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 Posted: Wed Aug 15, 2007 5:56 pm Subject: my car was repossed are |
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my car was repossed are they suppose to send me a bill of sale if they sold the car an i pay off the balance? if they don't what are my options?
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rickashay4
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AnthonyLemons
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| Posted: Thu Aug 16, 2007 2:35 pm Subject: |
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In my opinion, the company that sold your car must send you documents of the sale of the car before they claim for the outstanding balance. You must see proof before agreeing to pay anything further.
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Bony
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| Posted: Thu Aug 16, 2007 3:41 pm Subject: |
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I agree, don't pay anything until you see that it sold and what it sold for and then what you balance would be that you would have to pay. I would not pay anything by just word of mouth. See documentation first.
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2nband
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| Posted: Sat Aug 18, 2007 1:40 pm Subject: |
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Question: Do they try to sell the car at the blue book/NADA price or just what the highest bidder bids it for. I could never figure that one out. And if they do sell it below value how can they come after someone for the blue book price?
ladybug
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ladybug
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| Posted: Sat Aug 18, 2007 2:12 pm Subject: |
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When we had our Navigator (voluntarily repo'd), they just sold it to the highest bidder. They really screwed us on the deal. We called them and asked that it was repo'd, they in turn auctioned it off for like 4K or so they say on a 2 year old, like new, Lincoln Navigator. But yes they sent us paperwork saying thats what it sold for with the remaining balance.
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gruntingtinyspots
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AnthonyLemons
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| Posted: Tue Aug 21, 2007 7:34 pm Subject: |
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1) When a creditor reposesses a vehicle, they generally have to give you 21 days to redeem the vehicle. If you do nothing, then after 21 days they can sell the car to highest bidder at private/public auction.
| Quote: | | Do they try to sell the car at the blue book/NADA price or just what the highest bidder bids it for. I could never figure that one out. |
2) They try to sell the car for as much as they can get for it. Very rarely, almost never, will it be sold at Blue book. The creditor does not determine the selling price - it must be through auction. So the final selling price is determined by the highest bidder. If private sale auction, there usually must be at least 3 bids. Most likely it will be sold around black book (wholesale), fair/rough value.
| Quote: | | And if they do sell it below value how can they come after someone for the blue book price? |
3) The creditor is not a car dealer, their principle business is loaning money (not selling cars), they did not sell you the car to begin with. Rather, they wrote a check to the car dealer for the purchase of that vehicle, expended money on your behalf, and in doing so they gave you a loan. The money they are trying to reclaim is not based on what the car is worth, it is based on how much they loaned you, plus interest. Them selling the car offsets your loan balance, but if there is a remaining deficiency balance then you are still responsible for it.
4) When they do sell the vehicle, they are required to provide an accounting of the sale and your new balance. If they sold the car for more than you owed on the loan, then they owe you a refund. They are not required to disclose who they sold it to, nor do they have to give you a copy of the bill of sale. Although, if you request it, I don't know why they wouldn't give it to you.
5) There is no time frame for when they must sell the vehicle. They should not come after you for any balance until the vehicle has indeed been sold; but if it takes them six months to sell the vehicle, they can try to collect at that point. They also may choose to keep the vehicle for their own use (ie make it a company car for their employees' to use) -- if they do that, then they usually must forgive your entire balance and cannot try to collect any more from you.
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DebtCruncher
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| Posted: Tue Feb 12, 2008 10:41 am Subject: IN REPO NOW |
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I'm in repo now... the repo man is threating me with a warrent for my arrest if I don't turn over the car? Can they do that?
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TAG
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| Posted: Thu Feb 14, 2008 3:16 pm Subject: |
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Depends on your state law. In IL, for example, there is the Conditional Sales Protection Act, which states that:
| Quote: | (720 ILCS 240/1) (from Ch. 121 1/2, par. 157.41)
Sec. 1. Any person purchasing personal property under a conditional sales contract who, during the existence of such conditional sales contract and before the conditions thereof have been fulfilled, sells, transfers, conceals or in any manner disposes of such property, or causes or allows the same to be done without the written consent of the holder of title is guilty of a Class A misdemeanor. |
In other words, if they hold the title and they want the car back for a breech of contract, and you are concealing its whereabouts, you might be guilty according to this law.
If they have a valid reason for wanting the car back, you would be best to work something out with them. For if nothing else, they can go to court and get an order of replevin whereby a judge will tell you to give them the car. Then if you violate a judges order you can be held in contempt of court. If they have to go that route, attorney fees and court costs will usually be tacked onto your balance.
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DebtCruncher
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