After doing repo’s for so many years you begin to realize the chain of events leading up to repossession and what they might let go of first. Allot of times it begins with one asset and ends with another much more personal asset.
It’s a kind of the circle of repossession, the business starts losing money like a funnel, there is a balance due or a debt on everything so the debtor has to think, should he pay the car first or the yacht, while not always thinking rationally, almost always they let the yacht go before the car. While a person may be attached to one thing much more than the other, in this scenario there are also many factors that should take place. Think about it, if you put over $100,000 down on a yacht and it has equity after paying it for so many years but the Maserati car is upside down and the payment amounts are similar just a longer term on the yacht. Logic says to let the Maserati go if need be and try to sell the yacht to save some of the equity that will surely be lost once the bank starts adding repossession costs, investigation costs, transport, storage, auction and remarketing fees, you can just say goodbye to any equity you might have had previously. [Read more…] about Toys Always Get Repossessed First