Does anyone know what rights we have on our car loan if we are late and havnt been able to pay in a few months we did not expect to loose half our income only 2yrs after starting the loan is there a way to renegociate payments and the lenght of the loan?
As stated above, there is no "legal" time-frame. Technically, if you're one day late, then they can repossess. Although most companies won't entertain the idea of repossession until an account is 30-60 days past-due.
To get the car back, you usually have to "redeem" to repo by paying the past-due amount + costs of repossession (also probably have to show current proof of comp/collision insurance). In certain situations, they can demand the entire loan balance.
In TN the redemption period is 10 days. If you don't redeem within 10 days, then they can sell the vehicle.
Anonymous
Sub: #12 so dumb ******** from chase just called me and said they were goTue, 04/14/2009 - 11:40
so dumb ******** from chase just called me and said they were going to repo my car and i am 15 days late and i need to make a payment and i had sent it last week to them and he had not recived it yet ...told him to check the mail and he told me a payment over the phone was needed or they were coming to get it ... so is he full of **************?
Anonymous
Sub: #13 i'm in the middle of working an deal with chase. Spouse didn't kWed, 05/06/2009 - 19:38
i'm in the middle of working an deal with chase. Spouse didn't keep up payments while i was gone (long story). anyways talk to them about it before they call and talk to a supervisor who can make decisions and record the call! they do. I was able to negotiate a settlement where i sell the vehicle at fair market value price agreed upon between me and chase. the money goes to chase and the account is settled. They allow 30 days for the process to happen. chase would much rather get money this way cause they actually loose more money on repo's than this method. I just started the process today so i'll keep everyone up date on how it actually goes, knowing the reputation of chase.
I recieved notification of intention to repossess my truck... i asked what i needed to do to prevent this. i was told that i needed to pay my loan current and it would be no problem... i went to chase to pay the pastdue balance. during this time they were repoing the truck. after i made the payment and called them back i was told there was nothing that cold be done about the situation... my loan was defaulted (even though at this point it was paid up) and they were not going to restate it... when i brought up the arrangement,i was told that even though i could name who I spoke to and they verified the time, that my story was false and the arrangement never happen... I've had to contact my lawyer to see if there is something he can do... I just want my truck back...
I just filed a chapter 13 bankruptcy. I finally figured out what a cram down what and why it worked - I guess there's a federal law that says you have to have had the loan for 910 days for a cram down to work. As it turns out only current fair market value is what is considered "secured" by the court, the remainder is considered "unsecured", according to the paperwork I just reviewed in my case. As it turned out, all my unsecured debt went away and the only payments I will have to make for five years is on the "secured" portion of my auto loan.
Yes, a lot of people don't know about "Fair Market Value" and end up getting royally shafted by unscrupulous repoed vehicles allegedly "sold" for pennies on the dollar. If you get a repo and the finance company comes after you with a ridiculous amount, you may be forced to either file bankruptcy, or wait for them to sue you and claim that the collateral was not sold at a commercially reasonable price and they will have to eat the amount they tried to screw you for, which amount will be ascertained through the process of Discovery (you will also need to file a Motion for Discovery - but *any* time a creditor sues you, you should *always* file Discovery).
I'm trying to get a class action lawsuit together for a lawyer..Yes Chase are nothing but a bunch of liars..they took a bail out and still suck the blood from your veins! Lost our auto after we lost our income..Chase had a hardship program and we were told to wait 60 days but they still repoed the SUV..and sent a bill for almost the price of the loan! They sold a $7500 SUV for under $1000?? And it was in Good shape! Crooks and liars that are begging to be sued!
You are given the choice to surrender a unit before it is repo. The process is the same goes to auction and sold the balance you have to pay. If you surrender the unit you don't get the fees added for looking for your unit could be as much as $ 5,000. Always remember the bank does not pay the repo fees you do they just pick the company that willing to take the job. After a time period the bank will assign someone else so so until the unit is recoverd or charge off. In any case more fees are added. Best solution can not pay give up the unit and buy yourself another before it hits you credit report.
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As stated above, there is no "legal" time-frame. Technically, if you're one day late, then they can repossess. Although most companies won't entertain the idea of repossession until an account is 30-60 days past-due.
To get the car back, you usually have to "redeem" to repo by paying the past-due amount + costs of repossession (also probably have to show current proof of comp/collision insurance). In certain situations, they can demand the entire loan balance.
In TN the redemption period is 10 days. If you don't redeem within 10 days, then they can sell the vehicle.
so dumb ******** from chase just called me and said they were going to repo my car and i am 15 days late and i need to make a payment and i had sent it last week to them and he had not recived it yet ...told him to check the mail and he told me a payment over the phone was needed or they were coming to get it ... so is he full of **************?
i'm in the middle of working an deal with chase. Spouse didn't keep up payments while i was gone (long story). anyways talk to them about it before they call and talk to a supervisor who can make decisions and record the call! they do. I was able to negotiate a settlement where i sell the vehicle at fair market value price agreed upon between me and chase. the money goes to chase and the account is settled. They allow 30 days for the process to happen. chase would much rather get money this way cause they actually loose more money on repo's than this method. I just started the process today so i'll keep everyone up date on how it actually goes, knowing the reputation of chase.
chase bank sucks out loud
I recieved notification of intention to repossess my truck... i asked what i needed to do to prevent this. i was told that i needed to pay my loan current and it would be no problem... i went to chase to pay the pastdue balance. during this time they were repoing the truck. after i made the payment and called them back i was told there was nothing that cold be done about the situation... my loan was defaulted (even though at this point it was paid up) and they were not going to restate it... when i brought up the arrangement,i was told that even though i could name who I spoke to and they verified the time, that my story was false and the arrangement never happen... I've had to contact my lawyer to see if there is something he can do... I just want my truck back...
i miss wamu
I just filed a chapter 13 bankruptcy. I finally figured out what a cram down what and why it worked - I guess there's a federal law that says you have to have had the loan for 910 days for a cram down to work. As it turns out only current fair market value is what is considered "secured" by the court, the remainder is considered "unsecured", according to the paperwork I just reviewed in my case. As it turned out, all my unsecured debt went away and the only payments I will have to make for five years is on the "secured" portion of my auto loan.
Posts: 2557
Credits: 17373.05 Send message to Chrys Henderson
Yes, a lot of people don't know about "Fair Market Value" and end up getting royally shafted by unscrupulous repoed vehicles allegedly "sold" for pennies on the dollar. If you get a repo and the finance company comes after you with a ridiculous amount, you may be forced to either file bankruptcy, or wait for them to sue you and claim that the collateral was not sold at a commercially reasonable price and they will have to eat the amount they tried to screw you for, which amount will be ascertained through the process of Discovery (you will also need to file a Motion for Discovery - but *any* time a creditor sues you, you should *always* file Discovery).
Rip-off companies - FTC.
Phone harassment by Debt Collectors - FCC.
Banking issues, like ACH problems - OCC.
I'm trying to get a class action lawsuit together for a lawyer..Yes Chase are nothing but a bunch of liars..they took a bail out and still suck the blood from your veins! Lost our auto after we lost our income..Chase had a hardship program and we were told to wait 60 days but they still repoed the SUV..and sent a bill for almost the price of the loan! They sold a $7500 SUV for under $1000?? And it was in Good shape! Crooks and liars that are begging to be sued!
You are given the choice to surrender a unit before it is repo. The process is the same goes to auction and sold the balance you have to pay. If you surrender the unit you don't get the fees added for looking for your unit could be as much as $ 5,000. Always remember the bank does not pay the repo fees you do they just pick the company that willing to take the job. After a time period the bank will assign someone else so so until the unit is recoverd or charge off. In any case more fees are added. Best solution can not pay give up the unit and buy yourself another before it hits you credit report.
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