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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.

Language:
English Language

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

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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