Ontario Man Misses Car Repair Loan Payments and has Car Repossesed

[SportEL]

I'm surprised that there is such things as Car Repair Loans. I guess you shouldn't buy a 2019 Lexus IS300 when you can't afford the car or repairs.

https://www.cp24.com/news/ontario-man-on-the-hook-for-almost-7-000-after-car-repossessed-for-missing-loan-payments-1.6634759

- "As soon as I went to the car to go to the gym, I saw my car was gone," said Toronto resident Harlie Marqueses.

- Marqueses said he still owes $42,000 on a bank car loan for his 2019 IS 300 Lexus Sedan, but last year he got a flat tire and when he couldn’t afford a replacement, he took out a car repair loan.

- Marqueses took out the loan with Wippy, a company that works with auto shops providing loans for car repairs. Marqueses has an auto repair loan for $2,892, but after missing two payments his car was repossessed a week ago.

- Marqueses said he now owes the outstanding principal plus default charges, recovery expense and other fees which now totals $6,759.

- Marqueses said he's trying to borrow more money so he can pay off the auto loan and get his vehicle back as he said he can’t afford to be without it.

"I want my car back. I’ll try my best to make the payment," said Marqueses.

:facepalm:

[nissanK]

Bought a car he couldn't afford. Took out a loan without reading the terms.

*queue victim mentality*

Gotcha.

[Masked Bandit]

Fuckin' loser.

As for car repair loans, they've been around forever. I remember seeing them when I was young & broke AF, maybe 30 years ago and thinking "Who in their right mind agrees to that shit?".

[ExtraSlow]

Dude is broke as fuck, takes out a "second mortgage" on his car, doesn't make the payments, and his car is repossessed. Not sure which part of this is newsworthy. Guy should not be allowed to me financial decisions without an adult present.


Marqueses said he still owes $42,000 on a bank car loan for his 2019 IS 300 Lexus Sedan, but last year he got a flat tire and when he couldn’t afford a replacement, he took out a car repair loan.
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Marqueses has an auto repair loan for $2,892
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Marqueses said he now owes the outstanding principal plus default charges, recovery expense and other fees which now totals $6,759.


He also clearly bought this car originally with zero dollars down. Fucks sake, if you have no money, don't buy a car worth forty-two-fucking-thousand dollars. Try a beater. Or the bus and save some fucking money.

[Xtrema]

- Marqueses said he still owes $42,000 on a bank car loan for his 2019 IS 300 Lexus Sedan, but last year he got a flat tire and when he couldn’t afford a replacement, he took out a car repair loan.

:facepalm:

Owe $42K on a 5 year old IS 300.

Can't afford to repair a flat.

This guy is a used car salesman's dream.

[ThePenIsMightier]

Is there even a Cactus Club in whatever Ontario city this clown lives in?

*not checking post on ignore list...

[Darell_n]

Owe $42K on a 5 year old IS 300.

Can't afford to repair a flat.

This guy is a used car salesman's dream.

A $2892 flat tire, apparently. Did he drive it down to the wheel bearings?

[Sentry]

Please merge with financial illiteracy thread lol

These news stories are always so dumb

[HiSpec]

Fuckin' loser.

As for car repair loans, they've been around forever. I remember seeing them when I was young & broke AF, maybe 30 years ago and thinking "Who in their right mind agrees to that shit?".

Right now speed shops are offering "mod loans" or financing for people that can't afford to modify their vehicle.

[arcticcat522]

Where do I sign??

[Darell_n]

Right now speed shops are offering "mod loans" or financing for people that can't afford to modify their vehicle.

If I ever get a terminal diagnosis in my life, I’m going all in.

[ercchry]

A $2892 flat tire, apparently. Did he drive it down to the wheel bearings?

Was actually two loans… so he didn’t make 4 payments

It still baffles me that people agree to put their names in articles that highlight their stupidity. I’m sure his employer is thrilled

[ThePenIsMightier]

Was actually two loans… so he didn’t make 4 payments

It still baffles me that people agree to put their names in articles that highlight their stupidity. I’m sure his employer is thrilled

His employer at Little Caesar's?

[roopi]

How does this work when there is multiple liens on a vehicle or property? Who has first right to recover the funds by selling the asset?

[ercchry]

His employer at Little Caesar's?

Well… LinkedIn is the first hit in Google after this article :rofl:

[jutes]

This needs to happen more. Traffic is out of hand in major canadian cities.

[you&me]

This needs to happen more. Traffic is out of hand in major canadian cities.

I have some insight into the auto finance industry in Canada and you don't know how right you are... Traffic would be a breeze if every car that was two payments behind was taken off the road :rofl:

[Masked Bandit]

I have some insight into the auto finance industry in Canada and you don't know how right you are... Traffic would be a breeze if every car that was two payments behind was taken off the road :rofl:

While I believe you, that statement is horrifying. Are there really that many people who simply don't keep up with their payments?

[Xtrema]

While I believe you, that statement is horrifying. Are there really that many people who simply don't keep up with their payments?

But then think about how many of those think insurance is optional.

[C4S]

he got a flat tire and when he couldn’t afford a replacement ...

So .. from saving a $300 tire, to now $5k?

And I assume he just bought the car? thus still owe $42k?

[you&me]

While I believe you, that statement is horrifying. Are there really that many people who simply don't keep up with their payments?

No, delinquency rates are in the low 2% range, but have been steeply trending up for a while and expected to be as high as 3% by the end of the year or Q1 '24... That represents almost double the rate from about 24 months ago and would put it into "historic highs"...

So no, 2-3% of cars off the road won't really make traffic a breeze... but shit's not looking good.

[Twin_Cam_Turbo]

The amount of vehicles I buy from people who are years into loans with zero or negative equity is frightening.

[rage2]

he got a flat tire and when he couldn’t afford a replacement ...

So .. from saving a $300 tire, to now $5k?

And I assume he just bought the car? thus still owe $42k?
I think the intent of the article is to highlight how poor people always gets higher financial burden and dig deeper holes when you’re broke.

What I would like to see is the Venn diagram for poor people and stupid people.

[Sugarphreak]

I don't know what the problem is

He just needs a car repair repossession loan

[bjstare]

I think the intent of the article is to highlight how poor people always gets higher financial burden and dig deeper holes when you’re broke.

What I would like to see is the Venn diagram for poor people and stupid people.

116463

[Xtrema]

116463

I am sure there are plenty rich people with inherited wealth are stupid.

[bjstare]

I am sure there are plenty rich people with inherited wealth are stupid.

I'm sure you're right, but that's not what he asked for. haha

[Xtrema]

I'm sure you're right, but that's not what he asked for. haha

lol, can't read.

[Masked Bandit]

116463

That was my initial reaction too, but I've seen some genuinely smart people make some really dumb financial decisions.

[flipstah]

That was my initial reaction too, but I've seen some genuinely smart people make some really dumb financial decisions.

Book smart vs street smart

[bjstare]

That was my initial reaction too, but I've seen some genuinely smart people make some really dumb financial decisions.

Ah but then are they really actually smart? I say no.

[gwill]

I must be reading things differently then most. Sounds like a good business for a loan company if the car is collateral on a tiny ass loan.

Very little risk.

Who gets paid out in this scenario first between the dueling loans?

[max_boost]

Yes yes car sales , extras , 4 square dream right here
This is how you can sell car stuff , doc fees, insurance stuff and make $200k
This is why Canada is also amazing

[KrisYYC]

I have a feeling this guy owns a Supreme shirt or other accessories. I just have a feeling

[corsvette]

Bought a repo’d 2015 Ram 2500 a few years back. Had a brand new hemi put in by a dealership. The bill for the engine was $8,3XX, owner took some loan out for that. The bank did the repop on it, I always wondered who got the cash- bank, or repair loan company? Do they split or is the repair loan guy left with zip?

[ThePenIsMightier]

Ah but then are they really actually smart? I say no.

Street Smartz, Bitch!


https://youtu.be/JuSfdDHIYJc?si=QOydKjXDzf1LRJes

[rage2]

I have a feeling this guy owns a Supreme shirt or other accessories. I just have a feeling
I’m offended.

[Xtrema]

https://youtu.be/JO0nmzINkcQ?si=Iws9aMNynRoXbpms

[jutes]

Sweet base model lexus.