Lasttoy

I had a very bad experience with Key bank. i had problems with payments.. i wrote them several letters.. called.. over and over agian.. NOTHING.. they refused to RE finance. or Modify.. and i have 4 Gov penions...guaranteed incomes.. but they refused.. and last week.. they had a REPO man come by at 2am and take my boat.. they did not even tell me or call to set it up.. so i lost it all cause they would not RE or modify my loan.. My boat dealer buddy told me they did not care about customers, they had REPOd 4 boats in Jacksonville. OH, now i can not find the boat on any site.. this smells fishy to me... i had over 25k in electronics on the boat..

Lasttoy

Key Bank REPOd my boat last week... i wrote them a lot of lettters and called then over and over.. guy came in at 2am and took my boat away... back to Maryland.. never heard a word from them .. before or after REPO.. they REPOd a lot of boats in Jacksonville.. but they called them.. the guy came here at 2am..

Griff

You knew you were'nt making the payments. You could have easily made arrangements to turn it over to Key Bank voluntarily. Should have sold some of the 25k in electronics and made some payments. Key hires repo companies and they repo it how they want to.

Von Bongo

Ok,

A few facts. Of the $700 billion "bailout" (actually $1.1 trillion) that the media likes to say went to banks about $250 billion actually went to "banks" the rest went to AIG, FNMA, FHLMC, GM and Chrysler, home forclosure mitigation, and TALF. Less than 25% of the program went to "banks"

Of the $250 billion that went to banks, $71 billion has been repaid in full ( in less that 1 year) leaving about $181 billion left to repay. In addition to getting the principal back the government/ tax payers made a 5% dividend on their investment AND made ~ $3 billion for the repurchase of warrants.

When Citi, Wells and B of A repay TARP that will be another $120 billion and that will likely be in 2010 for wells, and maybe B of A. Citi will be a couple years, all the while returning the tax payer 5% dividend for about a 4% spread over treasuries. A decent deal. Plus they will pay billions more in warrant repurchases.

The bail out was not to save banks....it was done to make sure we still had a banking system past October of 2008.

Second, banks cannot loan at fixed rates beyond 3-5 years unless their plan is to fail.

The reason they can't is they have no long term deposits. You can't make a 20 year boat loan funded by a CD that has a 3 year maturity. The Savings and loans did this on real estate and well, if your under 30 you probably don't even know what a savings and loan is.

You can do it if you can securitize the loans and sell them but as you may figure out, FNMA and FHLMC have been unable to turn a profit making fixed rate home loans, hence their need for $95 billion in funds with billions more yet to draw. If they fail say good bye to any fixed rate loans for homes!

So in short, banks paying back, Auto, GSA's & insurance companies not so much.

All loans being variable rate? Much, much closer than what you might like to think!