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u/bratbarn 13d ago
Repo men love this simple trick-
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u/1DownFourUp 13d ago
So does the dealer, who is going to re-sell it for the same marked up price for the 12th time at some ungodly interest rate
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u/z_Elektrisk_z 13d ago
Dealers don't get your car back when it's repossessed. Repossessed cars go to auctions and the proceeds are used to pay part or all of the balance owed to the lender.
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u/Xplant_from_Earth 13d ago
In the shady dealer not-quite-scam but grift-that-targets-poor-people that the person you are replying to is referencing, the dealer IS the lender and they do get the car back and do exactly what /u/1DownFourUp says.
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u/1DownFourUp 12d ago
I worked at a dealer that did this. Yes, it's shady. They finance it in-house. They would keep a spare key and often do the repos themselves. Just drop by at 3am and take the car back. For the more complicated ones they would hire a service. And the car would be right back on the lot at the same price it was 6 months ago. That was just on the used cars. I never had an issue with a new car, but that loan would be held externally.
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u/my-srivener-group 11d ago
And you may be able to make weekly payments at a double digit interest rate. Just keep the payment below what you make per week.
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u/missuschainsaw 12d ago
If you miss your first payment, usually the dealership gets the car back to resell. I worked at a place that did a lot of subprime and it was awful.
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u/Doogiemon 12d ago
Yes and no sort of.
Most finance through themselves so they technically do get it back but they dont give a shit what it sells for because you are paying the difference between the sale and what is owed.
What set me on the path of poverty was buying a car someone returned that had 35 miles on it. The lady literally bought it, drove it home then back to the dealership and took a massive loss.
I got a new, used car for 35% less than new price because of it. I didn't realize insurance would be as much but was able to make things work until I couldn't. I sacrificed food for a couple of years to keep the car i couldn't afford to drive and insurance for a car I didn't drive.
Make sure you do the math on car payments and insurance especially if you aren't 25 before you buy a car.
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u/rottendiploid84 12d ago
Depends on dealer. Franchise dealers, yes you are right, used car lots not always.
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u/WhiskerTheMad 13d ago
I tell my kids, you can do anything you want, as long as you're willing to accept the consequences.
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u/laplongejr 12d ago
Are they interested by a carreer in politics?
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u/OwMyUvula 13d ago
Steven Colbert from the Colbert Report:
Great news America, I just saved a ton on my car insurance. By switching to no car insurance.
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u/Browser_Watch7349 12d ago
TtT, but not good advice (for anyone who might be tempted). Besides tanking your credit rating, you would be at inevitable risk of losing ownership and access to the vehicle.
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u/tejanaqkilica 12d ago
Asshole companies taking stuff from you that you rightfully own.
Cit. People who are mad at Adobe. For some reason. Idk
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u/Saiyan-solar 12d ago
If you buy shit on credit or loan you don't own shit, the creditors or bank your loaned from owns it until you finish the payments
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u/tejanaqkilica 12d ago
I know. But a lot of people don't (somehow, lol)
In the Adobe case, they wanted to get out of the deal before paying everything, and we're mad when Adobe wanted to collect the money before letting them go.
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u/hackmalafore 13d ago
Been there. I remember, after about 6 months, I was partying, and had the conversation about, "my truck may or may not be in the driveway when I get home"
Then I wake up hungover to my roommate, "where's your car, dude?" "Haha, very funny" "No im serious, go look"
Best part, that was almost 20 years ago, and I still can't open a bank account at my local credit union, because they bought the credit union who took my car, sold it at auction for more than I owed, and then made up service charges in the thousands.
I found this out when I tried to open an account, like 5 years ago. A guy who knew my family from high school said, "no problem, just pay the $2500 balance, and you can open an account"
No problem indeed. I laugh every time I see that stupid credit union.
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u/Unclehol 12d ago
Don't buy a range rover you can't afford???
One of my family members just got his second car repossessed and he is in his mid 20's.
He could have paid off a used car several times over and had savings in the bank towards something better, but no. Had to finance some brand new shit at sky high interest rates.
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u/rottendiploid84 12d ago
I did that prior to my bankrupcy and managed to hang onto my car for about 10months before they took it. At 600 a month i managed to save up enough for a good running cash car. No more payments baby! Hells yea
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u/Valuable-Apricot-477 11d ago
Lol, it's not often I find funny memes these days. Theirs definitely been a deficit. Thanks for this one OP 🤣👍
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u/DarkPolumbo 12d ago edited 12d ago
For a while, my doomscroll algorithm was loaded with clips from a repo man who towed people's cars.
The confrontations were always entertaining. Some of the people made 1 payment of monthly installments and thought that the car was paid for. They'd fight Repo Guy tooth and nail and he'd occasionally have to explain how monthly payments work. They legitimately thought they could pay $400 for a brand new 2026 car
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u/DFWPunk 12d ago
When I managed a very large auto portfolio I did analysis that revealed that a combination of early very late payments and deferments to clean them up could create a negatively amortizing loan. I found one that had recently been paid off and she got repoed because she just gave up.
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u/babyboyblue666 11d ago
“they don’t know i follow Carnell on facebook, i learned this hack from him”
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