If that's the case they shouldn't be classified as 'secured' if they have no security on them.
They should go through the repossession process even if there is a large expense to discourage people from defaulting, otherwise people will take out loans, default & get a free car. Don't forget these people are the ones who can't get credit from the banks & so have nothing to lose by getting a bad credit mark.
Plus surely they can get a bulk deal on the repossessions with hundred+ a year?
MNY Price at posting:
$1.84 Sentiment: Buy Disclosure: Held
