DUmmy Dilemma; The Repo Man

[landofconfusion80]

4. Assuming that the lovely and graceous Melodie has a retirement plan with MET-Life, assume it is a 501B or 401K type of arrangement that you get hit hard by Uncle Sam if your are not 59 yrs old

Good to see that the evil 1% aren't the only ones paying 50% in taxes.  Way for the primitive to stick it to the man!

[youtube]http://www.youtube.com/watch?v=8L0v_7H9LB8[/youtube]

[thundley4]

Good to see that the evil 1% aren't the only ones paying 50% in taxes.  Way for the primitive to stick it to the man!

[youtube]http://www.youtube.com/watch?v=8L0v_7H9LB8[/youtube]

There's another good Travis Tritt song for the DUmmie.

"here's a quarter, call someone who cares."

[I_B_Perky]

One question... did the dummie not talk to the bank before this? Banks really do not want to repo cars. I suspect the dummie is waaay more than a couple of payments late and has made no effort to work with the bank.  Probably pissed them off.

Sucks to be you dummie. How is that obumbles economy working out for you now?

Might I suggest a bicycle? Ya all seem to believe in global warming climate change climate disruption so do your freaking part!!!

[Chris_]

I hope the bank can re-sell the car for what the DUmmy owes on it.  Otherwise, they're going to be in for a surprise.

[I_B_Perky]

I hope the bank can re-sell the car for what the DUmmy owes on it.  Otherwise, they're going to be in for a surprise.

I've never had a car repo'ed Chris so I have no knowledge of what I am about to ask... if the bank gets less than owed does the dummie still owe that? If so that would be damned funny!!!!!

[Chris_]

I've never had a car repo'ed Chris so I have no knowledge of what I am about to ask... if the bank gets less than owed does the dummie still owe that? If so that would be damned funny!!!!!

Yes.  Say this person has paid $2,500 into the $10,000 price of the car and the car sells for $4k, they are on the hook for the other $3,500 plus whatever fees and costs the bank and/or auction company decide to include.

[I_B_Perky]

Yes.  Say this person has paid $2,500 into the $10,000 price of the car and the car sells for $4k, they are on the hook for the other $3,500 plus whatever fees and costs the bank and/or auction company decide to include.

Thanks for the info, Chris!  I suspected that was the case, just wasn't sure if it worked that way for car loans.  If that happens expect the dummie to be back on DU complaining about the evil, greedy banks screwing it over.