Jeff
NRH,#2Consumer Suggestion
Tue, May 01, 2007
Consumer stated that Triad repos cars just to sell them. I worked for an auto finance company and we would lose $5,000 every time we repoed a car because of repo fees, auction fees, the value of the vehicle compared to the loan amount. It doesn't make sense to do that.
Jeff
NRH,#3Consumer Comment
Tue, May 01, 2007
You stated the Triad is in the business of repossessing just to sell the cars and make money. As a former employee in the auto industry, companies lose at least $5,000 dollars each time they repo a car due to auction fees, repo fees, quality of vehicle and losses due to the loan being more than the value of the car. Bottom line if you are on time you will never hear from a creditor.