Does the Repo Man still exist?
August 23, 2006 11:12 AM Subscribe
Do consumer goods still get repossessed?
posted by pdb to shopping (7 answers total) 1 user marked this as a favorite
My fiancee and I were talking over a few beers last night, and she asked an interesting question that I didn't have a good answer for.
Say, for example, you buy a big ol' TV from Best Buy, using a newly-opened Best Buy account to do so. Then say that in three months, you stop making payments to that account, for whatever reason (note: this is an entirely hypothetical question. I'm not about to default on a loan). After 90 days of non-payment, when your account is officially Dangerously Past Due and has probably been reported to a credit/collections agency, does Best Buy come out and take back their TV?
I know this used to happen way back when, but as far as either of us could figure repossession only still happens with cars. Is this true? Would Best Buy send someone to get their TV back, or do they consider sending collection agencies after their money and putting big black marks on the buyer's credit sufficiently punishing?