Jump to content

Repossession


Tfilter
 Share

Recommended Posts

I had a repossession of a lease car in 06. I'm not sure how to handle this. I may have asked this question before, but not sure. Any ideas?

Thanks,

Tfilter

What is your goal? Remove it from your credit report might be extremely hard.

Also understand that if you will owe money for this, they can still come after you since this is still within the SOL of four years. The SOL clock starts from the date of sale of the auto.

Link to comment
Share on other sites

I had a repossession of a lease car in 06. I'm not sure how to handle this. I may have asked this question before, but not sure. Any ideas?

Thanks,

Tfilter

Since you are in the "credit repair" section I assume you are concerned about this item being on your credit reprots?

If the lender isn't actively trying to collect I'd count myself lucky and keep my head down low...Fizzle is exactly right.

If you hit a bee's nest with a stick you are likely to get stung...so, unless you have a wad of cash handy with which to settle this; I'd lie low, pile up some cash for when they do come after you and hope they leave you alone until after the SOL has passed (which you put you in a much better position to negotiate a settlement).

Link to comment
Share on other sites

Yes, whatever they make from the sale is used to offsset the total owed.

You should have received a bunch of mail from the lender bother before and after the sale; if you didn't then something is very wrong but other than contacting the lender (not sure that's a good idea for reasons cited above) I'm not sure how you would find out what it sold for.

Link to comment
Share on other sites

It's not that I don't believe you but frankly, that's a bid hard to believe unless you did not keep your address with the lender current.

Lenders don't always do everything right in a repo but they don't usually just blatantly break the law by doing something so obviously wrong as not keeping the debtor properly informed.

Link to comment
Share on other sites

I completely agree with you, but I moved about a month after that. I did put in a change of address. I have never received anything from them. I just don't know what to do on this. I greatly appreciate everything you have said. I guess I should contact them and see what happens.

Thanks,

TFilter

Link to comment
Share on other sites

I completely agree with you, but I moved about a month after that. I did put in a change of address. I have never received anything from them. I just don't know what to do on this. I greatly appreciate everything you have said. I guess I should contact them and see what happens.

Thanks,

TFilter

I'd let sleeping dogs lie. I'm doing this with my repo (SOL due to expire later this year). I'm not messing with them until after that.

Link to comment
Share on other sites

Yes, I would keep your head down and save up some cash. Although I'm not at work right now and don't have the law in front of me. Depending on the state and company you had your loan through they may be able to come after your pay check. Because the finance industry is getting hit so hard right now banks are actually starting to chase down what they are owed. We used to let it slide but now are taking people to court (lost 800 mill last year) You should have received a letter in the mail with the deficiency balance after the unit was sold. Most company's have a days past due system and basically the account will work it's way threw the different departments until it gets to legal. My company the account can be as high as 180 dpd or higher before it goes to legal depending on the account and even then it may be longer before they go legal.

I'll look up our Texas laws and see if it says we can garnish wages and let you know on Sunday or Monday if I remember. Also don't forget any fees repo, attorney's fees, auction etc are going to have been added to the loan. the finance company's want to get back every single penny.

Good luck though.

Link to comment
Share on other sites

What is your goal? Remove it from your credit report might be extremely hard.

Also understand that if you will owe money for this, they can still come after you since this is still within the SOL of four years. The SOL clock starts from the date of sale of the auto.

I would search this forum for UCC and repossesion as I have read a lot about how there are all kinds of "hoops" the company has to jump through in order to get a deficiency judgment for additional money and most haven't.

Also, make sure your state law is the same as the federal UCC SOL and other points.

Link to comment
Share on other sites

It's not that I don't believe you but frankly, that's a bid hard to believe unless you did not keep your address with the lender current.

Lenders don't always do everything right in a repo but they don't usually just blatantly break the law by doing something so obviously wrong as not keeping the debtor properly informed.

It happened to us. Never got anything more from the lender after the repossession. Nothing at all. Then almost 5 years later, some JDB starts trying to collect on a debt out of SOL.

That is why I say, don't think that all these guys know what they are doing all the time.

Link to comment
Share on other sites

If I were you I would do as the others suggested and LET IT LIE.

However, if you are hard headed and stubborn...like me...then read my post here.

http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=264307

Basically the OC did mail me everything they were required to do before and after the sale. However, they kept changing information on my credit report after they provided me with their investigation results which said one thing. Over the next several months the OC would change dates, amounts, loan type, etc on that tradeline. I filed a complaint witht he TX AG, BBB, and the NCUA. Finally the NCUA came to my defense.

All of my complaints where well organized as exhibit A, B, etc and I even put a time line together and send with my complaints. Ultimately, I think this was the NCUA liked.

Link to comment
Share on other sites

  • 9 months later...

Hello Happy,

I was reading your post about not being taken through the repossession process, by that I mean not receiving any paperwork from the OC, concerning the car they repossessed. I know it is hard for people to believe that a major finance company would not see to it, that they took all the legal steps to insure that they get their deficiency but my hubby and I are also proof that it happens.

Not only did the Finance Company not take the legal steps according to the UCC, which our State recognizes; Before that car left our house we had the right to have our license plates back, in the State we live, and they didn't give them back, as a result that car had 500 miles put on it after it left our possession, under our License and Registration, because the License and Registration was not out of our name until April, over 3 months after the car left our possession. We discovered this information through one of the Car History Reports we ordered. To top it all off, the repossession never went on our credit reports.

Strange? Yes, very strange, but it can happen.

Regards,

punky :)

It happened to us. Never got anything more from the lender after the repossession. Nothing at all. Then almost 5 years later, some JDB starts trying to collect on a debt out of SOL.

That is why I say, don't think that all these guys know what they are doing all the time.

Link to comment
Share on other sites

I knew my vehicle was going to be repoed, the thing is, is the guys acted like them driving off with it was a legal thing. They never told me I had the right to have my plate back. They drove it up to the auction lot and dropped it off and it wasn't until AFTER this, that I learned I was supposed to get my plate back.

I called the auction lot and told them I was coming up there to get my plate and I was told that I was not allowed to have them. Since I knew better, I printed out a copy of the law, got a ride up there and told the lady if she didn't give me back my plate I was calling the cops. She said go ahead. I called and when the cops got there I showed them the law and told them I wanted to press charges against the auction company for theft of my property. Since the auction house WAS in possession of my plate, they were given the option by the cops of either having the person on duty arrested for theft or they could hand me back my plate.

I got my plate back. :mrgreen:

Link to comment
Share on other sites

Hello OMG,

LOL... that is too funny! You know what? we didn't learn that we were supposed to get our plate back, until after we learned about it on the internet. What a blessing the internet has been. I guess every state

doesn't offer that right, but our state does.

Regards,

punky :)

I knew my vehicle was going to be repoed, the thing is, is the guys acted like them driving off with it was a legal thing. They never told me I had the right to have my plate back. They drove it up to the auction lot and dropped it off and it wasn't until AFTER this, that I learned I was supposed to get my plate back.

I called the auction lot and told them I was coming up there to get my plate and I was told that I was not allowed to have them. Since I knew better, I printed out a copy of the law, got a ride up there and told the lady if she didn't give me back my plate I was calling the cops. She said go ahead. I called and when the cops got there I showed them the law and told them I wanted to press charges against the auction company for theft of my property. Since the auction house WAS in possession of my plate, they were given the option by the cops of either having the person on duty arrested for theft or they could hand me back my plate.

I got my plate back. :mrgreen:

Link to comment
Share on other sites

  • 3 months later...
I knew my vehicle was going to be repoed, the thing is, is the guys acted like them driving off with it was a legal thing. They never told me I had the right to have my plate back. They drove it up to the auction lot and dropped it off and it wasn't until AFTER this, that I learned I was supposed to get my plate back.

I'm in PA and I got my car repo'ed about 5 (going on 6) years ago. If I knew that they were supposed to give me my plate back I would have made them. Obviously, way too late now. I am grateful for PA's law on garnishment. I'm sure that's the only thing that prevented the OC and JDB from going after a deficiency on my repo. Now it's out of SOL and they are SOOL.:D At this point I've about 1 1/2 year from it being off my CRs.

Link to comment
Share on other sites

I totally disagree, you should take them head on and send out a Debt Validation letter, ask for specifics like who bought the car how much where, anything you can come up with. How they came up with the amount they say you owe, and a balance summary. Most likely they will not answer. Did they send you all the letters before they repoed the auto? 99% of the time they dont and they have to to have the authority to report it. In fact they cant collect unless they do it properly and it starts with before they repo the auto....

Sa

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.