3 ms·

Because I'm borrowing from the lender to buy from the seller. The fact that they are the same entity is not significant.

• cortesoft 6y ago
  So do you think it is wrong for a bank to send a repo man to take back a car that someone hasn't paid the note on? What if they set it up as a "rent to own", where you can get to rent a phone for $x a month, and after N months you own it? Would it be ok to restrict functionality then?
  • gostsamo 6y ago
    The bank can repossess a collateral if the contract is broken. That's why it is collateral. However, this is a legal procedure and is not subject to their whims. If they set it as a rent, I'll just go to the guys who give me the same money, but I'll own the device. Renting it means that I have no legal recourse against unreasonable search for example. This is not a house and I don't have any rights written anywhere.
  • NeutronStar 6y ago
    Can the bank lock your car because you missed a payment? No.