So how illegal is this CL ad?

Trackmouse wrote: Hey similar subject: what if you take over a person's car loan? Can you make payments on something that's not there's anymore? Technically the bank has the title. So they couldn't sell it to you. If you paid off the loan the person paying might only have a bill of sale. How's that flush out in the legal toilet?

You don't. You either buy it from the bank with cash or through a new loan. You make the check out to the bank, not the seller. Or in some cases - two checks; one to the bank for the estimated pay-off amount and a second to the seller for the difference. At least that's how it worked when I sold my Audi A4 back in 2002. The bank sent me a check for the small amount that was excess of the pay-off amount. If you owe more than the car can be sold for, somebody has to make of the difference before the lien is released.

Apparently this dumbass has never heard of an ALPR.

Repo guys have.

I wish the interweb was around when I was a kid. I could just look for these daffy bastards on Facebook instead of making friends with baby mamas and such.

RealMiniParker wrote: Show up in a pickup truck with a stinger.

The sneaky pickup is overrated. I could come down your block in a white wrecker with a big logo on the door and lights flashing and most people would just assume their neighbor was having car trouble. If things do go sideways and you need to make a hasty exit a proper wheel lift is going to have more nose weight and be more maneuverable than something tacked on under a pickup bed. I had an short 86 F-350 with a wheel lift and a heavy push plate front bumper that handled better loaded than any of my friends crew cab dually sneaker trucks.

Ian F wrote: In reply to NGTD: And would deserve to. Who would buy a car and not get a title? How would you register it? You'd essentially be given the seller money for a stolen car.

I agree!

If I showed up, asked to take it for a test drive, and then turned it in to the repo guy, I wonder if I could get a few $$$

If I was the repo guy, I'd just take it from you!

Hey thanks dude....

That is basically an add looking for a chop shop.

In reply to dean1484:

A chop shop wouldn't pay him either. People trying to game the system always think they're the first to come up with a way to beat the bank. If they were so bright they'd have no problem making car payments.

First of all, I wonder if it's a scam...

If it is a legit ad, who would you call dumber...the person who wrote the ad or the person who actually tried to take him up on the offer?

MDJeepGuy wrote:

dculberson wrote:

mtn wrote: That car is probably worth about $3,000 at auction.

A 2015 Dart with ~25k miles is worth $3k at auction? Ouch!

Closer to $6K, but that does not make it much better

I didn't see the ad since it was pulled down--I assumed it was older, in rougher shape, and with more miles. But yeah, even more to the point--$6k does make it much better because he could have $5k applied to the loan!

(I worked in a Bank Collection Center, specifically I was the analyst working with the Repo Agencies and Auctions to sell the repoed cars)

MulletTruck wrote: He should let them repo it, They have to hold it 30 days before auctioning it. If you call on day 25 they will work a deal

This is true

MulletTruck wrote: you can buy it back for pennies on the dollar.

This is not.

They repo it. They sell it (almost always at auction). They apply the proceeds, less repo/auction expenses, to the balance of the loan.

If they repo it and you call on the 29th day, you can stop them from selling it. You might get it back. However, you are still responsible for the balance of the loan (and the repo fee).

If you call the bank and say "hey, look, I can't make these payments. Can we work something out", there is a good chance they will lower your interest rate, put you on a payment plan for a looooooong long time at even zero interest, and let you keep the car (although still with the lien). This all depends on the bank, but the fact is that there is probably a loan balance of over $10k on that car, and they can't get that $10k at auction. If you can make payments, even at way less than they should be, the bank will likely be doing better than if not, so they'll play ball. But you can't buy it back for pennies on the dollar--you are always responsible for the balance on the loan.

There are exceptions in extreme cases (Settled in full), but that is typically only for something like where there is a $5k balance on the loan, the vehicle is worth $1k, and it costs $800 to repo it--not worth it for the bank to pursue it. One example we had, a woman got a loan on a Camper. She actually ended up living in the camper and it was parked in her daughters lawn. The woman died, basically penniless--she was able to keep up with her payments but didn't have any savings, was living off SS and Medicare. So after she dies, the daughter calls us up to see what the deal is (daughter is not responsible for the loan). We look up the value--the camper was worth about $1000. We pass on repoing it. That angered the daughter, since now she had a damn camper in her yard she couldn't get rid of. We even gave her the title and removed the lien; she was still pissed. I would be too.

In reply to mtn:

So basically the bank is going to screw you even by being nice?

Stampie wrote: In reply to mtn: So basically the bank is going to screw you even by being nice?

Not really sure how the bank is screwing you--they gave you money, you promised to repay them, they're holding you to that promise as best they can. If they don't hold you to it, they're screwing "me", because when I go to get a loan I have to pay more to make up for folks like "you".

Really, the bank is just trying to keep from getting screwed by "you".