Greg
Omaha,#2Consumer Comment
Sun, July 23, 2006
You think they want to 'make money' by getting to sell the car again. They in reality almost always lose money in a repo, and legally if they could actually double their money, you would be entitled to any money in excess of the payoff plus admin costs. A 2001 Mustang would auction for about $6500- $7000, so right now, you will have equity in the car once you make the remainder of your late payments. My advice, save the $450 a month and pay cash next time.
Kenneth
hedgesville,#3Author of original report
Fri, July 14, 2006
thank you for your rebuttal, but the problem is is that our due date is on the 11th of the month and our payments are usually made within a week or two from that date, with the exception of approximately 6 within the 4 year period, but they report it as 30 days on our credit report even though thirty days has not passed. also the fact that we haven't had a problem with them, aside from the fact of the high interest which is our fault from the banckruptcy, that they do not want to cooperate now so close to pay-off and it seems they are trying their best to get the car back to double their money by resale. by the way, it's a 2001 red ford mustang which i'm pretty sure they know they can resell for double the pay-off, therefore making a tremendous amount of money from just 1 car.
Mark
Cablon,#4Consumer Suggestion
Thu, July 13, 2006
By filing bankruptcy, and then paying late, people may start to brand you as a bad borrower, and then give you high rates. And then call our home when you are late.