mich800 wrote:
map40 wrote:
mich800 wrote:
map40 wrote:
Tvov wrote:
So what happened? The site does look legitimate... Interesting what they supposedly sell: cars, boats, campers, construction equipment.
Good point. Most seized and recovered dealers have all sorts of things. It could have been a bank that holds a loan on a Comercial equipment, a car, a boat, an RV, etc.
You have to have a special license to sell them and is a tricky process. The bank just want their money back, and there is a lot of laws regulating it.
For example, Banks are quite careful on how they sell seized units. Example: I did not pay my last motorhome payment in time, I was 1 day late. Let's say I owe $2k in a $100k motorhome. Now if the bank sells it for $60k, I can sue them stating that they could have worked with me instead of taking the unit, but they did it to be able to sell it and make money.
For this type of problems, Banks normally hire someone to take care of it. There are several models, but the banks just wanto their money back, nothing more.
That is not at all how bank repos work. You are mistaken if you think in your scenario the bank just keeps the windfall. The only thing accurate in your description is you risk repossession if you do not make your payments.
Law and procedures vary from state to state. I might be wrong, but is is the way I have seen it work. I actually bought 2 repos (one in Pontiac, actually, where my first son was born, while we lived in Lake Orion), one direct and one through a dealer, they both were that way.
Nonetheless, these guys are running a scam, I just wanted to get the word out.
What you are describing is strict foreclosure. Where the asset is recovered and the debt is extinguished. This is generally not done for consumer goods but does occur on some business assets. There are hoops to jump through.
Ergo my comment starting with “it could have been”. Are they all like that? No. But those are the ones that I particularly prefer. I have even seen cases in which the bank has told the RV owner that if they turn it in in good condition they would give him a check for $500. They would not condone the debt, but the bank gets an asset with a higher liquidity. An RV that was no trashed, it simply was not paid.
