I received the loan in another state. I moved back to Tx but left the car in a relatives garage in the state where I got the loan. I have been unable to make the payments. They are threatening filing fraud chareges on me. I am willing to let them repo the car.
2006-07-25 14:55:55 · 9 answers · asked by Linda C 1 in Business & Finance ➔ Personal Finance
Dear Linda, Fraud is described as intentional deception. It does not sound like you have deceived these people on purpose. The company that gave you the loan is now trying to secure the default by collecting on the collateral.."the car". scare tactics like this are very common, and you should not allow yourself to be intimidated. Your first defense to this kind of abuse is to write a letter to the company, instructing them to where they can find the collateral "the car", and the liability now falls in their lap to satisfy the debt. It is cheaper for them to collect the payment than it is to repop the vehicle. they don't loose if they get you to pay. To try and repo the vehicle is an added cost they did not expect. Sounds like a fly by night loan shark. Don't worry, they sound nasty, but the law is more on your side than theirs...That's why they get mad!..lol..Good luck. Jb
2006-07-25 15:03:12 · answer #1 · answered by Anonymous · 1⤊ 1⤋
1
2016-09-26 12:15:10 · answer #2 · answered by ? 3 · 0⤊ 0⤋
You can be charged with fraud only if you gave false information when obtaining the loan.
The loan company has the right to get their money or the car back. They cannot charge you with fraud. It sounds like a collection agency who tries to collect by intimidation.
Call them if you want them to repo the car. However you will be liable for all expenses for the repo and once they sell the car you will owe the difference: example lets say you owe $5000.00 and they sell the car for $2000 you will owe the $3000 plus the repo expense.
If you do not pay they can garnish your wages until it is paid.
If you have filed bankruptcy you will not owe anything unless the judge has ordered you too.
Good luck
2006-07-25 15:04:28 · answer #3 · answered by gln2401 4 · 0⤊ 0⤋
Unless u can fix NOW, useless to do much else - let them get it. Had one go on the tow truck - it's yucky. Just figure out why it happened, and try to fix your budget (or mindset) so it doesn't happen again. They'll spend the money to go get it, but it will cost YOU a fortune, is there any way you can take it to them?? It probably would save you - maybe - SEVERAL thousand dollars. My fee was almost $500, and they had to go 10 miles..
I do think that an outright lie on the loan application would be a case for fraud.
2006-07-25 15:09:03 · answer #4 · answered by lschotto 1 · 0⤊ 0⤋
No fraud involved. Threats.
It's to their good that the car is in the same state as the lender.
If they know where it is parked, they need only to pick it up.
Your credit will be injured, but there's no fraud.
I have had this with a daughter, but, she left it in another state than the lender. They still picked it up. It was left in parking lot by a bank. She told them the location.
No problem except credit.
2006-07-25 15:02:42 · answer #5 · answered by ed 7 · 0⤊ 0⤋
Fraud on what grounds? Because you can't make the payments? I wouldn't think they could do this. They can repo the car, but I don't think they could charge you with a crime.
2006-07-25 14:59:27 · answer #6 · answered by First Lady 7 · 0⤊ 0⤋
Not unless you lied somewhere in your paper work. They will tell you are sorts of things to try and scare you into paying them.
If you make a payment, be careful because they will try to take out multiple payments on one check number.
2006-07-25 14:58:38 · answer #7 · answered by Alex 3 · 0⤊ 0⤋
I'm not sure what the laws are in the US, but I think they can only seize the car back
2006-07-25 14:59:16 · answer #8 · answered by Anonymous · 0⤊ 0⤋
being poor isn't fraudulent.
2006-07-25 14:58:06 · answer #9 · answered by Tones 6 · 0⤊ 0⤋