What does BHFC Financial Services do with your repo?
So what happens when BHFC Financial Services decides to repo your vehicle using their shady GPS Tracking Devices? BHFC will actually resell your vehicle through partnership lots like DR Auto Sales which is conveniently located next to their building. They will repo your vehicle and drop it off at dealerships like this and have them resold. Why is this shady?
According to Arizona Law when a car is reposessed it must be sold in a commercially reasonable manner. Every bank aside from BHFC Financial Services will actually send reposessions to auction which makes it commercially reasonable. BHFC however wants to resell your car and tack on the interest over again to the next customer. The reason this is shady is because usually when cars are taken to auction there will be a balance owned by you. Yes you are responsible for any money including repo fees if there is a difference in money owed and sold price at auction. They must also legally notify you of sale date including when and where it will be sold.
So there are a few red flags here.
1. How will BHFC Financial Services notify you of sale date when they reposess cars and don't know which dealership they are going to goto for resell?
2. How will they sell it in a commercially reasonable manner when they dictate the price of the vehicle on their own?
3. Why is BHFC Financial Services the only bank allowed to resell their vehicles and minimize losses or is this actually against the law?