A tow truck repossessed Jo Riedel’s SUV. He expected it to happen
So he ruined his credit? He still needs a car.
>>So he ruined his credit? He still needs a car.
but what is he supposed to do? Keep making payments on a car that can’t be registered? Let them repossess it, and then sue carvana for contract failure - plus any damages caused by the damage to his credit.
IMO, carvana is about to collapse into bankruptcy, like so many dotcom era companies of the late 90’s
If the dealer sells the car at auction for less than the original loan amount Jo is on the hook to make up the difference.
In any state that I’m aware of, you have to provide title within a certain time period.
Carvana leans toward being a subprime lending company.
All dealers doing secondary lending through banks, CU’s etc have to either provide title, or a letter guaranteeing title within a certain time period to get funded. My guess is they are using their own captive financing arm.