Repo Men = evil assholes that are traitors of the Working Class

[BrentWil]

I saw this in another thread. There seems to be a lot of hate towards people that are doing their job.

However, this also underscores a deeper question. What do you have a "right" to? So my question for DU, if you stop paying for your car or house, do you have a right to keep it?

[Llewlladdwr]

1. No. NT

[tammywammy]

2. No n/t

[SunnySong]

3. Of course contracts are for suckers... plus I am entiled to the lifestyle in which I have become

accustomed...

In fact it is the old lifestyle I have become accustomed canard that seems to get people in this mess to begin with. Kids in their twenties taking on incredible debt to live like their parents in their forties whose nest they just left.

[Commie Pinko Dirtbag]

4. Push question. K&U. -nt

[NeedleCast]

5. No

If you stopped paying for your house or car and were allowed to keep it, no bank would lend money for you to buy a house or car. Pretty simple stuff.

[BrentWil]

7. Then why hate when it happens? Why the hatred towards those who do it? NT

[NeedleCast]

12. I'm sure I can't answer for other people

I hope that's not what you're asking me to do. I have no hate for them. The only person I know who's had a car Repo'ed ended up having a pretty reasonable discussion with the Repo man (the vehicle was kept in a garage the repo man couldn't access) and ended up turning the vehicle over to him because she knew she couldn't make or catch up on the payments.

There was one lady (a director) at a non-profit I used to work at whom I didn't know well who also got Repo'ed. When the dude showed up she asked to get in the vehicle and get some stuff out of it. Then she took off, running over him in the process. She lost the vehicle and last I heard was serving 18 months on a criminal wounding felony.

[MineralMan]

6. All you have to do is look at the title for your car or

the deed for you home. What does it say? Is your name on there by itself, or is the name of the holder of the note you signed on there, too? If the noteholder's name is on there, you don't own the car or home. If you pay for it, it will eventually become yours, and the title or deed will have just your name on it. Until then, all you have is an agreement that you'll own it someday, if you meet the terms of the agreement you signed.

Every time you buy a thing and don't pay cash for it at the time of purchase, you end up signing something saying you'll pay for it over time. If it angers you that someone comes to take that thing back if you don't do as you promised to do, then you're basically saying that your word is valueless. It's an uncomfortable thing for some people, but it's true.

Is that old-fashioned? Sure. I'm an old geezer. My name, along with my wife's, are the only names on my car titles and home deed. I promised to pay, and I did.

[NeedleCast]

14. That's a very good point

There's a lot of bad information in the U.S. about who the owner of a thing is. Seems like lots of people think that because it's in your possession, you own it. If you're making payments to someone else on an item, then you don't own it.

[MineralMan]

21. I blame the education system, pretty much, for this failure to

understand. Our schools need to teach the fundamentals of contract law to kids in high school. The Junior or Senior year would be a good time to do that, and it wouldn't take that long, really.

I've never understood how people can sign promissory notes or trust deed documents without reading and understanding what they're signing. And, if they can't understand the legal terminology, an attorney will explain it to you for a fee.

A couple I know bought a house with one of those adjustable-rate mortgages and zero down payment. They paid interest only for a few years. Suddenly, their lender demanded that they make payments that were suitable for a fully-amortized loan, and at an adjusted interest rate that was much higher than the original rate. They were simply shocked. They had absolutely no clue that they had signed documents that laid out the entire process.

Now, all of that should have been, and actually probably was, explained to them before they signed. But, they were so jazzed about getting this big McMansion for a ridiculously low payment that they were deaf to any explanation.

Well, as happens so often, their earnings hadn't improved, the market for McMansions was down, and they could even come close to being able to make the payments. Now, they live in an apartment.

How people can commit to an indebtedness of several hundred thousand dollars without understanding what they are doing escapes me completely. I simply don't understand it.

I'm not dismissing some really predatory practices over the past few years on the part of lenders and real estate sharks. But, that doesn't remove the responsibility to understand any document you sign.

[slackmaster]

8. You have the right to remain silent

[sufrommich]

9. No. nt

[Poll_Blind]

10. A few people do seem to have some extreme hostility toward repo men.

I assume their sensitivities may have been elevated as a result of having a personal interaction with one.

However, assuming a fair contract is signed and the signing party is not under duress of any sort, how can anyone find fault with reclaiming goods which are no longer being paid for? And, beyond that, how can anyone find some moral flaw in those who take the job to reposses those goods?

I buy a barrel of peaches from you on payment and stop paying after I've eaten half of them. On what grounds may I cry foul if you take the remainder back because of nonpayment?

PB

[sinkingfeeling]

11. No, since neither would 'belong' to you if unpaid for.

[tranche]

13. I think repo men are cool. Much cooler than process servers.

[keith the dem]

15. I blame the marketing, that leads people to think they

must have cars and Mc Mansions that are far beyond what they can afford. and the unscrupulous financiers who lend the money.

[Starry Messenger]

16. Thomas Walton, father of Sam Walton of WalMart fame

was a repo man during the Great Depression. He helped banks take farms. I guess the farmers deserved it though.

[BrentWil]

24. Bad things happened to these people. It was absolutely sad.

But it wasn't the fault of another party in which they signed a contract with.

[Starry Messenger]

27. I already know you are pro-ruling class

I just wanted to rep my side in the thread. Carry on!

[BrentWil]

33. In what way is this "pro-ruling class"?

I am pro the rule of law. I am also pro creating the economic conditions that people can keep their cars. I am also, pro redistribution of wealth, but not in a way that takes down our ability to create wealth. That isn't , "pro-ruling class".

[pscot]

17. Scavengers have their niche

in every ecology. Sometimes they start feeding while you're still alive.

[Enrique]

18. i never understood that hate

same with hate toward telemarketers (the actual people on the phone, i mean).

[blogslut]

19. "Every car has one."

[Blue Owl]

51. Harry Dean Stanton -- the utimate Repo Man!

n/t

[City Lights]

20. No. nt

[Xenotime]

22. Wall street is full of repo men.

[HiFructosePronSyrup]

23. Times like that I check to see who posted ridiculous things like that.

Some posters just can't be taken seriously.

[TheCowsCameHome]

25. Look out the window.

Your car is gone.

[NeedleCast]

36. If it was taken by a Repo man, then it wasn't your car

It was the lien holder's car.

[guitar man]

26. I worked as a repo man for a while

I didn't like it but I needed a job badly when I took the gig. I was surprised at how many times people actually seemed relieved when I showed up, more than a few of them handed me the keys. I did get my back window shot up with a pellet rifle once though :o

[The Midway Rebel]

28. If that were always the case, no. But, that ain't always the case.

Many times people do not stop making payments, they have only fallen behind a few months and the repo men swoop in for banks to resell the car for a tidy profit.

For example, let's say Fred bought a car for 2K, made payments on a two year note for 20 months before he got laid off and fell behind on payments. Repo men will take the car and resell it for $1500 or more even though Fred only owed $400 which he would have paid off had he started working again or been allowed to negotiate a way to make final payments. Not to mention they took Fred's personal property during the repo and damaged the car sneaking it out of his driveway at 5 a.m.

Yeah, the repo man is "only doing his job". But, from this scenario above I think it is easy to see why people like me, in many cases, think people like repo men are evil asshole at worst and traitors to the working class at best.

[HiFructosePronSyrup]

29. "Not to mention they took Fred's personal property"

The car's not Fred's personal property.

Maybe Fred should read his contract.

[The Midway Rebel]

30. The car was not but his brief case in the back seat was.

And Fred can prove it was his...he has a contract.

[HiFructosePronSyrup]

31. Well then Fred can ask for his briefcase back.

Things like that are bound to happen if Fred leaves his things in other people's cars.

[The Midway Rebel]

39. If only the repo man had left a card...

when he took Fred's car like a theif in the night.

[HiFructosePronSyrup]

40. Well, it's not like Fred doesn't know who has the car.

At least assuming he's literate enough to read his contract. Maybe that's asking too much.

[The Midway Rebel]

49. That is assuming a bit. Fred thought his car was stolen.

He had to call the sheriff to find out it was repo'd with one payment left. Sheriff said he has no obligation to tell Fred who took the car or where it is located. That bit of info WAS NOT written in the hallowed almighty 13 page contact that Fred read when he made the downpayment.

[NeedleCast]

56. Deeper...Deeper...

[sufrommich]

34. Just a quick google shows that you are allowed to retrieve

your personal possessions from a repossessed car.

[The Midway Rebel]

41. Yeah, they took Fred's lap top too...

no Google for Fred...the bastids.

[HiFructosePronSyrup]

43. I think he's talking about you.

You can use google. If you want to.

[Statistical]

35. Not true. If the note was $400 and the car sold for $1500 then Fred would get back $1100

minus cost of repo, transport, and auction.

Usually though with todays financing it is 0% down and 60 or 72 month loans. There is never a point where the car is worth more than remaining note.

[The Midway Rebel]

44. Are you suggesting the repo man would cut Fred a check after they re-sold the car?

Really?

[Statistical]

46. Well repo man wouldn't, the bank would.

The bank is required to document the loss & recovery and return anything beyond banks loss + costs.

So the bank would record the lost note, plus any fees charged by repo man (and transportation company, auction fees, and any detail/repair work to get car in sell-able condition).

Hypothetical example:

Fred has $400 left on note. He misses 3 payments. Accrued interest (and late fees) boosts note to $432.28. Bank charges off note and hires rep company. Bank pays $200 for repo company, $100 to repair/detail vehicles, and $100 in auction fees. Banks total cost = $400 + $32.28. Car sells for $1500. Bank is required (at least in vA and I would imagine most states) to return difference to Fred.

Bank is allowed to be "made whole" under the law. They aren't allowed to be made MORE than whole. Repo company is simply a contractor, they never have any ownership in the property.

Now the flip side is also true. Fred owes $1500 and car is worth a net of $800. Fred still owes the bank $700. Now bank will likely never get that $700 but the bank will most likely sell it to a debt company and the $700 will show up on Fred credit report as collections account for 7 years.

[sufrommich]

47. You know, when you're reduced to making silly arguments

like this, it's time to just stop.

[The Midway Rebel]

53. I was just asking for clarification.

And I got it. Thanks for not helping.

[seabeyond]

32. i dont get the thinking. having owned companies and been acct receivable in companies

trying to get money owed, i dont know how a person convinces themselves they dont have to pay for what they get.

[LeftyFingerPop]

45. Because some people have a false perception that...

once they take possession of something, they are able to keep it forever, no matter what. The problem is, if the item is used as collateral on a loan, and they default on a loan, the lender has a right to the collateral.

I think that the individuals who view repo men as scum are not realizing the the defaulters are hurting the very businesses who lent them money in good faith. :hi:

[LeftyFingerPop]

37. If someone fronted you money so you could have something...

and then you do not pay that money back as agreed, the the lender has every right to take their collateral in an attempt to make themselves whole.

Repo men are simply the people collecting the collateral, and it is an honest living.

[Statistical]

38. couple misconceptions in this thread. just because you have a loan doesn't mean the bank owns it.

At least not legally.

The owner is person purchasing and titling it. The bank simply is a lien holder. They can TAKE ownership if you breach the contract (may require court order - foreclosure) but they have no ownership interest. The simply have a lien interest.

Ownership and financing are separate. You OWN the car but at the same time you sign financing making that car you just owned collateral for the note. Follow terms of note and bank can never assume ownership. If the car ends up very rare and someday is worth million dollars bank can't say they are a part owner. You 100% own the vehicle.

Fail to pay it and the bank can exercise terms of the contract and seize the collateral. Figured it was easier to simply post it once than correct each post.

On the original topic no I don't feel hate towards repo man or no if you stop paying it then you have no right to avoid seizure. If banks couldn't seize delinquent collateral then they wouldn't issue loans or the rates would be much higher.

[NHLrocks]

42. Not at all. If I don't pay my cable or electric bill my service gets shut off.

[aikoaiko]

48. Oh, happy day. I sent in my last payment for my car. Free and clear now.

As long as repossession agents follow policy and law, I'm ok with what they do.

[sufrommich]

50. I love that feeling. Unfortunately 4 more years to go. nt

[BrentWil]

54. My car is totally paid too.. been so for several years now.

Not a bad feeling. Got 250K miles and still running good.

[aikoaiko]

55. I've been babying mine. I only put on 8k/yr and I joke that it will by my 5 yr olds first car...

... when he is 16. But its really not a joke.

[notadmblnd]

52. A responsible person would call up the finance company

and make arrangements to give the car back. This would deny the repo man an opportunity ply his craft.