Car Repossession taking place against me

Sabrina,

Creditors can repossess your car without prior notice. Check your contract to know your legal rights before a car is repossessed. You will get some grace period before the action takes place.

Once the car is repossessed, the creditor will try to recover the whole money by selling it in an auction. If the complete amount is not recovered, you will have to pay the balance remaining on the loan after the sale of the vehicle. You might be also needed to pay the collection fees.

If you think that you will not be able to pay the loan amount in anyway, you can file a chapter 13 bankruptcy. Basically, it helps to stop all repossessions. When the case is filed in the court, the creditor may be asked to return it to you. Under the chapter 13, all the interest charges can be reduced at the maximum and you will be offered even lower monthly payments.

You may be able to keep the car by paying the real value even if it is lower than the amount of the loan balance. All your monthly bills will be combined into one loan amount that you will be paying for the car in the chapter 13. Consult your attorney about the monthly payment in chapter 13.

Regards
Roxette

My family had a problem ,one of my brother was hospitalized and i sent them my car payment ,Im almost done paying my car,was just delinquent for 2 mos, the financial ctr. w/o giving me any notice just took my car on a Sunday and holiday.. I tried calling them but they hang up on me,,,

The financial services or the bank that handles these
auto refinancing business ,just takes money fr, the consumers and after painstakingly paying them the monthly payment ,just takes ur car and dont give the consumer the chance to redeem the car ,and sell them for a higher price thus profitting a lot at the expense of the buyer,So it is better to buy a cheap 2nd hand cash , and save ur money in the bank to buy
a cash one,, rather than using the services of these financial institution that acts like helping people but in reality pushing them into poverty and misery,
,,thus if one is not a believer in the Divine Providence , one will become so miserable and so frustrated to give up ,, thats why so many here are sick and stressed up and committing suicide,,
because of these,,, I just hope the system gets more humane and really helps instead of putting people int the brink of disater,,

Angely

I sympathize for those people who collect money for the monthly payments with so much pain and effort, but due to some simple delinquency, their car is being taken without any notice.

But as per the federal laws, this should not have been the situation. A proper notice has to be served from the court putting some time in it before the car is being auctioned.

After the car has been auctioned, if the full amount of the debt is recovered, the consumers are not required to pay anything after that. It is a bad and illegal practice that some of the people still have to pay even after full money has been recovered after the auction of the car.

If you feel that someone is misusing your federal rights, you can report them to the consumer protection office in your state and to other government bodies. They have made this system and it is their responsibility to enable proper functioning of it.

If they sell the car for more than you owe,they must pay off your debt and send you the balance,this is the law.You need to make them aware,that you know this,so they dont scam you out of your money.

My truck was repoed....I did pay the amount that they requested to get it back. The problem is that when I went and got it back my stero face was missing and also a cover that goes on my engine. Is there anything I can get done about this. Without the face to my stero my stero is worth nothing in my truck. Thanks Ed

Yes. The owner of the holding lot as well as the dealer who sold you the vehicle are responsible for the safe-keeping of your vehicle and any personal contents in your vehicle. You should first write a demand letter to them demanding restitution of the damage or missing items and advise them that if you don't hear from them in ten days, you will take the matter to the courts. In most cases, you will not get a response. Proceed with the proper court depending on the amount of damage. Also, document with pictures any damage and get estimates for repairs or replacement. If you have any receipts for the items that were damaged or missing, use those as evidence in the court proceeding as well.

This happened about 2 months ago to me. My daughter and I are co-purchasers on a vehicle. I gave her my portion of the payment and thought she was making the payments. Three months later, they trick her into believing that they found her day planner (don't ask how they knew it was missing) and asked her to meet them at a restaurant to get it back to her. She showed up and they took the vehicle. She had just been to the store and the back was loaded with frozen groceries. She called her brother and got to the dealership in time to see two teenage boys going hog wild through the groceries and making claim to various of her personal items. Luckily I got paid that day and brought the payments current plus repo fee, but we still got a vehicle back with a ding, a paint blotch on it from a pole they swiped when driving it and a torn **** . I realized these guys were not operating ethically and did a background search on them. Much to my surprise I found the business had been sold to a family of polygamists only a few months earlier. We are now watching our backs on this because they operate very unethically.

I was in a similar the situation a couple of months ago. I was able to get the car back the next day. But my car smell like smoke and I am a non smoker. I call the finance company, but they acted like they could care less. I call the towing coming and got the same respond. I ended up speaking with the supervisor at the finance company and was able to get some money to have my car cleaned out.
The sad part is that they were going to sell the car after 10 days if I did not come up with payment.