state law is insane here with repos..
they get repo’d a lot but i have to send them to auction, then if I get more than they owe, I have to PAY THEM back the differance (after repo/auction costs)
it’s nuts. so I don’t really do much repo-resell..
sometimes they come back from the auction because the amount owed to me is so high no one bids that much.
then I just owe the run fee.
those do get resold by me again. but most times they bring just enough for me not to want it back.
Wow... That is crazy. It would seem that if you are financing directly in house with a private party to private party contract, that contract would be legally upheld period. I have never heard of state law being a legal referee in between a contract between two private parties. In most states if you promise your first born in a signed contract you have to deliver as written and signed no matter how crazy the terms might be.