Repo ? I am sure someone already asked before....

anyway I have been online and cant find anything that says they the lender has to send you notice, or how late is considered late for repo...........

does anyone know any good sites with more concise information?

my car was in repo at one point but i luckily was able to borrow money last min to take it off that status. i was three months late and did not recieve anything but a voice mail saying that my car is in repo. i was terrified.. i can't help too much, just wanted to let you know my story.

Most states adopt the UCC, which governs secured transaction and repossessions. http://www.law.cornell.edu/ucc/9/article9.htm#s9-609 The UCC really just says that any time after default, they can repossess the vehicle; it doesn't give any timeframe or notice requirements.

An account is technically 'in default' the day after a payment was due. Most lenders won't repo until it's 60-90 days late, but 30-60 is in the red too, depending on their policies.

Some states do require a written notice of default, and your right to cure, before they can repossess the collateral. But I don't think NC does (I gather that from a quick skim of their statutesstatutes

It varies from state to state, some for example Nebraska require 20 days prior written notice of default before repossessing. Some require nothing.

Read you contracts. Most auto notes are in default if you are 1 day late on your payment. Personal experience with Nuvell is they have a 10 day grace period stated in the comtract. On day 11 they technically could start the repo process but generally you would have to be 45 days or more past due. Here's a good reference

http://www.repo-links.com/index.html

The day my auto was repo the noticed of it arrived in my mail saying I had four days to make up payment or I will be repo, after taking that letter to bank I went and got a lawer by the way they were acting It seemed like more than a little mistake.

A) It depends on your state's notice requirements, and whether your state actually requires them to give you notice. If so, I think state law would require more than 4 days notice (usually 15-20).

B) If your state doesn't have any notice requirements, then their letter is just a collection effort. If so, it's probably not required that you actually received it 4 days before repo. Look at the post-mark, and if they mailed it 4 days before they took the car, then you probably don't have a case.

Otherwise, I don't know what laws they would be violating by making a statement in writing and renegging on it. Their letter really didn't act as a contract and not binding on their part. If you were in default, and they weren't required to send a notice, then I'm not sure what law they're breaking if they do opt to send a notice and then not honor it.

yeah i work for an auto finance company. been in the repo dept for 2 years. it all depends on the state. i know for sure north carolina is not a cure state. basically any state that is a cure state we are required to send out a "cure letter" as we call it. california is a 10 day cure we are required to send every time the account reaches 45+ days past due. if the months past due are not paid by the date on the letter we can exorcise our right to repo but in most cases no. my company allows people to go 80+ days past due before repo, especially with todays economy i have seen accounts hit 100 days past due and not be out for repo. but your prime lenders like gmac and toyota dont mess around if you around 30-40 they will send your account out for repo.

some states require a letter every time your acct goes so far past due, some states only require the letter 1 time per life of the loan, like louisiana, and some states dont require a letter at all. i would say 90% of the time if the customer calls in and makes arrangments we wont repo it. remember a company looses thousands of dollars every time they repo a car. unless you make it personal or do somthing to piss them off chances are they will take your money versus taking the car. just call and talk to them.

what i meant by making it personal or "pissing" them off is there are a few select people that will call in and basically say "f you i will not pay and you will not find my car" well that right there is a slap in the face and just made it my personal agenda to find that vehicle no matter what the cost. but most people are good people just in a bad spot. the best advice i can give anyone regarding being past due on your automobile loan is call the finance company. they want your money not your car.

like i said when i was in repo, they left a msg on my machine saying they will take my car away. no other notice sent, i do not know NJ's laws concerning this so it very well might have been legal. either way i borrowed money and paid the next morning and faxed over the receipt just in case and it was fine.

new jersey isnt a cure state either so they dont have to give notice. the message part is weird because we are not allowed to leave details on a message. basically all i can say is this is so and so from so and so and i need a call back today, or i might have assistance concerning your account. somthing like that. we arent allowed to say any paticulars like you are 3 months past due or you owe 2000 dollars. specially cant say you are out for repo or anything like that on a machine. one message people use that i dont like is "if you want to participate on the decision making process concerning your account then i require a call back by 5pm". but even that message doesnt really imply that they are coming to pick up your car. but i guess not all finance companies are straight forward or play by the rules. but like i said before. a 2 minute call will go a long ways.

yep, i got a message but like you said not everyone plays by rules. it ended up okay though (i am not going to lie, i did not leave my car in the regular spot that night but i did pay as soon as they opened the next day). i finance with PNC and they are constantly calling me one day after i am late, they call before my grace period even, but i do not mind them. i always pay and only have a year left anyway so i wish they would relax a little. but the good part is that they never reported me as late on my credit report.

thats one thing i dont like is the repo agents run 24hours a day but their offices are only open from 8-5 so if somone calls in a payment later in the evening we cant close repo until the next morning, but i usually tell them to keep it in the garage for the night. i've never heard of pnc but like any finance company they wont stop until your loan is matured or payed off. the company i work for is a big name in the subprime market and is known for being notorious for calling people. luckily i havent worked on the dilaer in a few years. i dont like to tell people they have a grace period because what they dont tell you is, yes you have 10 days before we will **** a late fee, but every day your account is past due you are being charged a daily interest rate. if it happens alot when you get to the end of your loan you find out you have a huge balloon payment. i've seen accounts mature and have 12k balance on it. usually its like 1 or two thousand. just depends on how late they were over the life of the loan.

[color=Red]****Adult term removed - Jason[/color]

thats what happened! i got the message in the evening after work and they were closed for the day.. i am glad they even left that detailed message or i wouldn't have known until i called them back that next day and my car might have been gone by than :( luckily i am up to date now.

by the way thanks for the info about being late, i didn't know that! my payments have been timely lately but sometimes things happen, but it is good to know :)

no problem alot of people dont understand how a simple interest loan works. when they are signing the contract all they can think about is driving away in their new ride. and the dealership isnt going to explain it because they dont want to scare you and loose a sale. its always a year or two down the road when they realize they are paying 23% apr. but your also right at one point or another somthing is going to come up and somone is going to run behind, it pretty much happens to everyone, and most companies understand that and have assistance programs to help out. i just wish i could broadcast a message telling people not to be afraid to call the finance company. if you call and get a crabby person just hang up and call back until you get somone nice. not all collectors are horrible.

thanks again, i know not all collectors are horrible and even if you are dealing with a shady company it is still usually best to communicate

I actually ended up doing a voluntary repo, but when I called in to let them know they tried to encourage me not to do it and said they don't start the repo process until you are 90 days past due at the time my payment wasn't even due for 15 days however I still opted for the voluntary repo because I knew I wasn't going to be able to come up with the payment but apparently some companies do wait a bit before they start the repo process.


Johnita

yeah they definetly dont want to do a voluntary repo on an account that is current. we try to give them deferments to buy them more time to think. especially with the way the economy has been going lately tons of people are giving cars back faster than we can pick them up. but i would much rather deal with a vol than an invol because your job is pretty much already done. just have to send a fax to the repo agent.

... not to mention a voluntary surrender saves you a $300 repo fee. On the contrary, most people think in giving the car back, that it erases the whole debt, and that is not true.

Hi bastoops,

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