my car was repossed are
Date: Wed, 08/15/2007 - 17:56
Rick, your state laws should be researched, since every state or
Rick, your state laws should be researched, since every state or county differ in how this needs to be handled. Check with your states Banking Commission or Attorney General.
In my opinion, the company that sold your car must send you docu
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.
I agree, don't pay anything until you see that it sold and what
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.
Question: Do they try to sell the car at the blue book/NADA pri
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
When we had our Navigator (voluntarily repo'd), they just sold i
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.
I would like to start the bidding at 4.00 dollars, do I hear fou
I would like to start the bidding at 4.00 dollars, do I hear four...going once...
1) When a creditor reposesses a vehicle, they generally have to
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.
IN REPO NOW
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?
Depends on your state law. In IL, for example, there is the Con
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. [/quote]
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.
repossed car
Can a company call all your friends to tell them that I owe money on a car? He is calling them all the time. When I told this guy that my husband was in the hospital, he said he would call him there. Is'nt that harresment?
they are absolutely not allowed to do this, express that you kno
they are absolutely not allowed to do this, express that you know its illegal and that if they do this again they will be hearing from your attorney.
not allowed to tell anyone about your financials
document all times dates and when and who they called and exactly what was said.
Who's calling? The OC or a 3rd party collector? The OC is not
Who's calling? The OC or a 3rd party collector? The OC is not bound by the same rules as a collection agency and can contact references.
CA's can generally contact references to obtain your wherabouts,
CA's can generally contact references to obtain your wherabouts, but shouldn't be disclosing the facts about the debt itself.
It is true that OC's are not bound by the same rules as a CA. However, the OC is bound by the "Financial Privacy Rule" created by the Gramm-Leach-Bliley Act. In short, they should not be releasing non-public personal information to disinterested parties. However, the privacy rules do give them a certain loophole, which they might be able to claim allows them to discuss the debt with others:
My car was repossed and the financial institution told me that I
My car was repossed and the financial institution told me that I would have to pay the car off before getting it back. I was only a month behind. Can they ask for the entire balance instead the amount owed plus repo fees?
It depends on your state laws. For example, in IL if you ha
It depends on your state laws.
For example, in IL if you had paid at least 1/3 of your payments prior to repossession, then they would have to give you the option to pay just the past-due amount + repo fee in order to reinstate the note and get your car back. But if you had not made 1/3 of your payments, then they could hold the car and demand the full balance. Again, that is IL laws.
What state are you in? How many payments were scheduled on the contract? And how many payments have you made total?
repossed car
My car was repossed and I would like to get it back. I live in michigan. Do you know the laws on repos here?