Wheels Repossessed Right in the Middle of a Wichita Car Show
We’ve seen some pretty crazy trends in the automotive community unfold as new ideas pop up. Here in America, it’s the land of opportunity. Sometimes, though, that opportunity might be presented in a way that looks enticing but is really not so great.
For example, the practice of renting out wheels or tires has kind of become a shade tree operation. Essentially, a tire shop will put on some sort of rent-to-own program. This means they can repossess the wheels and tires on the vehicle if the payment isn’t made. Technically, it’s completely fair game. Two consenting parties agreed to the deal and then it’s up to the buyer to make the payment even though it might not exactly be at a fair rate most of the time. We’ve found that many of these operations offer predatory rates for people with lower income.
Sure, you can have those wheels of your dreams for just $50 a month. What a deal! The catch is that buyers end up paying double their value or more when all is said and done, though.
When these two parties seemed to not be in agreement, the seller in this case, took action in a hurry. We aren’t sure what steps led to this point or if this was the first course of action. However, this old school ride would have its wheels and tires repossessed right in the middle of a car show. After the fact, the classic was left sitting on the ground with no sort of wheels in sight. Long story short, this is certainly a rough day.
As far as these transactions go, we would probably recommend staying far away. Unless you can buy wheels outright, we would recommend staying stock. For those who absolutely need to have them, a credit card is probably a better idea.
We’re sure that there are honest and reasonable companies that finance wheels like this. However, springing for that expensive set of wheels might not be worth it if they’re going to get taken back. I guess that’s the nature of a capitalistic system, though. People are free to spend or borrow money in any way that they like.
Doesn’t matter who you are or where you’re. If you don’t pay, you don’t drive away as seen in the videos down below.
Be sure to tell us what you think about the situation.