dereksbicycles
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- Joined
- Apr 11, 2011
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Did you ever do that before? What is your experience and would you do it again?
Here is an example. Let's say that I buy a vehicle with agreement to make monthly payment for 2 years. I won't get title until it is paid off. After 1 year, I fall on hard time. I don't want a repo. I would rather sell it. You'll basically be paying off my loan and you will get title and vehicle.
I've seen few ads where people are in monthly payment plans, but fall at a hard time. Therefore, they decide to sell at a loss rather have it reposed.
I was just wondering what procedure, if any, you had to go through if you bought a vehicle on lien?
I may be interested at one of those vehicles. They seem to go for cheap because people are worried about it being reposed. A repo would be very, very damaging to someone's credit history.
Here is an example. Let's say that I buy a vehicle with agreement to make monthly payment for 2 years. I won't get title until it is paid off. After 1 year, I fall on hard time. I don't want a repo. I would rather sell it. You'll basically be paying off my loan and you will get title and vehicle.
I've seen few ads where people are in monthly payment plans, but fall at a hard time. Therefore, they decide to sell at a loss rather have it reposed.
I was just wondering what procedure, if any, you had to go through if you bought a vehicle on lien?
I may be interested at one of those vehicles. They seem to go for cheap because people are worried about it being reposed. A repo would be very, very damaging to someone's credit history.