Vehicle Repossession/Surrender

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.
 
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.
Click to expand...

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.
 
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 ...
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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 No debt for 5 years or until the judgement is rescinded.
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I thought judgments were 30 years or until rescinded, whichever came first?

B
 
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.
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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.
 
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.
Click to expand...

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

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

Can we buy outright?
 
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
 
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
Click to expand...

good idea but who will front him?
 
F1 Fan said:
I sincerely hope so, but again, why then do we get a valuation of R101 000? Crazy
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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.
 
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