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Voluntary Repossession


bugsfan80
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Hey guys I have a quick question. 8 years ago I bought a car and soon after my wife became preg. I wasn't able to afford the truck so I told the people that I wanted to turn it in. Now after 6 1/2 years some other company bought the account and are telling me that they are going to sue me. I heard that in Louisiana if you vol. turn in your vechile and they sell it at an auction that you don't owe the rest of the balance. My question is can they try to sue me after all these years? I told them to verify the account by sending me all the orig paper work and they did. Any help would be greatly appriciated.

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Well, SoL is 10 years so you are SoL (the other kind) there. You may be right about voluntary repossession tho...

http://www.repossessionlaws.info/repolaws/louisiana.htm

Deficiency Requirements:

Not permitted unless seized through the court pursuant to a chattel mortgage foreclosure and sale. Confession notes are invalid.

I'd suggest you spend a few bucks and talk to a lawyer or BigJohnStudd4200 for free.

-r

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Actually, the UCC (uniform commerical code) covers SOL on repo's. In almost all cases, the SOL is four (4) years. In addition, they must jump through a LOT of hoops in order to claim a deficiency. In general, they must inform you > 10 before auction of their intent of selling at auction, what day and time the auction will be and a notice that any deficiency will be owed by you. After the auction they must send you a notice that the vehicle was sold, for how much and a calculation of how they determined the deficiency. If they have not done that, then they are SOL. The fact that this was a voluntary repo might change the rules slightly, but I think the SOL is probably no more than 4 years. I'll try and find that infor later today.

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Yeah they have really been pressing me telling me they are going to sue me, etc. I spoke with a lawyer and he said that they can't sue me if it was voluntary, but I saw the sol was 10 years thats why I'm freaked out. Any help or suggestions would be greatly appriciated.

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Hey guys I have a quick question. 8 years ago I bought a car and soon after my wife became preg. I wasn't able to afford the truck so I told the people that I wanted to turn it in. Now after 6 1/2 years some other company bought the account and are telling me that they are going to sue me. I heard that in Louisiana if you vol. turn in your vechile and they sell it at an auction that you don't owe the rest of the balance. My question is can they try to sue me after all these years? I told them to verify the account by sending me all the orig paper work and they did. Any help would be greatly appriciated.

I am also in louisiana and did a volantary repo a few months ago.The vehicle went to auction , sold for 14,000 and they are wanting us to pay 15,000 . When we got it it was for 28,000 I think so they want us to pay the difference on what was left after auction. I have no idea what to do right now they sent a letter on making payment arrangements but hubby has been out of work but may go back to work next week just got to figure out what to do also. I have heard after 7 years its wiped off your record and there nothing that can be done but I may be wrong

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Actually, the UCC (uniform commerical code) covers SOL on repo's. In almost all cases, the SOL is four (4) years. In addition, they must jump through a LOT of hoops in order to claim a deficiency. In general, they must inform you > 10 before auction of their intent of selling at auction, what day and time the auction will be and a notice that any deficiency will be owed by you. After the auction they must send you a notice that the vehicle was sold, for how much and a calculation of how they determined the deficiency. If they have not done that, then they are SOL. The fact that this was a voluntary repo might change the rules slightly, but I think the SOL is probably no more than 4 years. I'll try and find that infor later today.
ON mine they did sent a letter on about when it would go to auction but never , sent a letter about when , were or what time it would be . I just got the defenc letter a week or so ago and a new one stating they havent heard back from me yet on payment arrangements and wanted a reply or call in 5 days
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ON mine they did sent a letter on about when it would go to auction but never , sent a letter about when , were or what time it would be . I just got the defenc letter a week or so ago and a new one stating they havent heard back from me yet on payment arrangements and wanted a reply or call in 5 days

sounds like they've done half of the law and they might win with that if it went to court, however, collecting on deficiencies is a hard business. I haven't gotten a chance to look up your states specific laws b/c I have a child child, but I'll try and find some info later. If you want to look yourself, do a search for "secured transaction" in your states statutory laws.

:goodluck:

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sounds like they've done have of the law and they might win with that if it went to court, however, collecting on deficiencies is a hard business. I haven't gotten a chance to look up your states specific laws b/c I have a child child, but I'll try and find some info later. If you want to look yourself, do a search for "secured transaction" in your states statutory laws.

:goodluck:

I honestly dont mind trying to pay on it once we have the money coming in. My husband on the other hand is like dont worry about it but I do. I feel the right thing to do is start paying something once he is working. I plan on writing them and telling them we have no job right now but soon as we have income I will contact them to set up a payment. I realy am so lost on all this cc debit and all so realy hopeing I find alot here that helps thanks
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The crazy thing is they don't care if you have a job or not they aren't kind hearted, they will try to sue anyways. I don't see why I should pay on something from 7 years ago when I don't have it anymore, plus the vehicle had several factory problems (paint bubbling up, starter broke twice) I called ford and reported the problems and they pretty much told me "sorry". I am trying to buy a new home now and they are the only thing keeping me from getting it.

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The crazy thing is they don't care if you have a job or not they aren't kind hearted, they will try to sue anyways. I don't see why I should pay on something from 7 years ago when I don't have it anymore, plus the vehicle had several factory problems (paint bubbling up, starter broke twice) I called ford and reported the problems and they pretty much told me "sorry". I am trying to buy a new home now and they are the only thing keeping me from getting it.

yeah all they want is there money. ours was having thing tear up also only after having for maybe 6 months. my hubbys says the same he isnt paying on something we dont have anymore.I worry though if we dont then they will be able to get something out of his ck once hes working ext. I dont want to pay either but I want my credit back up again and all this debt gone

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They won't care about not having a job. In their minds, the easiest and best thing to do is to sue, get a judgment (that can likely be renewed) and then collect for 20 years. If it were me, I would consider making payments to yourself into a savings account and then if they attempt to sue before SOL is up, use that money as a negotiation to settle the debt.

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Big John, since mine is so old I really shouldn't have to worry about being sued huh? I am really worried about it and don't know what to do. It was a vol repo though.

In all likely-hood, the SOL is still 4 years for you and they are not time-barred from taking action. If they were to sue, you would say that the debt is time-barred.

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It says the sol in Louisiana is 10 years on a written contract.

That's true, but on secured transactions when you default, the written contract is null and void and then the UCC (uniform commercial code) is what kicks in. The UCC was adopted by all 50 states with little to no alterations. If you do a search on google for the UCC you will find the article 9 covers secured transactions and Article 2 (i believe) covers the SOL.

Here are some links, look for responses from "ladynred" and other smart posters.

http://www.debt-consolidation-credit-repair-service.com/forums/search.php?searchid=274379

Here are some of my threads that cover repo's. They even have some specifics that may help you in determining if you had a legal repo.

http://www.debt-consolidation-credit-repair-service.com/forums/search.php?searchid=274384

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A friend of the family used to own a credit fix company and he told me that he would send them a letter explaining the vol repossession issue and he thinks he can get it taken off for me, and he said he'll do it for free. You think I should let him do this, or do you think I should do something on my own, and if I should do it on my own, how do I go about it. Sorry i'm asking so many questions i just have no idea what I'm doing and their threats are making me nervous.

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