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The_Honourable wrote:Tuner fund for Banzai... goal $100.
Monk BANzai wrote: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?
Monk BANzai wrote: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?
Monk BANzai wrote:And wah bout Credit Unions Repossessions...same applies? Cant persue le matter afer four (or is it six) years?
Les Bain wrote: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?
l33t2 wrote:Happened to a friend, she stupidly went and bought a new Honda CRV paying over 5K per month on a 7 year loan.
Follow fashion pressure, some folk can't be seen in an old car.Xecutive wrote:l33t2 wrote: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 wrote:Follow fashion pressure, some folk can't be seen in an old car.Xecutive wrote:l33t2 wrote: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...
Take loan for carnival, who do dumb to take out this load.
Xecutive wrote:zoom rader wrote:Follow fashion pressure, some folk can't be seen in an old car.Xecutive wrote:l33t2 wrote: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...
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.
l33t2 wrote:Xecutive wrote:zoom rader wrote:Follow fashion pressure, some folk can't be seen in an old car.Xecutive wrote:l33t2 wrote: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...
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.
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.
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.
88sins wrote:Monk BANzai wrote: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 hasMonk BANzai wrote: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.Monk BANzai wrote: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.
maj. tom wrote:won't the bank just send your file to Credit Chex?
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.
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