I warned you... I warned you that the banks would resort to seizing assets of people even with perfect payment records.
Read this letter to Steve Quayle:
uly 14, 2008
BL
Mr. Quayle;
This is unbelievable, Mr. Quayle! My wife and I had our car loan called in by U.S. Bancorp! We were NOT even notified ahead of time! They just took our 2003 Ford Focus wagon! We found it missing from our driveway the other morning!! We were NOT in default, and current with all payments!!!
U.S. Bancorp said that as lien holders, they reserve the right to take any financed car at ANY TIME and for ANY REASON!! We only had a year to go before the car was completely paid off!
They told us the car was being auctioned off any any monies received above and beyond the payoff would be paid to us. (Sure....) Other then this, we were no longer under any financial obligations to U.S. Bancorp, even if the car was sold for less than the payoff. (I even got that in writing!!!)
I can't believe this!!! This is insane!!!!
Now WHY would a bank do this UNLESS they were in SERIOUS financial trouble and needed to raise QUICK CAPITAL!!!!
Everyone is telling me to sue U.S. Bancorp. But why??? I say; let them have that old car! I'm out from under a debt. I'm free to pay cash for another vehicle.
But the manner in which this was literally stolen out from under us is just another indication that the bank crisis in this nation is GROWING!
Plant those gardens! Can those veggies! Stock up on food! The bottom is falling out from the banking industry....RAPIDLY!
B L
