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Finance: What is Repo/Repossession? 8 Views
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Description:
Repossession is what happens when you can't make payments on a loan. It's only slightly less terrifying than demonic possession.
- Social Studies / Finance
- Finance / Financial Responsibility
- College and Career / Personal Finance
- Life Skills / Personal Finance
- Finance / Finance Definitions
- Life Skills / Finance Definitions
- Finance / Personal Finance
- Courses / Finance Concepts
- Subjects / Finance and Economics
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Transcript
- 00:00
Finance a la shmoop. What is repo or repossession? Well this is possession yes [Crazy looking woman in bed]
- 00:09
the devil spirit inhabits your body you need an exorcism.. Yeah right just bring [Priest waving a cross at the woman]
- 00:14
the PC, well this is a repossession like when you take your body, you know back
- 00:20
from the devil thank you very much. Well the same thing goes for things you buy [Woman becomes normal again]
- 00:25
like a car you could have and should have bought that very old but in good
Full Transcript
- 00:31
working condition Saturn with the passenger-side dent in the shape of an [Girl walking away from the car]
- 00:35
ice cream truck you know that cost five grand. You could have paid for all of it
- 00:39
out of your piggy bank and had no debt but no you had to have the Audi a7 with [Piggy bank smashes]
- 00:45
the smartphone integration night vision and squirrel detection feature... That Audi [Squirrel detected in night vision]
- 00:50
cost 30 grand even though it was used and after you put the five grand down [Stacks of money]
- 00:54
you swore with your hand on your chest after signing promising documents 18
- 01:00
times that you'd pay 500 bucks a month for about five years until that car was [Woman signging the contract]
- 01:05
fully paid for but lo and behold you got fired from your job yeah, didn't plan [Woman looking angry walking out of her office]
- 01:10
on that when you swore. You whine about it to your car loan robot and it asks in
- 01:16
automated robot fashion why is that my problem so you go a month and then [Guy with a robot face]
- 01:22
another and then another without paying and the nasty gram letters come from
- 01:26
lawyers and from the bank and you know your credit is being destroyed but you [Final warning letters arriving]
- 01:31
can't find a job in a tough economy yeah you really shouldn't have majored in [Woman watching the news with ice cream and crisps]
- 01:35
French lit so then one day along comes Emilio Estevez in the middle of the
- 01:40
night with a thing that looks like a special clothes hanger and a few other [Emilio holding a clothes hangar next to the car]
- 01:44
tools and at 2:00 a.m. you hear your car is starting in the
- 01:48
driveway as it magically drives away do you call the cops [Emilio drives the car away]
- 01:51
you go downstairs to investigate and find a little note that says your car
- 01:55
has been repossessed and you have a little bill there for back payments of [Total costs being calculated]
- 02:00
three grand as well as the repossession fees of another grand and for a tidy
- 02:05
four grand in change with interest accruing every month you'll one day be
- 02:10
able to buy yourself out of your credit hole at least to some [Woman pops her head out the dirt and money flies out the hole]
- 02:13
extent they'll be a scar a blotch on your record like that d- you've got in
- 02:18
physics and yeah it's a bummer going through life with no Visa Amex or [Woman holding up sign on the side of the road for credit]
- 02:21
MasterCard shoulda bought that Saturn.. Welcome to repossession hell [Guy has horns on his head]
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