Once, as a Claims Adjuster, I was privy to a situation where a couple had bought an Olds Aurora.
They paid 'way too much for the car in the first place. Then the car turned out to have chronic air conditioning problems that no one could seem to fix. They arrived at a point when they owed some $20,000 on a car that in top shape was worth maybe $10,000. They wrote the finance company asking for the car to be repossessed, obviously under the mistaken impression that if the car was repoed they would walk away free and clear.
The finance company wrote back asking the couple if they were sure that was what they wanted to do. The couple replied they were.
The finance company repoed the car, sold it at auction for $6,000, and sent the owners a certified letter demanding the $14,000 difference within 10 days.
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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