Imagine taking a car loan for 60 months. Now imagine having a financial catastrophe happen to you toward the end of that loan. You manage to make almost all of the final payments but you just can't make that last one. You have made 59 of 60 payments. The bank has all of what it loaned you and the vast majority of the interest owed. You call them and explain your situation. You ask for help. Can you split up the payment? Can SOMETHING be done. Your pleas fall on deaf ears and they re-posess the car, making your financial situation that was bad now even worse.
Imagine that. Over ONE payment. The FINAL payment, they take your car.
Think about that the next time your State Farm agent offers to arrange financing for your car.
Robert
Irvine,#2Consumer Comment
Mon, June 30, 2014
Imagine that you are a borrower looking for a car loan. You sign a legally binding agreement that says you will make 60 payments for a specific amount on specific dates with no conditions where you only had to pay when you could. Where if you fail to make a payment you give them a legal right to reposess the vehicle. Now, let us fast forward to the 60th payment, where you on your own decide that they have enough money right now so you are allowed to just change the terms at your discression.
When you talk about ethics, who is less ethical. The one who is holding up their end of the contract by doing exactly what they agreed to do or the one who is trying to change it at their discression?
Now, I bet you could have gotten the money somehow. You just CHOOSE not to, figuring you could gamble with your car. After all I know in your mind you figured...they wouldn't reposess a car for a single payment would they? Well you found out the answer when you gambled and lost.
I also bet that your car was not just a little late. That is I doubt your payment was due on the 1st(for example) and it was reposessed on the 2nd. My guess is that they waited at least 30 days. So if you were willing to split the payment..that would have been easily done in that 30 days. Of course if it was reposesssed sooner..how about posting a copy of the bill and paperwork you got from the repo, showing how delinquent you were when they reposessed it.
albanygrad
Buffalo,#3Author of original report
Mon, June 30, 2014
I think you are commenting on the wrong report. I have no idea what $700 deposits have to do with this.
Tyg
Pahrump,#4General Comment
Sun, June 29, 2014
Once you paid the deposit, it was taken off of the market. Meaning it was held for YOU once you paid. Sorry but it is what it is. Perhaps next time you will read your paperwork more fully before dropping $700. If you had not changed your mind AFTER giving the deposit you wouldn't be in this situation.
Ken
Colorado,#5Consumer Comment
Sun, June 29, 2014
Most lenders would have done the same thing...so,, what's the Ripoff?