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Old 03-26-2007, 03:36 PM
mks57 mks57 is offline
Join Date: Dec 2003
Location: Seabrook, Maryland
Posts: 3,045
Originally Posted by Gfactor
This is standard procedure. If you default on the loan, you don't get to keep the collateral and you don't get your money back unless the collateral sells for more than you owe (including the costs of repossession and sale).
The problem was that they were making large profits on defaults. They never gave any money back. If you missed the last payment, they still kept everything and you had nothing. Some of the sleazier operators sold the same items over and over again.