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Someone I knew in the used car business told me that the bottom-feeder used car lots would take a down payment that was more than what they paid for the car, wa
by analog31 5y ago
Someone I knew in the used car business told me that the bottom-feeder used car lots would take a down payment that was more than what they paid for the car, wait for the borrower to get behind, repo it themselves, and repeat the cycle. No middlemen needed.
- geoduck14 5y agoI've been in the auto lending business - I would like to point out that the scenario you described is for the REALLY BAD bottom feeding lots. The financiers I worked with was MANDATED to send repoed cars to auction houses. I'm not sure how someone would get an exemption from that.