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Repo Question


Ardellw
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I have a vehicle on my report as an involuntary repo. I have not been in contact with the finance company since they took the car, back in Jan. I have not heard from them either. I just got a notice that I had 30 days to get my belongings out of the car after they repoed it. I don't know if they sold the car at an auction yet. How should I go about handling it when it comes to trying to get it cleaned up on my report? I don't know what they are doing or what they have done since they took the car. On my report the full amount of the loan and my balance is on there. Where do I start with them and what do I do? Thank you all! :D

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They notified me shortly after they took the car about my belongings, but I haven't heard anything else from them. It shows as a repo on my credit though. They haven't sent me anything about if they sold the car yet or not. So I am not sure what my first step is. Do I try and dispute it with the creditor since that is the only info on my credit report? Maybe by the time I finished the DV with some CA's and dispute them, they will have sent me some information about it. What do you think? Thank you for your response! :D

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They were supposed to send you that regardless if you ask for it or not. It's part of the UCC (Uniform Commercial Code).

There's a whole lot more to this that just a couple quick steps.

First, you really should become familiar with the UCC, Article 9, Part 6 - it tells you what should have happened.

http://www.law.cornell.edu/ucc/9/

Second, there very well may be a violation of a couple laws here. Apart from them not supplying you with the required documents, they may have been required to refund any unrealized interest from the loan. Your state UCC will indicate those requirements.

From there, you can get a better picture of how to proceed now that you may very well have obtained the upper hand in the matter.

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I noticed you said "finance Company" rather than Bank... I'm taking this was a lender-of-last-resort. If this is the case, make contact ASAP in a professional and reasonable manner.

By that, they will listen -- rather than hanging up on someone swearing at them who claims "I paid" when they really didn't.

Now then, get all the information from them as you can. Find out when the car was taken to the auction and when it will be sold. Get a bill of sale and ensure the amount is deleted from the overall amount you owe. Also, find out storage and repo fees -- they will be added to the cost. If they're out of line, tell them you'll talk to your state's AG if they don't reduce them to reasonable amounts. Goodwill may work, but I doubt it.

Once you have the data in hand, make sure they take action. Often times, the stigma of a repo gets in the way of people standing up for their rights. I've met many people who forfeit their posesssions left in a repo, rather than face the repo company employees.

A repo is business... not personal. Treat it like the contractual deal it is. Make them perform to what they signed to do.

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No difference... thought it might be a predatory lender who keeps a set of the car keys and charges 30 percent interest...

Get the information. You may already have it if you can find your loan documents. Once you have them, make sure the credit union is performing on its end. If not, demand they do.

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