Parking the Bank's property on someone's property becuz you owe them...

[Monk BANzai]

More questions Keyboard terrorists:

So after working so hard to live above yuh means yuh lose yuh work and the bank callling about THEIR Hyndai Tuscon .16T that you took a loan on and cant pay.

Question:
How long can the bank run you down for dey ting? 4 years? 6 years?

If you decide to park your....sorry..their...(hadda excuse the I..ole age) Tuscon in an associate's garage (locked) what can a bailiff do to recover said vehicle?

And wah bout Credit Unions Repossessions...same applies? Cant persue le matter afer four (or is it six) years?

My Chers Terroristes du Clavier!!! Aller!

[16 cycles]

inb4 next thread on collecting insurance from fire.....

[Dizzy28]

[Ben_spanna]

do like in the fast and furious movies... pakr it where they will never find it... their OWN impound/car park! LOL

[The_Honourable]

Tuner fund for Banzai... goal $100.

[MaxPower]

I think this is a thread for sufferers only as they encounter situations like these on a daily basis...

[Monk BANzai]

Tuner fund for Banzai... goal $100.

lolz no.... i issa member of the audience in a whatsapp group and men blabbling off about "dey rights" and i hearing some things that new to me...and i know tuner knows all things bout EVERYTHING nuh...

[eliteauto]

if OP knows someone in that situation best bet is advise them to return the vehicle, actions like this can damage your credit rating, banks aren't car dealerships they don't want to sell cars so maybe the person can speak with the bank to refinance or defer payments at a cost to allow them to get their stuff in order.

[zoom rader]

This came up years ago.

A tuner that worked in the bank from what I remember relayed.

The bank will seize the car if found.
Get court orders to recover their money . Take whatever they can from you, jockey shorts and all.

I think they also flag licence office & CID, try to sell it and will get seized

If they take the car and sell it. You still have to pay back the bank what you owe

[88sins]

More questions Keyboard terrorists:

So after working so hard to live above yuh means yuh lose yuh work and the bank callling about THEIR Hyndai Tuscon .16T that you took a loan on and cant pay.

Question:
How long can the bank run you down for dey ting? 4 years? 6 years?

Forever, or until they sell or w/o the debt, in which case it will either become someone else's money to collect, or be forgiven & the person owing gets a negative credit rating.
remember, the vehicle value is depreciating every year, so if 4 years passes & they then decide to repo, it gonna sell for much less than owed on it (& the total o/s amt is going to accrue late fees, interest,costs & penalties as well). so it go sell & he go still be owing a pile ah morney, for which they can take him to court & get a judgment against him & levy on any or all other assets he has

If you decide to park your....sorry..their...(hadda excuse the I..ole age) Tuscon in an associate's garage (locked) what can a bailiff do to recover said vehicle?

tell yuh fren to read d ppl loan contract before he sign in agreement next time eh.
most lenders have a clause in their agreements, which basically states that in the event of them having to repossess the property that the borrower (yuh friend) acknowledges that he is responsible for any & all costs associated with said repossession. So basically what that means is he will have to pay the repo man fees (it go add on to his loan balance, & accrue interest same way too), as well as he accepts liability for any damage incurred in the process of them taking back their vehicle, whether that damage occurs to the vehicle, his property, or any other property where he may have stored or tried to hide said vehicle to avoid repossession. Banks tend to indemnify themselves & their agents in their loan agreements, always remember that.
Basically, the repo men can break down the door of yuh friend padna garage, take said Tucson & go, & is yuh friend go be liable to pay to fix it, either directly or indirectly (indirectly meaning the bank pay to fix the damages, then add that cost to his bill as the cost of reposessing the property, and levy on his assets to recover the amounts), one way or another.

And wah bout Credit Unions Repossessions...same applies? Cant persue le matter afer four (or is it six) years?

I eh too certain about them, but I eh go be shocked if the same applies.

[l33t2]

Happened to a friend, she stupidly went and bought a new Honda CRV paying over 5K per month on a 7 year loan. Got laid off two years into her loan with 3 months severance pay after that she couldn't afford anything, was in severe debt for months. Went from making 30K take hom to 8k now.

Bank was extremely lenient and advised her sell the CRV, buy a cheap used vehicle and pay down the rest on the loan. Think she pays $900 a month now (not sure if it's over the same loan period as before) and has a working albeit old used car now.

[MaxPower]

Too much sad stories

[88sins]

yup, better he sell it & pay off the bank the majority if not all he owing
what he doing dey, hiding the bank property, is one surefire way to get properly screwed up he arse, sans lube. not even a lil spit self.

[Les Bain]

Can you renew insurance on a vehicle facing repossession?

I only ask because I supplied my car insurance with the loan completion letter and they lost it twice. So what go happen to Banz---I mean the fella in Banzai Whatsapp group if his insurance company ask for that letter?

[eliteauto]

30K a month and took a 7 year CRV loan? l33t2 hommuch land she have so?

[88sins]

Can you renew insurance on a vehicle facing repossession?

I only ask because I supplied my car insurance with the loan completion letter and they lost it twice. So what go happen to Banz---I mean the fella in Banzai Whatsapp group if his insurance company ask for that letter?

yes you can renew insurance on the vehicle, but why would you?

[Xecutive]

Happened to a friend, she stupidly went and bought a new Honda CRV paying over 5K per month on a 7 year loan.

Wow...she bought fully loaded with 0% down or what? Why on earth would someone want to be in that kind of debt for that length of period for a depreciating asset. That’s insane...

[zoom rader]

Happened to a friend, she stupidly went and bought a new Honda CRV paying over 5K per month on a 7 year loan.

Wow...she bought fully loaded with 0% down or what? Why on earth would someone want to be in that kind of debt for that length of period for a depreciating asset. That’s insane...

Follow fashion pressure, some folk can't be seen in an old car.

Take loan for carnival, who so dumb to take out this load.

[Xecutive]

Happened to a friend, she stupidly went and bought a new Honda CRV paying over 5K per month on a 7 year loan.

Wow...she bought fully loaded with 0% down or what? Why on earth would someone want to be in that kind of debt for that length of period for a depreciating asset. That’s insane...

Follow fashion pressure, some folk can't be seen in an old car.

Take loan for carnival, who do dumb to take out this load.

For real. It’s the peer pressure of trying to fit in into a particular social status but don’t have the funds to support that type of lifestyle and clearly not thinking long term.

[Les Bain]

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.

[l33t2]

Happened to a friend, she stupidly went and bought a new Honda CRV paying over 5K per month on a 7 year loan.

Wow...she bought fully loaded with 0% down or what? Why on earth would someone want to be in that kind of debt for that length of period for a depreciating asset. That’s insane...

Follow fashion pressure, some folk can't be seen in an old car.

Take loan for carnival, who do dumb to take out this load.

For real. It’s the peer pressure of trying to fit in into a particular social status but don’t have the funds to support that type of lifestyle and clearly not thinking long term.

Pretty much this. She wanted to play rich given her new position. I could tell you she rent in POS too but allyuh will bad talk she too much. Imagine after making 30K take home for 3 years, she in more debt that she started with.

At least she still young and learned from them mistakes.

[Xecutive]

Happened to a friend, she stupidly went and bought a new Honda CRV paying over 5K per month on a 7 year loan.

Wow...she bought fully loaded with 0% down or what? Why on earth would someone want to be in that kind of debt for that length of period for a depreciating asset. That’s insane...

Follow fashion pressure, some folk can't be seen in an old car.

Take loan for carnival, who do dumb to take out this load.

For real. It’s the peer pressure of trying to fit in into a particular social status but don’t have the funds to support that type of lifestyle and clearly not thinking long term.

Pretty much this. She wanted to play rich given her new position. I could tell you she rent in POS too but allyuh will bad talk she too much. Imagine after making 30K take home for 3 years, she in more debt that she started with.

At least she still young and learned from them mistakes.

Have to burn to learn. Some ppl does let the money go to their heads and end up spending uncontrollably. Later down the road, they’re in serious financial debt...one set of loans and no savings.

[MaxPower]

any pics of the chick with the CRV?

[bluefete]

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.

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.

[l33t2]

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.

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.

People aren't rationale, if you don't have enough fit the down payment and insurance it seems quite helpful. As in the case with CR-V chick, she needed almost 60k down which she didn't have, and the 7 year loan was still lower in monthly payments than the 5 year by about $500. You see how easy that is to sell to someone. Especially when she convinced herself in 7 years time she'd be making at least 5 to 10k monthly (how wrong she was).

[Monk BANzai]

More questions Keyboard terrorists:

So after working so hard to live above yuh means yuh lose yuh work and the bank callling about THEIR Hyndai Tuscon .16T that you took a loan on and cant pay.

Question:
How long can the bank run you down for dey ting? 4 years? 6 years?

Forever, or until they sell or w/o the debt, in which case it will either become someone else's money to collect, or be forgiven & the person owing gets a negative credit rating.
remember, the vehicle value is depreciating every year, so if 4 years passes & they then decide to repo, it gonna sell for much less than owed on it (& the total o/s amt is going to accrue late fees, interest,costs & penalties as well). so it go sell & he go still be owing a pile ah morney, for which they can take him to court & get a judgment against him & levy on any or all other assets he has

If you decide to park your....sorry..their...(hadda excuse the I..ole age) Tuscon in an associate's garage (locked) what can a bailiff do to recover said vehicle?

tell yuh fren to read d ppl loan contract before he sign in agreement next time eh.
most lenders have a clause in their agreements, which basically states that in the event of them having to repossess the property that the borrower (yuh friend) acknowledges that he is responsible for any & all costs associated with said repossession. So basically what that means is he will have to pay the repo man fees (it go add on to his loan balance, & accrue interest same way too), as well as he accepts liability for any damage incurred in the process of them taking back their vehicle, whether that damage occurs to the vehicle, his property, or any other property where he may have stored or tried to hide said vehicle to avoid repossession. Banks tend to indemnify themselves & their agents in their loan agreements, always remember that.
Basically, the repo men can break down the door of yuh friend padna garage, take said Tucson & go, & is yuh friend go be liable to pay to fix it, either directly or indirectly (indirectly meaning the bank pay to fix the damages, then add that cost to his bill as the cost of reposessing the property, and levy on his assets to recover the amounts), one way or another.

And wah bout Credit Unions Repossessions...same applies? Cant persue le matter after four (or is it six) years?

I eh too certain about them, but I eh go be shocked if the same applies.

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...

Interesting 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?

[maj. tom]

won't the bank just send your file to Credit Chex?

[goalpost]

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.

[Monk BANzai]

won't the bank just send your file to Credit Chex?

After a while yes...

[eliteauto]

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?