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The Pub For General Automotive Related Talk |
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#31 | |||
FF.Com.Au Hardcore
Join Date: Nov 2007
Location: sydney
Posts: 641
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there are two ways to bring it to a head ,..if nobody has made contact deposit the outstanding amount into the loan account and it will quickly become the banks problem or if he wants to snooker the recovery people tell him to declare bankruptcy ![]() |
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#32 | |||
FF.Com.Au Hardcore
Join Date: May 2010
Posts: 3,336
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#33 | |||
Regular Member
Join Date: Sep 2010
Location: Redbank Plains
Posts: 111
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#34 | |||
Banned
Join Date: Aug 2011
Posts: 756
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So they get the car back then sell it off to recoup the funds . Seen it happen plenty of times . |
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#35 | |||
Regular Member
Join Date: Apr 2006
Location: Sydney
Posts: 260
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Get him to get a copy If its been paid out either someone paid the loan without telling him or its been passed on to a debt recovery officer But 18mnths they would of made some sort of contact I would think |
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#36 | |||
FF.Com.Au Hardcore
Join Date: Jul 2011
Posts: 4,819
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Lenders will do all they can to avoid the situation you are describing |
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#37 | |||
Regular Member
Join Date: Apr 2006
Location: Sydney
Posts: 260
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Use to work in car sales and the odd person would get a loan approve when there negative in there bank account on a daily basis A few months later we are knocking on the door getting the car back This was 5 years ago now not sure if they still do it |
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#38 | ||
FF.Com.Au Hardcore
Join Date: Jan 2012
Posts: 2,989
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Only debt which I have is a telstra and optus thing I ain't paid in months. Guess I better start if I want to get a new car in few years
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#39 | |||
Banned
Join Date: Aug 2011
Posts: 756
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#40 | ||
Banned
Join Date: Aug 2011
Posts: 756
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I know a girl 20 yrs old unemployed just had a baby I wonder when it's the lender responsibility to show a bit of common sense. To show they cannot afford to pay it back .
Everyone else can see she can't afford it except the lenders who are lending her 14 k no worries we will give it to you . It's to easy to get loot these days . Take motor finance wizard for example lol Aren't they due for another run on ACA ? |
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#41 | |||
FF.Com.Au Hardcore
Join Date: Apr 2011
Posts: 831
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#42 | |||
FF.Com.Au Hardcore
Join Date: Jan 2012
Posts: 2,989
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#43 | |||
Banned
Join Date: Aug 2011
Posts: 756
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#44 | ||||
FF.Com.Au Hardcore
Join Date: Jul 2011
Posts: 4,819
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I have a business idea. How about a finance company that actively seeks loans that are likely to not be paid? I will attract as many people without a means to service the loan as possible and the increase in value of their cars over time will ensure my success |
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#45 | ||
FF.Com.Au Hardcore
Join Date: Jan 2012
Posts: 2,989
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No fighting please guys.
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#46 | ||
FF.Com.Au Hardcore
Join Date: Mar 2006
Posts: 531
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Having worked for a non conforming lender in the past I can tell you the LAST thing they want to do is repo your car. Firstly because they'll miss out on the 17% interest you're paying and secondly because a car is a depreciating item. When the finance company auctions it, RARELY if ever do they get what they are owed. This then get's written off and a cedit default placed against the debtor.
The reason vehicles are repo'd so quickly is not because finance companies want to put a bad mark against your name. It's because a vehicle is a mobile item. If all avenues for payment arrangements have been exhausted (and this often involves VCAT here in Vic) the car is repo'd ASAP to minimise the risk of the debtor skipping through. No finance company wants to repo anything you get on credit from them. They'd rather you pay overdue fees and penalty interest until you get the thing up to date than incur legal fees, repo fees and auction fees they'll probably never recover. |
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#47 | |||
Banned
Join Date: Aug 2011
Posts: 756
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#48 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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An debt of $4.51 put on my account by accident had the power to hold back a 950K property purchase.... Once it goes further, they add default fees, court costs etc etc etc... makes that $20 unpaid bill become $700 in no time...
__________________
___________________________ I've been around the world a couple of times or maybe more....... |
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#49 | |||
TuRbO
Join Date: Sep 2008
Posts: 254
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This idea makes the world go around !Then the government bails them all out and it starts all over again,
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__________________
Noise does not = Power |
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#50 | ||||
FF.Com.Au Hardcore
Join Date: Jul 2011
Posts: 4,819
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That's how subprime started. Risky loan writing by mortgage brokers in their quest to earn comissions saw them writing loans for EVERYBODY without any balance of consequence (to them) Similar to the example Miss XR6 pointed to above. No doubt driven by desire to sell another car/write another Finance contract lending standards slipped. I would say the rates on these loans would have been very high to try and price in the high risk of the borrowers, but once again their greed was not constrained by any impact immediately upon them. In both these examples risky lending practice leads to higher delinquency rates in loan portfolios BUT The intention was never to write a bum loan, it was just inevitable when you try and sign everyone up with no regard to book quality. No financier ever wants to write a bad loan Quote:
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#51 | ||
FF.Com.Au Hardcore
Join Date: Nov 2007
Location: sydney
Posts: 641
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all you young guys & girls out there take the tip (at the risk of sounding like your mum & dad)
in this day and age of " must have it NOW " ,..credit hardly ever pans out the way we think ,...you run a very real risk of damaging your credit rating and ruining any chance of borrowing for something worthwhile down the track not to mention by the time its paid off its worth next to nothing ,..don't get sucked in to easy money,....no such thing ,...save hard for what you want ,..it will give you immense satisfaction & a sense of achievement buying a car you always wanted with your own funds ,..not to mention by the time you have saved enough to achieve your goal ,..the asking price has usually come down to a more affordable level ,as someone else has already copped the initial hit credit looks attractive until you cant make payments ,..then its you that's looking average and nobody wants to know you if you cant pay back your debts,..too many people get into this cycle and never recover financially |
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#52 | |||
FF.Com.Au Hardcore
Join Date: Mar 2006
Posts: 531
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#53 | ||
FF.Com.Au Hardcore
Join Date: Jan 2012
Posts: 2,989
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Can anyone tell me who I call to get a default sorted out? Ended up with one on mine and want to get it fixed up so I can get a new car in 6 years
I learnt the hard way young and stupid :( |
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#54 | ||
FF.Com.Au Hardcore
Join Date: May 2010
Posts: 3,336
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Call the company who put the default, find out who has the account. Call the company. Make the payment. After 5 years it will be gone.
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#55 | ||
FF.Com.Au Hardcore
Join Date: Jan 2012
Posts: 2,989
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Ok. I thought I can just call a credit reporting agency and fix it all up through them.
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