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Repo Question....


BanditMan
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I purchased a vehicle from a major dealer (in house financed) 2 years ago. The vehicle has been in the shop more that it has been on the road. My wife stopped paying on it 6 months ago because the repair bills have eat our bank account. This was a used 98 model van. They are now threatening a repo. They also said that they were going to put the repo on my credit report and promised to make sure I would not be able to buy another vehicle in the next 7 years. My question is, since they have never reported ANYTHING on this van to the credit bureaus, no payments, no tradelines nothing, can they legally report a repo? I live in Texas and I just don't know the laws governing this situation. I have never known a buy-here-pay-here place to report anything. I even asked them to report my payments to the credit bureaus when I signed the contract and they agreed but the didn't do it. Can anyone help me out here? I am seriously thinking of letting them have it back. The piece o crap! I owe like $1,000 on it now. bought it for $2,500. :evil::evil::evil:

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Now the bad news - There is no law requiring reporting. There is also no law preventing the shyster from reporting it as a repo as long as the report is accurate.

Prime example of why "buy-here pay-here" is a bad deal.

They also said that they were going to put the repo on my credit report and promised to make sure I would not be able to buy another vehicle in the next 7 years

I'd call that overshadowing. There are lenders who will lend to someone with a repo but be prepared to pay out the schnozz in interest.

Can you trade it in at another dealer and just take the soaking in being underwater on the trade? That would be a much better alternative than a repo.

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Yes, that is my idea. To buy a NEW car at the beginning of the year and trade this one off. I am so sick of used cars. But I don't think the butt hole will wait till then. He wants money now or he comming for van. I just don't have it at the moment. Btw, this is a new car dealer we are talking about. I bought it off their used car lot but they inhouse financed it. Just so we are on the same page.

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LMAO @ Grim, "Stealership". It is in fact a chevy astro AWD van. Well it patched up as much as I can get it but now the dang heater core is about to go out. I will be damned if I am going to pay another $1000 to have that thing replaced. (thats how much I was quoted, it being a van). I just hope it makes it till taxes get here!

Oh, btw, the dealer called my wife today. He told her that he had talked with the owner of the place and that due to all the problems that we have had with it, they are willing to hand over the title if we hand them $550. That tells me that they are knocking of the intrest and only makeing us pay that actual money owed on van. GREAT! That praying my wife did payed off, lol. I know if I had talked with them, I woulda gotten pissed off and told them to come get it because they are all a crap full of liars. I just hope they are not lieing this time. I told my wife to get her friend to take her to pay off van (just in case).

Thanks for your help guys.

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