Vehicle Repossession/Surrender

werner · Mar 25, 2015

just remember one day folks, when you are sitting in your crappy but paid for vehicle, and living in your small 2 bedroomed flat (because that is all you can afford), and fighting depression thinking you are somehow a failure and being left behind.......

that every smug bastard driving passed you and looking down his nose at you, and every posh person who invited you round to dinner at their R5million house......there's a story like this somewhere.
guaranteed.

Hitchcock · Mar 25, 2015

werner said:
just remember one day folks, when you are sitting in your crappy but paid for vehicle, and living in your small 2 bedroomed flat (because that is all you can afford), and fighting depression thinking you are somehow a failure and being left behind.......

that every smug bastard driving passed you and looking down his nose at you, and every posh person who invited you round to dinner at their R5million house......there's a story like this somewhere.
guaranteed.

Agreed, but unfortunately there are quite a few of these wannabe 'posh' guys who failed and have been in jail for 5-10 years or still are - have no job or even the remote possibility of ever getting one again.

If you go down this route, it's a flip of a coin scenario. If you are willing to take the risk, then fine. If not, this is just a stupid comment.

Bismuth · Mar 25, 2015

Dolby said:
Just on price - is the 290k what he actually paid? Or settlement on it now, so actual price was far less? Is the 190k offered a trade for another car or a dealer buying outright?

I'd say try 'we buy cars' but they pray on those they can't afford and I will probably offer less.

If he can't do a real private deal, maybe get a dealer to broker a deal for him for 5-10k extra?

Though, 290k is really high ...

Webuycars are a joke, when I was buying a car a few years ago, asked them for an offer, which ended up being 25% LESS than the dealer was offering me on trade-in. So told them to get stuffed, and did the trade-in. I even told the guy from Webuycars that, and he just shrugged and said then do the trade-in.

Drifter said:
Judgement will be recorded on ALL credit buros. No debt for 5 years or until the judgement is rescinded.

I thought judgments were 30 years or until rescinded, whichever came first?

B

HapticSimian · Mar 25, 2015

Wall said:
lend irresponsibly is better.

How the feck could they agree to finance a car for R270K when the buy back is 190K at dealers and 100K with them.

That's not the question asked when possible reckless lending is investigated. Rather, the bank will show that the information as provided indicates that the R270k loan fell within the applicant's economic means. That the loan isn't as well secured as it perhaps should be is a different matter altogether.

Hitchcock · Mar 25, 2015

HapticSimian said:
That's not the question asked when possible reckless lending is investigated. Rather, the bank will show that the information as provided indicates that the R270k loan fell within the applicant's economic means. That the loan isn't as well secured as it perhaps should be is a different matter altogether.

All reckless lending charges will fall away the moment any instance of fraud is found on the application.

F1 Fan · Mar 25, 2015

@Hitchcock,

Makes sense. Guess we will just have to take the loss. I tried calling these guys, Credit Solutions or something, and I would love to know how they reach that valuation? The car is in really good condition (I don't know mechanically), but I drove the car for 2 days and it seemed fine. Anyway, apparently we can set a minimum reserve, I would be happy to get 150k for the car...

Wall · Mar 25, 2015

HapticSimian said:
That's not the question asked when possible reckless lending is investigated. Rather, the bank will show that the information as provided indicates that the R270k loan fell within the applicant's economic means. That the loan isn't as well secured as it perhaps should be is a different matter altogether.

yep, the loan isn't secured properly. the banks ****ed up and you no recourse unfortunately.

Nerfherder · Mar 25, 2015

Brenden_E said:
The car lost value due to high mileage. Bank did nothing wrong.

Looks like he got it second hand though.... with the mileage.

werner · Mar 25, 2015

Hitchcock said:
Agreed, but unfortunately there are quite a few of these wannabe 'posh' guys who failed and have been in jail for 5-10 years or still are - have no job or even the remote possibility of ever getting one again.

If you go down this route, it's a flip of a coin scenario. If you are willing to take the risk, then fine. If not, this is just a stupid comment.

Agreed x 2. The problem is such that if you play 100% within the rules, you are outdone by your "fellow" man who swears everything they do is legit (until it is proven not to be). People meddle in the grey areas as a fact of life. I've come to realise this. The risk factor is not a problem for a psycopath.

Society's problem is that for every "winner" in the scenario, they end up thinking they are freaking financial genuises, and others aspire to be them.

I feel for the OP's relative and their problem. But I balance that out with the thought that if it had turned out right he wouldve told his friends how "clever" he is. The system resets itself...eventually.

Hitchcock · Mar 25, 2015

@F1 - sent you a PM.

Pitbull · Mar 25, 2015

F1 Fan said:
@Hitchcock,

Makes sense. Guess we will just have to take the loss. I tried calling these guys, Credit Solutions or something, and I would love to know how they reach that valuation? The car is in really good condition (I don't know mechanically), but I drove the car for 2 days and it seemed fine. Anyway, apparently we can set a minimum reserve, I would be happy to get 150k for the car...

Can we buy outright?

F1 Fan · Mar 25, 2015

Pitbull said:
Can we buy outright?

Nope, again, no cash to cover shortfall.

Pitbull · Mar 25, 2015

F1 Fan said:
Nope, again, no cash to cover shortfall.

Damn... I would have seriously considered it tbh. That is a very good price.

I'm sure you'll get more on Auction

I.am.Sam · Mar 25, 2015

if dealers are offering 190 ..maybe you can get +-220k privately

F1 Fan · Mar 25, 2015

Pitbull said:
Damn... I would have seriously considered it tbh. That is a very good price.

I'm sure you'll get more on Auction

I sincerely hope so, but again, why then do we get a valuation of R101 000? Crazy

thehuman · Mar 25, 2015

Hmm a suggestion . If the car gets sold low at auction can't you buy it and sell afterwards for a profit . Eg if dealers offer 190k and auction goes for 90k sell to dealer afterwards for 190k or privately . Can use gains as a contribution towords amount owing to bank

Wall · Mar 25, 2015

thehuman said:
Hmm a suggestion . If the car gets sold low at auction can't you buy it and sell afterwards for a profit . Eg if dealers offer 190k and auction goes for 90k sell to dealer afterwards for 190k or privately . Can use gains as a contribution towords amount owing to bank

good idea but who will front him?

Priapus · Mar 25, 2015

I.am.Sam said:
if dealers are offering 190 ..maybe you can get +-220k privately

There is just no way you're going to sell this car for 220k with that sort of mileage.

Hitchcock · Mar 25, 2015

F1 Fan said:
I sincerely hope so, but again, why then do we get a valuation of R101 000? Crazy

The valuations the bank gets all depends on the condition of the vehicle, damage to any part of the vehicle, interior and exterior, any repairs that are required, etc.

There may be something that brings that valuation down so much.

I.am.Sam · Mar 25, 2015

Tander said:
There is just no way you're going to sell this car for 220k with that sort of mileage.

better to try or just trade it in

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