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WTK: Repossessed/used vehicles

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lmakaveli
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WTK: Repossessed/used vehicles

Postby lmakaveli » October 17th, 2017, 1:32 pm

Can anyone give me a list of places that sell repossessed vehicles or used vehicles in Trinidad?

Thanks in advance

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Re: WTK: Repossessed/used vehicles

Postby vaiostation » October 17th, 2017, 1:40 pm

Check Massy chaguanas...

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Re: WTK: Repossessed/used vehicles

Postby greatbear » October 18th, 2017, 12:05 pm

Rex Kar

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Re: WTK: Repossessed/used vehicles

Postby RedVEVO » October 18th, 2017, 1:03 pm

Why you want to know about this ?

You want to take advantage of people ?

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Re: WTK: Repossessed/used vehicles

Postby hong kong phooey » October 18th, 2017, 2:08 pm

RedVEVO wrote:Why you want to know about this ?

You want to take advantage of people ?


How is this taking ad vantage of people?

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Re: WTK: Repossessed/used vehicles

Postby tr1ad » October 18th, 2017, 2:19 pm

lmakaveli wrote:Can anyone give me a list of places that sell repossessed vehicles or used vehicles in Trinidad?

Thanks in advance



check the bank

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Re: WTK: Repossessed/used vehicles

Postby linton » October 18th, 2017, 2:31 pm

RedVEVO wrote:Why you want to know about this ?

You want to take advantage of people ?


For it to be repossessed, the owner already lost it. The finance company is selling to recoup their money. How is this taking advantage?

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Re: WTK: Repossessed/used vehicles

Postby RedVEVO » October 18th, 2017, 9:53 pm

linton wrote:
RedVEVO wrote:Why you want to know about this ?

You want to take advantage of people ?


For it to be repossessed, the owner already lost it. The finance company is selling to recoup their money. How is this taking advantage?


The finance company i.e. Banks , Finance Sharks etc. gave the owner the "royal up stick" ..

And those people who now look for those sales - lowest of the low .. :? :?

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Re: WTK: Repossessed/used vehicles

Postby The_Honourable » October 18th, 2017, 10:13 pm

Nothing wrong with that, linton is correct. I looking for a sale too.

OP, check the Caribbean Finance Company:

https://www.facebook.com/cfctt/

Latest listing: https://www.facebook.com/cfctt/posts/1445275345541288

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Re: WTK: Repossessed/used vehicles

Postby hong kong phooey » October 18th, 2017, 11:42 pm

Banks also have a list.

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Re: WTK: Repossessed/used vehicles

Postby linton » October 19th, 2017, 5:39 am

RedVEVO wrote:
linton wrote:
RedVEVO wrote:Why you want to know about this ?

You want to take advantage of people ?


For it to be repossessed, the owner already lost it. The finance company is selling to recoup their money. How is this taking advantage?


The finance company i.e. Banks , Finance Sharks etc. gave the owner the "royal up stick" ..

And those people who now look for those sales - lowest of the low .. :? :?


The financial institutions are in the business of lending. The only reason they can repossess , is when the borrower does not repay. If they are not getting their payments , as per the loan agreement , they are entitled to repossess.
Please show me what about this is a "royal stick up" .maybe they should lend money and when people do not repay, forgive the loan?

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Re: WTK: Repossessed/used vehicles

Postby Kronik » October 19th, 2017, 5:43 am

^^^Don't feed the troll

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Re: WTK: Repossessed/used vehicles

Postby dougla_boy » October 19th, 2017, 9:49 am

RedVEVO wrote:
linton wrote:
RedVEVO wrote:Why you want to know about this ?

You want to take advantage of people ?


For it to be repossessed, the owner already lost it. The finance company is selling to recoup their money. How is this taking advantage?


The finance company i.e. Banks , Finance Sharks etc. gave the owner the "royal up stick" ..

And those people who now look for those sales - lowest of the low .. :? :?



like one ah dem seize yuh vehicle already? LOLOL

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Re: WTK: Repossessed/used vehicles

Postby lmakaveli » October 19th, 2017, 7:51 pm

RedVEVO wrote:Why you want to know about this ?

You want to take advantage of people ?


Like u doh kno anywhere....so idk why u even bother to leave a comment in here nah. Hope i doh see your car for sale as a repossessed lolol

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Re: WTK: Repossessed/used vehicles

Postby supercharged turbo » January 15th, 2020, 11:22 pm

If you buy a vehicle from someone and then the bank comes asking for their vehicle because the previous owner didn't pay off their loan,what would be your situation?

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Re: WTK: Repossessed/used vehicles

Postby kamakazi » January 15th, 2020, 11:42 pm

Those people lucky we not living in a Muslim country where not paying back a loan is the same as theft... you know what the punishment for theft is...

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Re: WTK: Repossessed/used vehicles

Postby Kenjo » January 16th, 2020, 1:15 am

supercharged turbo wrote:If you buy a vehicle from someone and then the bank comes asking for their vehicle because the previous owner didn't pay off their loan,what would be your situation?

You basically lose the most . Generally a search should be done on all vehicles but people get caught out especially when they buy vehicles cash and don’t spend that extra money for proper inspection and a search for any loans on the vehicle . Even if you want to pay off what they owe it’s still and entire headache of paperwork and you will surely lose the car for quite a while

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Re: WTK: Repossessed/used vehicles

Postby 88sins » January 16th, 2020, 6:41 am

supercharged turbo wrote:If you buy a vehicle from someone and then the bank comes asking for their vehicle because the previous owner didn't pay off their loan,what would be your situation?

If they didn't pay off the vehicle loan, they ain't gonna ask you for it, they gonna send someone to take it.
If that ever happens, you can proceed to recover your money from the mortgagee who sold it to you. I'd strongly suggest you ontact the police immediately, because the type of people that would sell a car that they didn't pay off for is also the type of a--hole that would disappear as soon as you contact them and demand your money back.

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Re: WTK: Repossessed/used vehicles

Postby supercharged turbo » January 17th, 2020, 1:08 am

Kenjo wrote:
supercharged turbo wrote:If you buy a vehicle from someone and then the bank comes asking for their vehicle because the previous owner didn't pay off their loan,what would be your situation?

You basically lose the most . Generally a search should be done on all vehicles but people get caught out especially when they buy vehicles cash and don’t spend that extra money for proper inspection and a search for any loans on the vehicle . Even if you want to pay off what they owe it’s still and entire headache of paperwork and you will surely lose the car for quite a while
Who does a search like that...credit chex?
88sins wrote:
supercharged turbo wrote:If you buy a vehicle from someone and then the bank comes asking for their vehicle because the previous owner didn't pay off their loan,what would be your situation?

If they didn't pay off the vehicle loan, they ain't gonna ask you for it, they gonna send someone to take it.
If that ever happens, you can proceed to recover your money from the mortgagee who sold it to you. I'd strongly suggest you ontact the police immediately, because the type of people that would sell a car that they didn't pay off for is also the type of a--hole that would disappear as soon as you contact them and demand your money back.
As soon as they sell you it,they probably done block you.Can the vehicle be transferred or does the bank/credit union hold the title until it is paid off?

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Re: WTK: Repossessed/used vehicles

Postby 88sins » January 17th, 2020, 7:12 am

Vehicle can be transferred at LO, but that makes no difference since you still won't be the legal owner of it. The mortgage company will still retain legal title to it until the debt is settled and you get a letter of non interest in said vehicle from them and a deed of mortgage release is filed.

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Re: WTK: Repossessed/used vehicles

Postby daring dragoon » January 17th, 2020, 7:31 am

lmakaveli wrote:Can anyone give me a list of places that sell repossessed vehicles or used vehicles in Trinidad?

Thanks in advance

eh buy a used instead of a repo vehicle. i sure the owner go real cry on that vehicle and u dont want yr family in a car that heavy from the precious owner..i know a could people that get repo and they nasty tings they say about he bank and the next man to buy that car what go happen to he i will never buy a repo car.

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Re: WTK: Repossessed/used vehicles

Postby 88sins » January 17th, 2020, 10:34 am

daring dragoon wrote:
lmakaveli wrote:Can anyone give me a list of places that sell repossessed vehicles or used vehicles in Trinidad?

Thanks in advance

eh buy a used instead of a repo vehicle. i sure the owner go real cry on that vehicle and u dont want yr family in a car that heavy from the precious owner..i know a could people that get repo and they nasty tings they say about he bank and the next man to buy that car what go happen to he i will never buy a repo car.

cry on vehicle is the least of your worries
plenty @$$#oles out here does buy car, know they can't pay/not paying for it & know full well the vehicle gonna get repo'd so what do they do? they put it on the road to wuk ph & beat the living hell out of it, not spending a cent to even put oil in the engine/tranny. So the outside looking nice, interior looking nice, and the critical parts in a friggin mess where the new owner go hadda change engine/tranny/suspension/steering in a few weeks/months.
Not just that, most times the amount owing on the car is much more than the vehicle worth so if you buying it & paying what the finance company asking for know this going in.

repo car is a headache to avoid at all costs.

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Re: WTK: Repossessed/used vehicles

Postby thelem-again » January 20th, 2020, 4:02 pm

88sins wrote:Vehicle can be transferred at LO, but that makes no difference since you still won't be the legal owner of it. The mortgage company will still retain legal title to it until the debt is settled and you get a letter of non interest in said vehicle from them and a deed of mortgage release is filed.


I know sometimes banks and credit unions have their name on the certified copy and its only transferred once the loan or mortgage is cleared. Apparently its not common practice.

But I could pay fully for a car and have it legally transferred and still not be the legal owner of it and the bank or bailiff play they coming and reposes it?? lol lol NEVER.

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Re: WTK: Repossessed/used vehicles

Postby ProtonPowder » January 20th, 2020, 7:56 pm

Always do a car search on any vehicle you plan to buy.

Especially if is less than 7 years old with one owner on the CC, it can still easily be under loan.

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Re: WTK: Repossessed/used vehicles

Postby 88sins » January 20th, 2020, 8:21 pm

Once you settled the debt in full within the stipulated term, and have evidence of that, then no bailiff or lender can come to repo it.
Another thing
Did you know that the banks have a few well hidden clauses in their loan agreements that allows them to demand, and compels the borrower to pay, in full and total any part of or all outstanding amounts on any debts owed within a deadline they alone set whether you agree to it or not, failing which they retain the right to seize mortgaged assets and or any other assets owed by the borrower?
So basically if you missed a payment and they feel like it, they can demand the balance in full within 2 weeks and if you don't comply they will proceed to repo their vehicle, and if when it's sold there's a balance still outstanding they can take you to court and get a judgment against you and levy on your other assets.

This is one of the things you agree to when signing a loan agreement.
If allyuh feel repo is where it stops, feel something else.

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Re: WTK: Repossessed/used vehicles

Postby ProtonPowder » January 20th, 2020, 9:20 pm

The powers of sale and of distress... ...be conferred upon and be exercisable by the mortgagee without any restriction... ...whenever there shall be any other breach or non-observance of ant of the covenants conditions provisions or agreements herein contained.

Taken from a random old TTMF deed i worked with some time back. Applies to anything that can be mortgaged.

Is funny because mortgages contain restrictions down to the types of pets you can keep in the mortgaged property.
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Re: WTK: Repossessed/used vehicles

Postby 88sins » January 20th, 2020, 10:22 pm

ProtonPowder wrote:The powers of sale and of distress... ...be conferred upon and be exercisable by the mortgagee without any restriction... ...whenever there shall be any other breach or non-observance of ant of the covenants conditions provisions or agreements herein contained.

Taken from a random old TTMF deed i worked with some time back. Applies to anything that can be mortgaged.

Is funny because mortgages contain restrictions down to the types of pets you can keep in the mortgaged property.



Not really
A mortgage can contain provisions for any condition or situation that the lender may see as pertinent to securing their investment. It all depends on who is the lender and who is preparing the document. It have some attorneys that are real sticklers for minutia.
The pets/livestock provision in some mortgages is because some people want to mind livestock in residential homes and that may significantly reduce the value of the asset.

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Re: WTK: Repossessed/used vehicles

Postby adnj » January 21st, 2020, 12:35 am

88sins wrote:
ProtonPowder wrote:The powers of sale and of distress... ...be conferred upon and be exercisable by the mortgagee without any restriction... ...whenever there shall be any other breach or non-observance of ant of the covenants conditions provisions or agreements herein contained.

Taken from a random old TTMF deed i worked with some time back. Applies to anything that can be mortgaged.

Is funny because mortgages contain restrictions down to the types of pets you can keep in the mortgaged property.



Not really
A mortgage can contain provisions for any condition or situation that the lender may see as pertinent to securing their investment. It all depends on who is the lender and who is preparing the document. It have some attorneys that are real sticklers for minutia.
The pets/livestock provision in some mortgages is because some people want to mind livestock in residential homes and that may significantly reduce the value of the asset.
The pet covenant is typical in the case of a condominium.

Many clauses and covenants move from one contract to another because it is copied over with little regard for its appropriateness. This practice is known as "boilerplating."

It is the signatory's responsibility to ensure that contractual content adequately protects their interests.

Many people walk into a loan closing with no experience, no legal advice, and little if any interest in reading the contract laid before them. It is not unreasonable to review the contract beforehand, and if all else fails, walk away.

And speaking of sticklers, the term is plural - "minutiae."

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Re: WTK: Repossessed/used vehicles

Postby 88sins » January 21st, 2020, 8:09 am

stickler, tickler, or feel much more fickler
yuh could take meh to court for the minor auto-correct infraction if yuh want :lol:

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Re: WTK: Repossessed/used vehicles

Postby adnj » January 21st, 2020, 8:46 am

Or just walk away. ;)

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