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Repo Man: Facts and Fictions

The film, Repo Man, is a cult classic. Otto, a young punk rocker played by Emilio Estevez becomes a repo man. He’s resistant to this at first, but then finds himself addicted to this adrenaline-fueled job. If you don’t pay your loan back, then lenders have the legal right to repossess cars. But it’s not as quirky and outer worldly as the movie may have led you to believe.

Fact: In most states, repossession is legal after your first default.

Fiction: Buy Here Pay Here Car Dealerships want to repossess your car. In fact, at Finn’s Discount Auto, we want you to make your payments on time, so you build a solid credit history and save on interest. We also want you to return with friends and family to buy more cars. We do NOT want you to miss a payment and repossess your car.


Fact: If you contact they lender they will often give you a 30-day extension.

Fiction: This starts from the time you contact the lender. The truth is that the 30-day extension starts from the day the payment was due.

Fact: Hiding your car or blocking it with other vehicles does not mean the repo man can’t take it. They’ve seen it all and will catch you when you least expect it.

Fiction:  Hiding from the repo man buys you time. No, any extra time and effort the repo man spends, he or she will charge the lender for. This means that if the vehicle is sold, the total amount owed to the dealer will be greater due to repossession fees. On some occasions, the sale price is greater than what is owed, so the car owner may actually get money back. Unless it goes to paying the repo man.



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