ShmoopTube

Where Monty Python meets your 10th grade teacher.

Search Thousands of Shmoop Videos


Credit Videos 265 videos

Finance: What does "Breaking the Buck" Mean?
7 Views

What does “Breaking the Buck” mean? Breaking the buck means that a money market fund’s value has dropped to less than $1. This happens becaus...

Finance: What is Collateralized Mortgage Obligation (CMO)?
65 Views

What is Collateralized Mortgage Obligation (CMO)? A CMO is a mortgage bond that consists of a large number of different individual mortgages bundle...

Finance: What is Above Full Employment Equilibrium?
20 Views

What is Above Full Employment Equilibrium? Above Full Employment Equilibrium happens when an economy is basically doing more than it realistically...

See All

Finance: What is Repo/Repossession? 8 Views


Share It!


Description:

Repossession is what happens when you can't make payments on a loan. It's only slightly less terrifying than demonic possession.

Language:
English Language

Transcript

00:00

Finance a la shmoop. What is repo or repossession? Well this is possession yes [Crazy looking woman in bed]

00:09

the devil spirit inhabits your body you need an exorcism.. Yeah right just bring [Priest waving a cross at the woman]

00:14

the PC, well this is a repossession like when you take your body, you know back

00:20

from the devil thank you very much. Well the same thing goes for things you buy [Woman becomes normal again]

00:25

like a car you could have and should have bought that very old but in good

00:31

working condition Saturn with the passenger-side dent in the shape of an [Girl walking away from the car]

00:35

ice cream truck you know that cost five grand. You could have paid for all of it

00:39

out of your piggy bank and had no debt but no you had to have the Audi a7 with [Piggy bank smashes]

00:45

the smartphone integration night vision and squirrel detection feature... That Audi [Squirrel detected in night vision]

00:50

cost 30 grand even though it was used and after you put the five grand down [Stacks of money]

00:54

you swore with your hand on your chest after signing promising documents 18

01:00

times that you'd pay 500 bucks a month for about five years until that car was [Woman signging the contract]

01:05

fully paid for but lo and behold you got fired from your job yeah, didn't plan [Woman looking angry walking out of her office]

01:10

on that when you swore. You whine about it to your car loan robot and it asks in

01:16

automated robot fashion why is that my problem so you go a month and then [Guy with a robot face]

01:22

another and then another without paying and the nasty gram letters come from

01:26

lawyers and from the bank and you know your credit is being destroyed but you [Final warning letters arriving]

01:31

can't find a job in a tough economy yeah you really shouldn't have majored in [Woman watching the news with ice cream and crisps]

01:35

French lit so then one day along comes Emilio Estevez in the middle of the

01:40

night with a thing that looks like a special clothes hanger and a few other [Emilio holding a clothes hangar next to the car]

01:44

tools and at 2:00 a.m. you hear your car is starting in the

01:48

driveway as it magically drives away do you call the cops [Emilio drives the car away]

01:51

you go downstairs to investigate and find a little note that says your car

01:55

has been repossessed and you have a little bill there for back payments of [Total costs being calculated]

02:00

three grand as well as the repossession fees of another grand and for a tidy

02:05

four grand in change with interest accruing every month you'll one day be

02:10

able to buy yourself out of your credit hole at least to some [Woman pops her head out the dirt and money flies out the hole]

02:13

extent they'll be a scar a blotch on your record like that d- you've got in

02:18

physics and yeah it's a bummer going through life with no Visa Amex or [Woman holding up sign on the side of the road for credit]

02:21

MasterCard shoulda bought that Saturn.. Welcome to repossession hell [Guy has horns on his head]

Related Videos

GED Social Studies 1.1 Civics and Government
39794 Views

GED Social Studies 1.1 Civics and Government

Fake News
11938 Views

How do you tell fake news from real news?

Finance: What is Bankruptcy?
260 Views

What is bankruptcy? Deadbeats who can't pay their bills declare bankruptcy. Either they borrowed too much money, or the business fell apart. They t...

Finance: What is a Dividend?
1777 Views

What's a dividend? At will, the board of directors can pay a dividend on common stock. Usually, that payout is some percentage less than 100 of ear...

Finance: How Are Risks and Rewards Related?
589 Views

How are risk and reward related? Take more risk, expect more reward. A lottery ticket might be worth a billion dollars, but if the odds are one in...