Which seller would have bad debt on a repossession of personal property? Wendi did not use the installment method to report the sale of a car. At the time of repossession, the car's FMV was $14,000. Wendi's basis in the obligation was $12,000 and she paid $500 repossession costs. Stephen did not use the installment method to report the sale of a piano. At the time of repossession, the piano's FMV was $8,000. Stephen's basis in the obligation was $9,000 and he paid $150 in repossession costs. Martin used the installment method to report the sale of a pontoon boat. At the time of repossession, the boat's FMV was $6,900. Martin's basis in the obligation was $6,000 and he paid $250 in repossession costs. Mey used the installment method to report the sale of a necklace. At the time of repossession, the necklace's FMV was $2,500. Mey's basis in the obligation was $2,750 and she paid $100 in .repossession costs.