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bluefete wrote:A lot more people than you would expect are into these 7 year loans for cars.
Banks making a killing on people's lack of financial knowledge.Les Bain wrote:The way I felt about my car 3 years after paying off a 4 year loan, I can't see how anyone would find favour in those 7 year loans.
Monk BANzai wrote:Thanks 88... again..its not someone i know..but some gents on another forum swearing by the hand of God/Allah/Harri-Krishna that once a certain time passes the banks/institutions cannot process you for a defaulted loan. The fervor with which they made their cases made me wonder and question...
Monk BANzai wrote:nteresting part about the bailiff coming into your premises to seize though. If said Bailiff is damaged via 3line chap/pothound bite/red woman wrath/random Bilna or Tawa decapitating him/her...the loanee pays for such?
88sins wrote:Monk BANzai wrote:Thanks 88... again..its not someone i know..but some gents on another forum swearing by the hand of God/Allah/Harri-Krishna that once a certain time passes the banks/institutions cannot process you for a defaulted loan. The fervor with which they made their cases made me wonder and question...
the bank has the option to either sell the debt to a debt collection company such as credit chex, av knowle, etc. (seen debt sell for. 25 cents on the dollar btw, and if they buy it, then the borrower now owes them, and they do all that they can to collect, like issuing a bad credit rating for the borrower so they ketch hell get financing in d future, levy, etc), or the bank can write down the debt as a bad debt expense and use it to offset taxation payable at the end of the year (in which case the bank still gets value from the outstanding debt and the borrower still gets a negative credit rating). Pay attention to this next, cuz this is where it gets a bit tricky.
Its if they the bank sell the debt to a third party, you the borrower are under absolutely no legal obligation to repay that debt to that third party for several reasons, not the least of which is because you made no agreement with them to borrow any money from them or to repay any monies to them, another being that if you pay them the full amount outstanding they are gaining monies from you that is far in excess of what buying your debt cost them without fairness or justification, another reason being in that they bought the debt and not the security tied to the debt (the vehicle), and several other reasons that I won't go into detail on cuz it would take too much typing.Monk BANzai wrote:nteresting part about the bailiff coming into your premises to seize though. If said Bailiff is damaged via 3line chap/pothound bite/red woman wrath/random Bilna or Tawa decapitating him/her...the loanee pays for such?
borrower remains liable, as long as the original loan agreement with the bank remains with the bank when the repo man comes a-knockin. because if the borrower didn't put the banks property in a place where the repo man would be at risk of being injured or killed, he would not have been. so the repo man's injury or death will be considered a direct and intentional result of the actions of the borrower, thus his being held liable for it and any and all costs incurred as a direct result of putting the property where he did. Basically, it's simply the legal version of the laws of causality.
if the debt is sold and the repo man of the third party gets damage, he can then take that up with the ppl that sent him, or the ppl that injured him, either one, but you are not directly involved or liable even though you put the property where the repo man had to go to get it.
It have loopholes, but the way you access them and what loopholes are available is what dictates the outcome.
88sins wrote:knowledge is correct, but it's knowledge that debt buyers would really prefer the public be unaware of. Because if everyone was aware of this then absolutely nobody would pay these third party debt buyers, and they wouldn't make the money they do. Look at it like this example.
You buy a million dollar debt for 50K from the bank, and then proceed to instruct your workers to pester and threaten the borrower enough to intimidate them into coming to you and paying off the full amount owed. You just made 900K off approximately 51K (the extra 1k is basically expenses to buy the debt and pay ppl to make the calls and to pay for the calls). This is the way debt buyers prefer it go, because if you refuse to pay them (some ppl don't even acknowledge that they owed the bank and they especially hate these btw), and they can't sue for it, they just lost 51K, at least until they sell it to another party (usually for cents on the dollar of what they paid for it) that will come at you and try to collect, and so on and so forth.
another thing.
Now, if the borrower doesn't pay his loan to the bank and the bank proceeds to sue the borrower and gets a judgment against him, another alternative the bank can and does quite frequently use it they outsource the collection of the debt to the third party, who will charge a percentage to collect the debt on behalf of the bank, usually about 20-25% of the total collected. So you wind up paying the debt, plus the collector. But it's in this scenario where it gets tricky wrt if the collection company sends someone to take the vehicle, since the bank still holds the loan and the collection company (even though it is a third party after the fact) is now an agent of the bank.
it's a BIG and extremely profitable business model, and a house of cards at the same time. But as we all know, in business the bigger the risks the greater the potential profits.
eliteauto wrote:goalpost wrote:My dad died less than a year after he bought a vehicle. My sisters and I weren't driving it & with all other expenses, were not in a position to pay the loan. Within 3 months, the bailiff reached and took the vehicle.
Didn't the loan have a life insurance policy? Did you submit death certificate etc?
De Dragon wrote:eliteauto wrote:goalpost wrote:My dad died less than a year after he bought a vehicle. My sisters and I weren't driving it & with all other expenses, were not in a position to pay the loan. Within 3 months, the bailiff reached and took the vehicle.
Didn't the loan have a life insurance policy? Did you submit death certificate etc?
Is life insurance on a loan even voluntary on the part of the loan taker? The banks here operate on a "must get their money" style.
Wrt to car loans I have taken 3 with FCB, Ansa Merchant and Scotia respectively. Only Ansa ever offer life insurance for the loan. Was like $16 a month and I took it.De Dragon wrote:eliteauto wrote:goalpost wrote:My dad died less than a year after he bought a vehicle. My sisters and I weren't driving it & with all other expenses, were not in a position to pay the loan. Within 3 months, the bailiff reached and took the vehicle.
Didn't the loan have a life insurance policy? Did you submit death certificate etc?
Is life insurance on a loan even voluntary on the part of the loan taker? The banks here operate on a "must get their money" style.
88sins wrote:there's really no way to tell just so if the debt was sold, or if the debt was sent out for a third party for collection, unless either the bank or the collection agency discloses it, but if it's a really old loan it's more than a little likely that it was sold. banks tend to write off bad debts as losses relatively quickly as a way to increase expenses and reduce taxation payable.
as per the judgment, that is really a thin edged sword. its not transferable. Judgment is issued by a magistrate or judge in favor of the bank against the borrower, authorizing the bank and/or its agents to levy on the borrower's assets, and is based on the facts presented to the judge about the arrangement agreed upon and in breach between the borrower and the lender. If the debt is sold, whoever bought it is not the bank's agent, they are an entirely separate third party, so the judgement is doesn't allow them that authority to levy. If the third party did actually attempt to seize the borrower's property, they would be guilty of committing theft. These debt buyers also have to be very careful about how they go about trying to intimidate people into paying, because depending on what they or their agents say they can be considered to be extorting money by menacing or threats. The usually don't ever say things like they know where you live and where your assets are and that they will send ppl to levy on your stuff if you don't pay, for both reasons, they don't have the authority via the banks judgement, and that can be considered extortion by threatening. Most often they quicker use the threat of saying they going to register you as a bad debtor so nobody gonna supply you with credit or do business with you down the road. This they can do, because they would have evidence to support their claim that you did in fact borrow money from the bank and not repay it in full, evidence such as the loan documents, payment history, the banks judgement against you, etc. And usually that's enough to spook most people into paying, if they mar your credit rating using the evidence they have there is really not a whole lot you can do about it either, other than wait it out and try to rebuild it.
it have plenty more to this than most people realize or care to think about, and the have no idea of how deep the rabbit hole goes.
RedVEVO wrote:^^
This is a very strange, unique , and creepy thread (ched).
Is OP asking us to hide his automobile ?
If you did not completely payment for an item, you are not the owner !
So you marry a woman or you have a GF and when she first meet you
is flowers and chocolates and perfume . And curry .
Then she give you a brush . Do you own her now ?
The "purchase" is not complete .
You need to keep paying until SHE say payment complete .
You not the owner until complete payment of said item .
zoom rader wrote:OP, asking some strange question these days.
1. Single mom with kid.
2. Female with non financial sense.
OP getting played
So keyboard terrorist scaring off the good folk ?Monk BANzai wrote:RedVEVO wrote:^^
This is a very strange, unique , and creepy thread (ched).
Is OP asking us to hide his automobile ?
If you did not completely payment for an item, you are not the owner !
So you marry a woman or you have a GF and when she first meet you
is flowers and chocolates and perfume . And curry .
Then she give you a brush . Do you own her now ?
The "purchase" is not complete .
You need to keep paying until SHE say payment complete .
You not the owner until complete payment of said item .zoom rader wrote:OP, asking some strange question these days.
1. Single mom with kid.
2. Female with non financial sense.
OP getting played
No. I'm simply trying to make the board more attractive to folk like us who don't need to see each and every post degenerate into a Political showing of Penis and nanny with underpinnings of racism and class-ism attached. Some of us have these sorts of conversations at some level and most times ..someone in that conversation "knows becuz i did go through this ah time blah blah blah" without an actual realistic perspective of the factors involved.
And many times ppl come here to look for a perspective for it but too scared to be flamed by idiots like urselves.
Monk BANzai wrote:RedVEVO wrote:^^
This is a very strange, unique , and creepy thread (ched).
Is OP asking us to hide his automobile ?
If you did not completely payment for an item, you are not the owner !
So you marry a woman or you have a GF and when she first meet you
is flowers and chocolates and perfume . And curry .
Then she give you a brush . Do you own her now ?
The "purchase" is not complete .
You need to keep paying until SHE say payment complete .
You not the owner until complete payment of said item .zoom rader wrote:OP, asking some strange question these days.
1. Single mom with kid.
2. Female with non financial sense.
OP getting played
No. I'm simply trying to make the board more attractive to folk like us who don't need to see each and every post degenerate into a Political showing of Penis and nanny with underpinnings of racism and class-ism attached. Some of us have these sorts of conversations at some level and most times ..someone in that conversation "knows becuz i did go through this ah time blah blah blah" without an actual realistic perspective of the factors involved.
And many times ppl come here to look for a perspective for it but too scared to be flamed by idiots like urselves.
Monk BANzai wrote:Question: If a judgment is handed down against you for bad payment/defaulting on a loan, is mailing the judgment documents to you a required act? Is there some way of informing that person a judgment is handed down? Registered mail?
Cash only...bout loanMaxPower wrote:I think this is a thread for sufferers only as they encounter situations like these on a daily basis...
ProtonPowder wrote:bluefete wrote:A lot more people than you would expect are into these 7 year loans for cars.
Banks making a killing on people's lack of financial knowledge.Les Bain wrote:The way I felt about my car 3 years after paying off a 4 year loan, I can't see how anyone would find favour in those 7 year loans.
If you think the banks bad, you should hear what Simpson FInance doing when you purchase through Ansa Motors. Some of them pass through the office the other day peddling some Chevy vehicles.
Basically is 7.5 year lease to owns starting at 7.5% interest rate. In addition it have this little thing called a 'balloon payment' where you could reserve up to half the amount to be paid at the end of the loan in lump sum as opposed to a downpayment at the beginning of it.
They were also convincing people to trade in their cars to the dealership, and trade in cars that were currently on loan.
They were somehow managing to convince people that rolling negative equity on a car is a good thing. I was shocked to see how people were eating it up.
Ben_spanna wrote:do like courts man did, buy washer dryer, stove, fridge , on hire purchase, take delivery with door ways not yet finished, build in and reinforce all openings down to 24" door ways and then fit in 22" wide doors.
Not a single payment made after, but nothing can be remove with knocking down 3 door ways either to get out said appliances. owner said they will sue for damages to house... guess who still has appliances.
Yep and I tired get cuss for naming trini s down Right stupid people. Mods even label me anti trini88sins wrote:Ben_spanna wrote:do like courts man did, buy washer dryer, stove, fridge , on hire purchase, take delivery with door ways not yet finished, build in and reinforce all openings down to 24" door ways and then fit in 22" wide doors.
Not a single payment made after, but nothing can be remove with knocking down 3 door ways either to get out said appliances. owner said they will sue for damages to house... guess who still has appliances.
don't feel that courts has no recourse eh, they do, & he risks losing a whole lot more. Like jewelry, a sizable chunk of his income, all other items in the house that can fit thru the doors, & this is in addition to him never getting credit from them or anywhere else for that matter ever again the future either. just cuz they rather write it off as an expense to reduce the tax they paying, doesn't mean they cannot take that direction.
ppl so cheap & chupid they willing to risk their good name & credit for the rest of their lives, all for some cheap ass appliances that eh guaranteed to last them the next 5 years
*KRONIK* wrote:Simpson financing outside of lifestyle now?
ProtonPowder wrote:*KRONIK* wrote:Simpson financing outside of lifestyle now?
It might actually be lifestyle, whichever one chevy is under, my bad.
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