Originally Posted by pointless
How many banks have you worked for( being a teller doesn't count)??
the bank is gonna get its money back. Regardless of whether they repo it 3 months in or the month before the last payment is due.
A bank repos a car BECAUSE SOMEONE ISN"T MAKING PAYMENTS they don't make more money when you aren't making your payments
unsecured credit yes secured credit NO lets say they come and repo so and sos car but it is all hacked up and in awful condition. worth about $100 but they owed $5,000 on it. The bank can SUE the debtor for $4,900 and the bank will win. they can also add all kinds of crazy fees to it.
Never worked for a bank. And like I'd ever take a shltty teller job.
I've had many friends and family who had loans that went that why. Trust me, after a repo, the majority of people walk away without paying anything else. And the rest settle with a pennies on the dollar payment, same as with any unpaid thing: credit cards, taxes, etc......Yes, it does fock up their credit, but by that time, these people could care less. I've know 2 peole that wanted their vehicles repoed, both times it took over half a year for the bank to come get it. These were on new $30,000+ vehicles that were early into their payments. And both times, they left the loan paying nothing more. And yeah they know it focked their credit, they don't care since the houses are paid for and car loans are easy to get.
There's a huge difference between what the bank ATTEMPTS to do and what they actually GET.
If you were a bank employee, with probally been feed all that "what the bank does" bullshlt. And it is bullshlt, because it rarely happens.
Even in court case wins, do you actually think many people straight out pay it fully.
You can't pay money you don't have. As always with unpaid loans, it goes into collections and they offer very low settlements. Hell, I've seen these settlements, I had a friend who was offered to settle his $3,000 credit card bill for $600.
You can't seriously think the bank gets it money all the time.