I seen it all now
https://ventura.craigslist.org/cto/d/newbury-park-cah-for-your-repossession/7600068810.html
Sounds more like a ‘credit fixer’ scam
Hahahaa “get something better than nothing”
Pay me $500 and we will ‘guarantee you’ to get you out of your loan.
We will consign your car, at our special locations. (Or possibly steal your car).
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Don’t get me wrong, I totally see a possible scam here. On top of that I can’t imagine dealing with people who are facing repossession of a car. However, I see an opportunity here too. A brief google search showed that a single car repo pays $150-400. Now if you can convince people to drive the car to you with two sets of keys (I imagine most repos have none) you don’t have to make replacement keys, which would increase the value. (I know, I know, it’s the repo industry, nothing is going to work out well.) Give someone $100 or $200 and you pocket the difference for much less work. I imagine that this would be a easier solution for the repo man and for the car owner.
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The holes in your theory
- These people are already in default, they won’t give the car up willingly. So why would they give it back? a couple of hundred? It needs to be more.
- A ‘Repo’ has very specific laws, dropping your car off at a random repo yard will not be under it. This ad has to be targeted to the cars that compare are approved to repo.
This is definitely a case of :
- There are many people who will take advantage of someone down on their luck. CL is a perfect place for it.
I do see in the future (As it was in the past) , cash for keys (Sorta like your idea). The better the condition the better the ‘return bounty’ a bank will pay these people to give up the car. BTW this is voluntary repo, not a forced repo.
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im almost positive the cAse here is take whatever cash i give you since you still going to default on your car and ill part it out and make more $$
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Or ship it out.
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You’re completely right! Sadly Craigslist can be scam central, but there can be some good deals.