Yesterday, Jalopnik ran a piece I wrote about why I advise you to never do a voluntary repossession. As I suspected, the response was strong. Both from those who were unaware people did such things and those who had done such a thing to their detriment.
I often try to guess who will be offended by what I write. This time I thought it would be the impound yard operators (who got good and angry at me one time before. A guy in WA state even challenged me to a fist fight!) But, it was the auctioneers. Funny bunch, those auctioneers. One tried telling me that bank repo cars routinely sell for their full trade-in value at auction. Another said the bank repos usually sell for what the borrowers owed. (They can’t both be right; those are two different values.) One said that used car dealers prefer bank repos because the banks are so “honest” in their descriptions of the cars. Pray tell, how much more or less honest can you get when the full description is “Bank Repo”?
But I digress. I recorded a podcast and video on this topic where I add the element that is me talking along with a few more details and anecdotes from my 23 years of practice. The cool thing here is that many people ask me for transcripts of my podcasts. I don’t make them but from time to time I do post a short write up of the material.
This time you can simply go back and read the piece I wrote on the topic if you missed it. You could travel back in time and read it when it first crossed Jalopnik’s front page. Since it is just a day back, you’ll only need a pound or so of Seaborgium to fuel your time/matter redistribunator. But as you know, the stuff is kind of expensive and only has a half-life of 114 seconds. If you don’t have the wherewithal to do that, just click here.
The audio of the podcast:
And the video:
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Steve Lehto has been practicing law for 23 years, almost exclusively in consumer protection and Michigan lemon law. He wrote The Lemon Law Bible and Chrysler’s Turbine Car: The Rise and Fall of Detroit’s Coolest Creation.
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