worry...with what the current White House administration has planned, credit problems will take on an entirely new look.

 

When my dad died, he had a loan on his truck. Well, I couldnt make the payments on it, so we let it get repo'd/auctioned.

It auctioned for 8000 less than what we owed. So Chrysler Financial made us (my dads left over estate) pay the deficiency.

How can people buy things and let them get repo'd and auctioned, and then not be responsible for the deficiency when they auction for less than what is owed?????

 

When they have nothing to take.

 

Maybe they are responsible for the difference, but if they don't have any money that they can take from them, I guess they get away with it.

 

Lending money to people who can't pay it back is the reason Harley's financial division is in trouble.

 

They can't "take" anything..but can put a lien against you so when you do sell your house they get thiers first. Your wages can't be garnished except for taxes or other tax debts...anyway, thats how I understand it.

 

I used to be a Repo Man, one of the best jobs I've had. It was a blast.

 

And alot of Mortgage company's an Banks

 

Everyone that get something Repo'd or Foreclosed on didn't go in the situation knowing that it wouldn't work out. Some times bad **** happens to good people.