When you finance a purchase of an electronic item and then default on the payment 8 months later , does the finance company normally come over and repo the item even though it is virtually worthless?
My situation: I bought a projector and a digital camera costing 2500 dollars for my business in January 2007. It was a "kind of" secured loan , the agreement stated that the finance company would repossess the item if I default but no lien was registered against the equipment . Now I have stopped paying the monthly payments. The equipment is in good condition but it's resale value is only about 800 dollars. I know that hiring a bailiff probably costs a couple hundred dollars and the finance company doesn't know that the equipment is OK.
Do you think the finance company will actually repossess the item or should I try offering them a lowball figure in lieu of the items?
Anybody face this before?
2007-11-12
08:54:52
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3 answers
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asked by
Acroblast
1
in
Business & Finance
➔ Credit