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Thread: TRUCK REPO question

  1. #11
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    Thank you sags. Im just trying to gain better knowledge on what happened and how to possibly handle things like this better in the future. I know I could have done better dealing with the bank had I had some knowledge. As I told onlymyopinion it is water under the bridge now. Never the less it still gets my goat. Lol


  2. #12
    Senior Member carverman's Avatar
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    Quote Originally Posted by sags View Post
    A $65,000 loan at 7% for 60 months (5 years). It looks like $40,000 would be the payout amount midway between the 2nd and 3rd year.

    Note.......also, your numbers don't match up. If you paid $1150 per month for 30 months (2 1/2 years) you would have paid $35,000.
    Something else to consider on a repo.

    If the bank has to sell the vehicle (assuming no repairs or damage to it), the preparation cost for resale + depreciation cost over the years owned, can be added to the financing charges as difference in what
    they finally sold the depreciated vehicle for and the balance of the loan + interest.

    If there is repairs (for mechanical safety certificate, lien discharge. and repainting) those costs could
    also be added to the defaulted loan balance.

    After all this is a repo, a default by the borrower to honor the agreement with the bank (or
    finance company), so additional charges may also apply.

    Very expensive lesson indeed.
    Last edited by carverman; 2017-01-08 at 09:14 AM.

  3. #13
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    Your right it was longer as I had the truck longer I purchased the truck in 2011 the truck as taken end of 2014

  4. #14
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    Something else to consider, depending on your province, is what remedies are available to the lender under the Personal Property Security Act (or whatever they call it in your jurisdiction).

    Some provinces have "seize or sue" legislation which allows the lender to seize the vehicle or sue for the debt, but not both. In such case, if the lender seizes and sells the vehicle for, say, $40,000 when $60,000 remained owing, the lender cannot come after you for the balance of $20,000 or any costs.

  5. #15
    Senior Member sags's Avatar
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    When purchasing a new vehicle, buy at year end prices (after the next year models come out) that also have 0% financing offers.

    You can save a whole lot of money and still enjoy a brand new vehicle with a full warranty.

    The vehicle will lose a lot of depreciation immediately for 2 years combined, but it won't make much difference in 5-6 years time.

    At 0% interest, the vehicle and outstanding loan are about the same after 5 years, and equity is gained for the final couple of years.
    Last edited by sags; 2017-01-08 at 08:39 PM.
    Someone planted a tree a long time ago and now I sit in the shade.

  6. #16
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    That's good to know but I don't think I'll ever do that again. I'm now happy with my older paid for unit also the money I will eventually have again for payments will make the old Truck just like new.

  7. #17
    Senior Member sags's Avatar
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    An even better plan..........experience is a tough teacher, but it is the best one.

    Believe me, many of us have "learned" the hard way.

    Someone planted a tree a long time ago and now I sit in the shade.

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