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-ma...ents-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.

[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]

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- 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.

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]

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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]

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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]

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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]

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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]

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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]

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His employer at Little Caesar's?

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

[jutes]

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

[you&me]

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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

[Masked Bandit]

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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

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

[Xtrema]

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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?