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Repo Man Took Car, Paid It Off, Returned It

Stanford Kipping of Red Bud, Illinois, and his wife Patty were paying off their 1998 Buick at $95 dollars a month. But a sharp rise in the cost of prescription drugs left the elderly couple unable to make those payments. Jim Ford's company was contracted to repossess the vehicle. Ford tried to work out a deal with the bank to allow the couple to keep their car, but that didn't work, so he had to take it. But the task bothered him. Ford decided to take matters into his own hands.  

Using the online service “GoFundMe” and depending on his friends in the repo business, Ford said he raised more than $3,500 in one night. After the fee for the service and after paying the $2,501 to the bank owed on the Buick, Ford tucked $1,000 in cash into an envelope. A co-worker at his business bought a frozen Thanksgiving turkey and Ford put it in the cab of his tow truck.

On Monday, he and Tom Williams, a friend, fixed the Buick’s headlights, topped off the radiator and changed the engine oil. Then they hooked the car up for a return trip.

Read more here:

The Kippings were aware of the car recovery efforts, but were astonished at the extra help. It was a wonderful effort on the part of Ford, his friends and colleagues, and those who donated online. Still, for the life of me, I can't figure out why a 1998 Buick would cost that much. Read the entire story at The Belleville News-Democrat. -Thanks, John Farrier!  


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Why does a 98 Buick cost so much? Interest. I'll bet they took a loan to get get the car, and could only get a loan with a (typical) ridiculous amount of interest.
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Perhaps the interest rate was ridiculously high? Some lending facilities tend to do that to certain focus groups like minorities and the elderly, to name just 2. When my elderly parents wanted to take out a loan for some home improvements they were initially denied the loan. Later on they found a lender who would give them the loan but the interest rate was crazy. Usury laws be damned! My folks finally decided not to get a loan because of all the trouble/hassle they had gone through and they just couldn't justify the high interest rate.
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"Still, for the life of me, I can't figure out why a 1998 Buick would cost that much." I agreed, but a quick search of Buicks 1997 to 2005 (in California) showed prices from $5-7 K. Amazing ability to retain value.
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