From The Desk of a Debt Collector

In a small country town, anywhere America, Joe owner of a small business is in need of a Truck to handle buying and transporting items.   The local dealership, does not have what he needs so he travels to the nearest city, with a car he has had for the past couple of years still owing some $15,000.00 on it in hopes of getting a good trade in, with another $2000.00 in his pocket to put with it.  

One of the Sales Staff is quick to greet him with a smile when he drives up  and parks,  ”Hi my name is Steve how is it that I can help you today?”, asking with a grin on his face, reaching out his hand sporting a Rolex and a ring that held several diamonds,  ” you looking for a new vehicle, car or Truck?”.   Joe, knowing this dealership to have a great selection of trucks, after all  he drove by here several times over the years and always dreamed of owning one of those 40 Thousand dollar trucks,  filled with the extras that make it a pleasure to drive when he had to travel across the state.   Not wanting to seem to eager, “I’m looking for a truck, need to be able to haul materials that I need for my business from across the state, for my business.”  Steve seeing that he has a sure sale, after all he has been in the business now for several years and can sense when he has a buyer that is in need.   “Ok, lets take a walk over to the office and see what we can qualify you for, we have some coffee and goodies, if you like; will take a few minutes to run your credit and such.”  

As it turns out Joe is able to buy that new truck he wanted has a nice payment of six hundred and some change with a interest rate of only 3.9%,  and it only took him four hours to drive off the lot not realizing totally what he had done.  Not reading all that fine print on the back of the contact or asking any real questions outside of his nice payment and low interest rate he was happy,  after all business was good, and his girl friend had co-signed with him because he was upside down on his trade in.  

Two years go by and all of a sudden Joe becomes very ill and can not afford to make the payments, his girl friend hours are cut back, so he calls the finance organization tells them what has happened.  Put the Truck in his shop so it would not be damaged not realizing that when they come to get it will be sold for less then the balance on the loan, some twelve thousand less, as it turns out.  

A year or so goes by and the balance is bought by a debt purchasing company, in the mean time has had a stroke and is now having other bills pile up not able  to work picks up the phone.  ”Hi, Joe how are you today?” listening for tones of willingness to discuss the twelve thousand he owes,  ”My name is Nick and I have some documents  that I believe to be yours I am in need of going over with you,  you living at yet – address- and the last four on your social would be 4444 …. making sure I have the right person —  that you?”   being careful not to Id myself as a debt collector yet.  ”Yea, what is this about?” Joe asks?  ”Sir, I am a debt collector,  this is an attempt to collect a debt and any information will be used for that purpose,  and our could be monitored and recorded for quality assurance purposes.   I have a matter of twelve thousand dollars, on that — truck you bought with …..  that needs to be resolved today, how would you like to take care of it?”  

Out comes the story of what had happened to Joe, who believed that this debt was done when he gave it back and it was sold to another dealership.   Now, Joe never realized that Sue who co-signed is as responsible for the debt as he is has a job, no other debt in her name, taking care of him becomes the one who has the ability to pay simply because she has a job.  

The point make sure you know what you are signing for before you enter into a contract,  read what you are signing before you sign it, or you could have a law suit with a judgement around the corner.   Consider what could happen and how it can be handled if it does or do not extend  yourself  that far, when a cheaper truck would have done the same job with a little less comfort…….