What is it like to get your car repo’d? In this video, I tell you about my car repossession experience. I talk about how I got into a place financially where the repossession of my car was even possible, and I show you the actually video I took when my car was getting repossessed. I even tell you what the process of gettting a car repossed is like. This truly is my in-depth and complete story of when I got my dream car repo’d.
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About this video: I’ll never forget the day that my dream car got repo’d. It was a cold November day in East TN. I knew the day was coming, but I didn’t know when. Then, the door bell rang, and there was a tow truck outside.
Wait a minute. I feel like I need to do some explaining here.
You see I have always loved BMW 4 series. From the base model 428i to the M4, BMW 4 series from 2014 to 2019 just do it for me. Because of this, when I was 20 years old, I went out and purchase a stunning dark blue BMW 428i. The purchase price of this BMW honestly wasn’t bad.
What was bad was the negative equity I had on my trade. When you added that in, I walked out of the dealership with a $31,000 loan.
So I do want to mention here towards the beginning of the video. If you are watching this because you think your car may be repo’d, it is going to suck, you are going to be in a hard place for a while, but it isn’t the end of world. You can recover.
This is my current car. It is another BMW 428i. This one is better spec’d than my old one in just as cool of a color, and I have about $5,000 in positive equity in it even in a bad car market.
You can own the car or cars you want now. Patrick and I also have a 2011 Aston Martin V8 Vantage that we own in cash. Getting a car repo’d isn’t the end of your life even though it may feel like it at the time. You can overcome it, but more on that later.
So I had a $31,000 loan on a car that was worth around $25,000. Not a good look, but I could make the payment. Patrick and I then started selling real estate though. This meant that I ended up putting around 50,000 miles on the car in 12 months leaving it at well over 100,000 miles dropping the value even more.
On top of all the negative equity my car had driving it all those miles made it worth even less. Patrick and I were also just breaking even selling real estate when you include all the expenses we had for marketing, living, etc.
Because of this and the fact that we started spending on credit cards just to eat, our finances by were looking bad. I go in-depth with this on a video I made about my bankruptcy experience. You can check that out at the ‘i’ at the top of the screen.
And as having a video about bankruptcy would imply, that is where I ended up. I filed chapter 7 bankruptcy in June 2018. During this, I decided to give up my car as it was worth no where near the loan amount.
Just wanted to cut in here and say if you don’t file Chapter 7 bankruptcy and your car gets repo’d, you will be responsible for any amount of your loan left after your car is sold, and since these cars are usually sold at auction, this will not be a lot.
You should try everything you can to keep paying your payment, work with the bank, and stop your car from getting repossessed. It sucks to have debt for a car that was taken from you and sold at bottom dollar.
So now you know how I ended up in a place where my BMW was getting repo’d, but what does it feel like when it actually happens?
Well, my repo wasn’t that dramatic. I knew it was coming. The worst part was the fact that I didn’t know what it was actually going to happen. I had no idea if it would be right after I filed bankruptcy or months after I was discharged. It ended up being a few weeks after my discharge happened.
A couple of guys showed up, asked for the key, let me clean the car out, and took it. There is no drama here or anything like that. I actually have some video of them taking the car I will show. The only weird thing was that instead of loading it on a truck, they just drove the car off. The car was then gone. I never saw it again.
As the title says though, a BMW 428i is my dream car. Thus, after Patrick and I had built our business back up and we were bringing in over $20,000 per month, I thought it was time to buy another 428i. So, I bought this one.
It’s not the nicest out there, but the color is stunning and it is spec’d really well with the M Sport package. I was able to get my dream car back. My car getting repo’d didn’t end my life or ruin me financially. It doesn’t have to ruin you either. I overcame car repossession, and you can overcome it too.